Renewable Natural Gas Market To Hit $24.23 Billion By 2031, Says Coherent Market Insights (CMI)

(MENAFN- GlobeNewsWire - Nasdaq) The Renewable Natural Gas Market is estimated to be valued at US$ 14.03 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Burlingame, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The global Renewable Natural Gas Market Size to Grow from USD 14.03 Billion in 2024 to USD 24.23 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 8.1% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Advanced technologies for cost-effectively extracting biogas from multiple waste streams and achieving high methane content continue attracting R&D efforts. This improving feasibility and reducing costs are anticipated to lift renewable natural gas demand aiming to displace significant amounts of greenhouse gas emissions. The intensifying climate action worldwide provides encouraging prospects for the long-term renewable natural gas market growth.

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Market Dynamics:

The growth of the renewable natural gas market is driven by technological advancements in producing biogas from organic waste sources. Various technologies such as anaerobic digestion and landfill gas capture are being innovated to derive higher yields of methane from waste organic materials like agricultural residue, food waste, animal waste, etc. Furthermore, renewable natural gas can be injected directly into existing natural gas pipelines and distribution systems after undergoing minimal treatments. This favorable infrastructure for transport and distribution of renewable natural gas simplifies its supply chain.

Renewable Natural Gas Market Report Coverage

Report Coverage	Details
Market Revenue in 2024	$14.03 billion
Estimated Value by 2031	$24.23 billion
Growth Rate	Poised to grow at a CAGR of 8.1%
Historical Data	2019–2023
Forecast Period	2024–2031
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Feedstock, By Application
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	. Government support and incentives . Demand for cleaner sources of energy
Restraints & Challenges	. High capital investment requirement . Intermittency in renewable energy sources

Market Trends:

Green hydrogen adoption trend: Green hydrogen produced using renewable energy sources like solar and wind is gaining widespread acceptance as a clean replacement for natural gas. electrolysis powered by renewable energy helps produce hydrogen without greenhouse gas emissions. This favors the renewable nature of renewable natural gas over gray hydrogen produced from fossil fuels.

Adoption in transportation: Renewable natural gas is increasingly being used as a transportation fuel, especially for buses, trucks, and waste collection trucks. Countries like Germany and Sweden offer financial incentives for use of biogas in vehicles. This boosts the overall demand from the transportation sector.

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Market Opportunities:

Landfill gas holds the dominant position in the renewable natural gas market by feedstock, accounting for around 45% of the total supply generated in 2024. As communities continue to produce significant amounts of municipal solid waste that ends up in landfills, there is huge untapped potential for landfill gas harvesting across regions. Landfill operators are exploring opportunities to install gas collection systems and equipment to extract methane produced from decomposing waste. They can then upgrade this landfill gas to pipeline conditions and inject it into natural gas networks for power generation and transportation fuel. Investing in landfill gas to RNG projects offers a relatively stable revenue stream over 15-20 years.

Wastewater treatment plants are another major source of renewable biogas, which can be tapped to generate renewable natural gas. As urbanization continues worldwide and wastewater volumes rise consistently, there are opportunities to install biogas upgradation systems at large municipal and industrial wastewater treatment facilities. RNG projects allow facilities to reduce their carbon footprint while generating extra revenue from biogas sales. Certain regions like California have enacted policies offering incentives for wastewater utilities to invest in RNG infrastructure and supply carbon negative fuel for transportation. This is driving significant interest and projects in this segment.

Key Market Takeaways

The global renewable natural gas market is anticipated to witness a CAGR of 8.1% during the forecast period 2024-2031, owing to supportive regulatory incentives and commitments to decarbonize energy and transportation sectors.

On the basis of feedstock, the landfill segment is expected to hold a dominant position, accounting for around 45% share of total renewable natural gas supply by 2024, due to abundant volumes of methane available from landfill sites across regions.

By application, the vehicle fuel segment holds the major share currently and is expected to grow at a higher rate over the forecast period. This is attributed to the growing demand for carbon negative RNG as an alternative fuel for heavy transport applications like trucks and buses.

On the basis of region, North America dominated the global market in 2024 and is expected to remain the major revenue generating region over the forecast period. This is due to supportive federal and state policies promoting RNG development and use in the US.

Some of the leading companies operating in the renewable natural gas market include Vanguard Renewables, J V Energen, Gasrec, Dominion Energy, FortisBC, Oregon RNG, Future Biogas, Archaea Energy among others. These players are investing heavily in projects spanning feedstock types and application segments.

Renewable Natural Gas Industry News

In September 2021, Bharat Petroleum Corporation Ltd. planned the investment of USD 13.66 billion in five years to enhance the refining efficiency, petrochemical capacity, and upstream gas and oil production and exploration to augment the infrastructure of marketing in India.

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Detailed Segmentation-

Feedstock Insights (Revenue, USD Bn, 2019 - 2031)

• Landfill
• Wastewater Treatment
• Agricultural Waste
• Others

Application Insights (Revenue, USD Bn, 2019 - 2031)

• Vehicle Fuel
• Power Generation
• Pipeline Injection
• Others

Regional Insights (Revenue, USD Bn 2019 - 2031)

North America :

• U.S.
• Canada

Latin America :

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Europe :

• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Rest of Europe
  

Asia Pacific :

• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific
  

Middle East :

• GCC Countries
• Israel
• Rest of Middle East
  

Africa :

• South Africa
• North Africa
• Central Africa
  

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Author Bio:

Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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