Biogas Market to grow at CAGR of 6.62% by 2027

Key Highlights of Biogas Market

The global biogas market is expected to expand at a CAGR of 6.62% during the forecast period. In terms of volume, the biogas market is anticipated to record 51,581.99 kilo tons of oil equivalent (KTOE) by 2027.

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Based on application, the electricity and heat application segment held dominant share of the global biogas market in 2018. It is also forecast to show a healthy growth rate in the upcoming years on account of a rising demand for clean energy globally. This includes the introduction of favorable regulatory policies towards greener fuels while reducing the overall global dependence on fossil fuels. Additional factors leading to the growth of the global biogas market and the applications of biogas in electricity and heat generation is the currently volatile nature of pricing and availability of crude oil. In the near future, the number of natural gas vehicles plying on the roads would likely increase, thereby boosting the segment's market share.

The biogas market in Europe is likely to expand at a significant pace during the forecast period. The market growth is attributed to the development of robust generation techniques that allow the production of biogas on a broad regional scale in an efficient manner. Growing energy security concerns have further supported the biogas market growth as governments are investing in waste to energy projects. Moreover, there is a rampant imposition of stringent environmental laws to minimize carbon footprints. These factors have contributed to an uptake in the biogas market during the forecast period of 2019 to 2027.

Key Drivers of Global Biogas Market

There has been a rise in the use and demand for natural gas vehicles (NGV) owing to advantages such as low emissions as compared to diesel and low fuel costs. Countries such as Brazil, China, Germany, India, Sweden, Switzerland, and Colombia have a well-established NGV infrastructure that promotes the use of NGV vehicles.

There are numerous technologies for biogas purification and upgrading available in standardized modules. This reliability of biogas production technologies has further supported the global biogas market growth.

Anaerobic digestion is the most popular method of biogas production across the world. This is majorly because the resultant biogas can be used to produce heat or electricity as well as a vehicle fuel.
Thus, growing demand for electricity & heat application is also expected to propel the biogas market growth during forecast period.

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Major Developments in Global Biogas Market

InJuly 2019, Wartsila launched biogas solutions unit to speed up adoption of clean fuels. The biogas solution offers products for biogas upgrading to biomethane, and the liquefaction of biomethane into bioLNG.

In April 2018, Air liquid has commissioned three new biomethane production units, in the U.K, the U.S, and France. With these units, Air Liquide has doubled its biomethane production capacity, which now stands at 60 MW, the equivalent of 500 GWh for a full year of production. The commissioning of these new biomethane production units, is expected to enhance the company presence in biogas markets.

In October 2017, Wartsila acquired Puregas Solutions, the Sweden based provider of turnkey biogas upgrading solutions. The acquisition will provide W�rtsil� with added equipment and expertise in biogas upgrading and is also anticipated to enhance the company's market share in the biogas market.

In February 2019, Hitachi Zosen Inova AG acquired J�nk�ping's Biogas Plant. This acquisition will allow the company to commence the investment and construction of a new, larger and more advanced, plant in Sweden. The new facility will be based on HZI's dry fermentation technology "Kompogas" and utilise the HZI BioMethan in-house membrane biogas upgrading technology.

Competition Landscape of Global Biogas Market

Key players operating in the global biogas market are Cryonorm BV, Vanzetti Engineering S.r.l., Swedish Biogas, Air Liquide Advanced Business & Technologies, Scandinavian Biogas Fuels, EnviTec Biogas AG, W�rtsil� Corp., Cryostar SAS, Gasrec Ltd., Biofrigas Sweden AB, and others.

Market players adopt various strategies such as mergers & acquisitions, investments in new plants, and technological innovations in order to boost their share in the global biogas market. For instance, Brightmark Energy LLC, a U.S. based company has recently acquired Wisconsin dairy biogas project that will convert 90,000 gallons of dairy waste per day into biogas. Similarly, Nat-Ur-Gas Solschen, a German biogas company is using Atlas Copco oxygen generator to produce clean and sustainable methane.

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This release was published on openPR.