Global Biogas Market Set to Reach US$ 138 Billion by 2033: A Sustainable Energy Revolution

Biogas is a renewable and environmentally-friendly fuel produced through the anaerobic digestion of organic materials, such as agricultural waste, food scraps, and sewage. Composed mainly of methane, it serves as a sustainable energy source for electricity generation, heating, and transportation. Biogas plays a crucial role in reducing greenhouse gas emissions and promoting a greener future.

The biogas market size is projected to increase from US$ 75 Bn in 2023 to US$ 138 Bn by 2033, demonstrating a CAGR of 6.3% from 2023 to 2033.

There is a growing need for biogas on a global scale because of all of its possible applications. The terrain is changing at an efficient rate as a result of several major dynamic variables. Since it is produced from various organic wastes and is a sustainable energy source, biogas is regarded as a fuel. The spike in energy demand is one of the main reasons propelling the expansion of the global biogas industry. The global market for biogas is increasing along with the demand for renewable energy at a fast rate.

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The government is promoting biofuel and biogas in emerging nations and assisting the industry expansion with several programs. During the anticipated time, this element will fuel the worldwide biogas market's expansion.

The usage of biogas is widespread since it is seen as a safe and organic fuel. Over the anticipated term, the expanding use of biogas in various applications including vehicle fuel, cooking gas, heat, electricity and upgraded biogas is generating abundant prospects for the progress and expansion of the global biogas market.

The demand for clean energy and low-carbon power is increasing, which is promoting the growth of the global biogas industry. Biogas is now being used to generate power in regions like Europe and North America. Additionally, many nations are cooperating, creating alliances, and concluding agreements to reduce greenhouse gas emissions and carbon emissions. The worldwide biogas market is expanding quickly as a result of this aspect.

Europe dominates the global biogas market. The construction of biogas facilities will be fueled by the ongoing shift toward a sustainable and circular economy and the growing emphasis on efficient ways to handle the waste. For the growth of the market, the European Union's government is heavily spending on research and development.

KEY TAKEAWAYS

- The market for biogas in the United States is anticipated to grow at a CAGR of 5.9% through 2033.
With a CAGR of 6.4%, the United Kingdom biogas market is expected to grow significantly during the forecast period.
- With a CAGR of 6.2% throughout the research period, Germany is predicted to grow rapidly in the market for biogas by 2033.
- The biogas market in China is expected to grow at a CAGR of 6.2% over the forecast period.
- With a CAGR of 5.9% throughout the research period, the market for biogas in India is anticipated to increase speedily.
- The agriculture category of the biogas market's source segment is predicted to develop at a CAGR of 6.4% through 2033.
- In the market for biogas, the electricity section of the application category is estimated to showcase a CAGR of 6% over the forecast period.

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COMPETITIVE LANDSCAPE

Key companies in the biogas market are BioConstruct, EnviTec Biogas AG, Wärtsilä, Ductor, Air Liquide, Asia Biogas, SCANDINAVIAN BIOGAS FUELS INTERNATIONAL AB, Schmack Biogas GmbH, Swedish Biogas International AB, PlanET Biogas Global GmbH, S. P. Renewable Energy Source Pvt. Ltd, Agrinz Technologies GmbH, Greenlane Biogas and others.

To increase their biogas market share, these businesses have employed some strategies. They have employed both organic and inorganic development strategies, such as new product releases, acquisitions, corporate expansions, and collaborations, to boost its clientele and income.

RECENT DEVELOPMENTS

- In January 2022, with the German electricity trading firm Next Kraftwerke in Cologne, BioConstruct declared that it had signed a power purchase agreement (PPA). Delivering power from its biogas plants to its clients' facilities is the responsibility of BioConstruct. The fixed-price PPA includes 86 biogas CHP units altogether.
- In April 2020, in Northern Poland, Ductor stated that it will be constructing three combination biofertilizer/biogas plants. The installed capacity of the first two of these plants is 0.5 MW, and the third will be 1 MW.

Biogas Market Segmentation by Category

By Source:

Agriculture
Municipal
Industrial
Others

By Application:

Electricity
Heat
Vehicle Fuel
Others

Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa

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This release was published on openPR.