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Biogas Market 2024 - By Size, Industry Analysis, Segmentation And Outlook 2033
Biogas Market
As per the report, the biogas market size has grown strongly in recent years. It will grow from $76.05 billion in 2023 to $82.89 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The biogas market size is expected to see strong growth in the next few years. It will grow to $110.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
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Rising Research And Development Initiatives Propel Growth In The Biogas Market
The increasing research and development activities will support the growth of the biogas market. Biofuels are fuels produced from hydrocarbon-rich living organisms (biomass) such as plants or microalgae by thermal, chemical or biochemical conversion processes. As with fuels, biofuels such as biodiesel, biogas and syngas are combusted to generate energy. The research and development activities include manufacturing, processing, testing, and inspecting the materials by using different types of technologies for better products. For example, in January 2023, the US Department of Energy (DOE) announced over $100 million in funding to expand US biofuels production, as the Biden administration works to cut greenhouse gas emissions from transportation and meet climate goals. The department plans to award $118 million to 17 projects designed to accelerate the production of biofuels, which can be made from biomass including agricultural waste, soybean oil and animal fats. The funds add to the more than $500 million the DOE has put into bioenergy and biorefinery research and development over the past two years. Therefore, the increasing research and development activities will drive the biogas market.
Technological Advancements Propel Volvo Trucks In The Biogas-Powered Commercial Vehicles Market
Companies operating in the biogas market are focused on advancement in technologies to strengthen their position in the market. For instance, in February 2023, Volvo Trucks, a Sweden-based truck manufacturer, launched a new, stronger gas-powered truck that can run on liquified biogas. The Volvo FH (Forward control High entry) and FM (Forward control Medium height cab) gas-powered trucks have 500 horsepower added to their existing 420 and 460 horsepower engines. The gas engines also receive significant technological improvements that increase their fuel efficiency by up to 4%. This, along with a new, 10% larger gas tank, results in a greater range.
The biogas market covered in this report is segmented -
1) By Source: Municipal Waste, Industrial Waste, Agricultural Waste, Other Sources
2) By Application: Residential, Commercial, Industrial
3) By End-User: Power Generation, Heat Generation, Cogeneration, Other End-Users
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Major companies operating in the biogas market report are Engie SA, Air Liquide, EnviTec Biogas AG, Hitachi Zosen Corporation, Gasum Oy, Ameresco, Wartsila, Schmack Biogas GmbH, Future Biogas Limited, Weltec Biopower GmbH, Green Elephant India Private Limited, Spectrum Renewable Energy Pvt. Ltd., Atmos BioEnergy, Biogas Engineering India Pvt Ltd, Nikkiso Clean Energy & Industrial Gases Group, Aqua Society Co. Ltd., AAT Biogas Technology, Biogass Renewables Pty Ltd, Aquatec Maxcon, Cyy Bio Power Co. Ltd., K-BioPower Co. Ltd., New Energy Technology Co. Ltd., Mingshuo Environment Technology Group Co. Ltd., Hubei Kexin Environmental Energy Co. Ltd., Asia Biogas, Beijing Shenwu Environment & Energy Technology, TotalEnergies SE, Aerzener Maschinenfabrik GmbH, PlanET Biogas Group GmbH, Zorg Biogas GmbH, Evergaz, Veolia Environnement S.A., BTS Biogas Srl/GmbH, Biogas Systems Nord LLC, RosBio LLC, SIBIO LLC, BD Agro Renewables, Dynamic Biogas Development Sp. z o.o., Polish Biogas Group, DVO Inc., Greenlane Biogas, Nacelle, Paques Environmental Environmental Technologies Inc., Raven, Harp Renewables Limited, GranBio, CIBiogás, Ennox, Biomaster, Ecometano, Itaipu Biogas Plant, Masdar, Abu Dhabi National Oil Company, BEEAH Group, Bahwan Renewable Energy Company, ACWA Power, Neutral Fuels, Saudi Aramco, Bambino Bio Refinery Limited, HomeBiogas, Biogas Solutions, SAR Energy, Avenam Links Int`l Ltd.
Contents of the report:
1. Executive Summary
2. Biogas Market Report Structure
3. Biogas Market Trends And Strategies
4. Biogas Market - Macro Economic Scenario
5. Biogas Market Size And Growth
…..
27. Biogas Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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