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Biogas Revolution: Comprehensive Market Overview 2024
Biogas Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to emerging markets growth, increased demand for clean energy sources, high environmental impact of conventional power generation sources, growing demand from the automotive and transportation sectors, and increasing fuel costs..
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%. The growth in the forecast period can be attributed to government support, global population growth and urbanization, the shift to alternative sources of power generation, increasing global awareness to reduce greenhouse gas emissions, and increasing research and development (r&d) activities. Major trends in the forecast period include focusing on liquified biogas, new investments, technological advancements, product innovations, strategic collaborations and partnerships, and facility expansions..
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Lyondellbasell Industries Holdings B.V., BASF SE, Covestro AG, Saudi Basic Industries Corporation (SABIC), Borealis AG, DSM, Evonik Industries AG, Exxon Mobil Corporation, Arkema Group, LG Chem, Lumax Auto Technologies, Tractors and Farm Equipment Limited, Nextage Co. Ltd., Bigmotor Co. Ltd, Evergreen Motors, Kothari Auto Link Private Limited, Modi Motors Agencies Private Limited, CarZ, China Grand Automobile Service Co. Ltd, Xianglong Borui Auto Services (Group) Co. Ltd., Sanhe Group, Changzhou Tourism Automobile Group Co. Ltd, Nanchong Kunhe Automobile Trading Co. Ltd, Ningbo Sailing Falaixin New Material Co. Ltd., Suzhou Xinyite Plastic Technology Co. Ltd., ShanDong DongChen New Technology Co. Ltd., Amazing Plastics Limited, Rapid Direct, Adreco Plastics, Omega Plastics Group, Rochling Industrial UK Ltd, Rutland Plastics, Nifco UK Limited, SKS Metaplast, Tenn-Tex Plastics, Zavod Signal, Ideal-Plast LLC, LitPromGarant -NN LLC, Coba Automotive Rus LLC, Atek Ltd, Aectra Plastics, Chevron Phillips Chemical, Americas Styrenics LLC, Johnson Controls, Lear Corporation, Celanese Corporation, Magna International Inc, Thogus Products, Zwick Roell Group, Belenus of Brazil S / A, METALAC, H.B. Fuller, Rimco Nigeria Limited, DVC Plastics Limited, COBA Plastics Moulding, Ampa Plastics Group (Pty) Ltd, Finke Plastics.
Biogas Market 2024 Key Insights:
• 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%.
• Rising Research And Development Initiatives Propel Growth In The Biogas Market
• Technological Advancements Propel Volvo Trucks In The Biogas-Powered Commercial Vehicles Market
• Europe was the largest region in the biogas market in 2023
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