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Biogas Plant Market to Develop Rapidly by 2024
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As per the research report, the global biogas plant market is expected to register a healthy CAGR of 6.50% during the period from 2016 to 2022, with the number of biogas plants increasing from 59,276 in 2015 to 86,964 by the end of the forecast period.
Food and Beverages and Agricultural Waste to Remain Key Feedstock in Biogas Plants
The report considers agricultural waste, processing residue of food and beverages, sewage sludge, energy crops, industrial waste, and food and beverages waste as the key type of feedstock available in the global biogas plant market. Food and beverages and agricultural waste have been dominating this market. Researchers expect the situation to remain more or less the same over the next few years.
On the basis of region, the study registers the presence of the worldwide biogas market across Europe, the Middle East and Africa, North America, Asia Pacific, and Latin America. In 2015, Asia Pacific led the overall market with a share of 63.35%. The growing need for energy in China, Japan, India, and Australia is compelling the governments to look for alternatives, leading to a strong rise in the Asia Pacific market for biogas plants, which will also reflect in the market’s future, notes the market study.
Increasing Government Support to Boost Global Biogas Plant Market
“With a tremendously increasing support by the governments and various private organizations towards biogas plants across the world, in terms of capital investments and favorable policies, the global market for biogas plants is likely to witness exceptional growth in the near future,” says a TMR analyst. The rising popularity of biogas plants as a highly efficient environment-friendly alternative for non-renewable fuel sources, as they reduce the disposed waste volume into landfills, is also projected to boost this market over the period of the forecast.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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