Press release
Biomethane Market Size to Expand Lucratively during the Forecast Period 2017 - 2025
As per estimates of a report by Transparency Market Research, the global biomethane market stood at a valuation of US$1,485.4 mn in 2016 and is expected to reach a valuation of US$2,624.5 mn by 2025 rising at a CAGR of 6.7% between 2017 and 2025.
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North America and Europe to Continue Garnerning Significant Market Shares
The segments of the global biomethane market based upon application are automotive sector and power generation. The automotive sector is expected to account for a significant share in the market over the forecast period.
The key regional segments into which the global market for biomethane is divided in this report are North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. In 2016, North America and Europe held a significant share of the global biomethane market. The trend is expected to continue over the forecast period as well.
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Feasibility of Biomethane as an Automobile Fuel Fuels Growth
One of the key growth drivers of the global biomethane market is the green gas characteristic of biomethane. Biomethane is produced by the natural breakdown of organic material, which includes green waste, agricultural waste, food industry waste, household waste, and even industrial waste. The process of production of biomethane involves breaking down of organic matter in an anaerobic environment to produce biogas, which is further purified to produce biomethane. The resultant gas can be used as a vehicle fuel or can be injected into the main gas network to generate green energy.
The high production efficiency of biomethane production is another significant factor that adds to the advantage of the growth of biomethane market. This attribute makes it feasible for biomethane to be used as an alternative fuel for electricity production and for heat generation from combined heat and power.
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Apart from being an environmentally friendly gas with high potential usage in the automobile sector, biomethane can be produced from the same infrastructure setup for natural gas production. This eliminates additional setup cost in biomethane production. This is expected to be a key factor that will boost the production of biomethane over other fossil fuels in various countries across the globe.
In addition, gasification of organic matter for the production of biomethane has environmental benefits as well. This is mainly because biomethane produced from organic matter prevents the discharge of a large amount of methane and other harmful gases into the atmosphere. The other advantage of production of biomethane is that it eliminates exposure of decaying organic matter into the atmosphere. Hence, methane and other harmful gases are prevented from being discharged into the atmosphere.
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The production of biomethane, on the other hand, has a downside as well. Methane as a whole, if released in the atmosphere is about 20 times more detrimental to the environment than other greenhouse gases such as carbon dioxide.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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