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Synthetic Natural Gas (SNG) Market Progresses for Huge Profits During 2025
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Restricted supply and high price of natural gas are driving the demand for SNG. Increase in government initiatives to invest significantly in the production of renewable energy sources to curb carbon emissions and ensure a stable supply of energy and inventiveness pertaining to waste management are estimated to propel the global SNG market. However, high cost involved in establishing an SNG plant and increase in prices of fossil fuel are expected to hamper the SNG market during the forecast period. SNG is a solution for medium to long term and has wide scope in bio-SNG production. Bio-SNG is produced in a manner similar to SNG; however, it is made through the gasification of biomass such as forestry residues or energy crops.
Based on source, the SNG market can be segmented into coal, biomass, solid?waste, and others. Synthetic?natural?gas?or?substitute?natural?gas?is?an?artificially?produced?version?of?natural gas. SNG can be produced from coal, biomass, petroleum coke, and solid waste. The?carbon?containing?mass?is?gasified, resulting in?syngas?that can be?then converted?to?methane, the?major?component?of?natural?gas. The coal segment is anticipated to dominate the SNG market, as coal helps lower natural gas imports and stabilizes fuel prices.
In terms of application, the SNG market can be split into residential, commercial, and industrial. SNG has a vast potential market; any application that currently uses natural gas could use SNG. Gasification is widely used on-site in industrial applications to produce SNG and electricity, allowing continued operation of natural gas equipment but from a coal source. Thus, the industrial segment is also projected to account for key share of the SNG market during the forecast period.
In terms of region, the SNG market can be segregated into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Rise in demand for SNG in countries such as China, Japan, and India is significantly boosting the market in Asia Pacific. Latin America and Middle East & Africa also account for major share of the SNG market. This can be ascribed to the increase in demand for SNG in key applications such as industrial and commercial. The SNG market in North America is estimated to expand at a considerable pace during the forecast period owing to the rise in adoption of alternatives and renewable energy sources in the U.S. and Canada.
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Global players are adopting research and development strategies and engaging in technological advancements in order to produce SNG and bio-SNG. Prominent companies operating in the SNG market include Dakota Gasification Company, ZSW, Air Liquide, and TransTech Energy, Inc.
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