Global Biogas Market Set For 7.3% Growth, Reaching $110.03 Billion By 2028
Biogas Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Is The Size And Growth Of The Biogas Market?
The biogas market has seen substantial growth in recent years, increasing from $76.05 billion in 2023 to an anticipated $82.89 billion in 2024. This signifies a hearty compound annual growth rate CAGR of 9.0%. The booming market size has fuelled by multiple factors such as the emergence of new markets, heightened demand for cleaner energy sources, high environmental impact of traditional power generation techniques, a surge in demand across the automotive and transportation sectors, and rising fuel prices.
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What Will Be The Future Growth Of The Biogas Market?
Pacing forward, the biogas market size is predicted to expand impressively in the next few years, reaching $110.03 billion in 2028, marking a compound annual growth rate CAGR of 7.3%. This growth pattern in the forecast period can be attributed to progressive factors such as government support, global population growth and urbanization, a strategic shift to alternative power generation sources, rising global awareness to reduce greenhouse gas emissions, and augmented research and development r&d activities.
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What's Driving The Biogas Market?
The growth of the biogas market cannot be separated from the increase in research and development activities. Biofuels, confected from hydrocarbon-rich living organisms such as plants or microalgae, are playing bigger roles in our energy matrices with fuels such as biodiesel, biogas, and syngas combusted to produce energy. The research and development process encompasses various stages including manufacturing, processing, testing, and inspecting materials using a range of technologies, ultimately aiding the strategic creation of superior products.
Who Are The Major Players In The Biogas Market?
The major companies operating in the global biogas market report include big names like Engie SA, Air Liquide, EnviTec Biogas AG, Hitachi Zosen Corporation, Gasum Oy, Ameresco, Wartsila, Schmack Biogas GmbH, Future Biogas Limited, Weltec Biopower GmbH, and many more.
Emerging Trends In The Biogas Market
The advancement in technology is a key focus for companies immersed in the biogas market as they seek to fortify their positions in the marketplace. Case in point is Volvo Trucks, a renowned Sweden-based truck manufacturer. In February 2023, they launched a robust gas-powered truck that runs on liquified biogas, significantly improving the status quo with technological advancements for better fuel efficiency and a larger gas tank to increase range.
How Is The Biogas Market Segmented?
The segments of the biogas market covered in this report are:
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
Where Are The Biggest Opportunities In The Biogas Market?
Europe was the largest region in the biogas market in 2023, whereas Asia-Pacific is expected to record the fastest growth over the forecast period. The regions covered in the biogas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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