With the world's fossil fuel supply rapidly depleting, energy engineers are finding alternative energy sources. Scientists and energy engineers are also trying to maximize the current energy sources. Biomethane is a natural gas and is a green form of energy. This gas is renewable and has a wide variety of growth opportunities. The raw material used in methane is biogas, which is generally produced using materials like methane, vegetables, and livestock. It is an environmentally friendly alternative to the other sources of energy present in the market today. This fact is why it's predicted to proliferate in the years to come. From 2021 through 2030, North America will likely have significant market growth for biomethane.
The Global Biomethane market is expected to witness a CAGR of 8.33% during the forecast period. The revenue generated by the global Biomethane market in 2021 was over USD 2,071.04 million and is expected to generate revenue worth USD 3,849.98 million in 2028. Therefore, the incremental growth opportunity offered by the global Biomethane is estimated to be USD 21.50 billion between 2022 and 2028.
Interesting Facts about Biomethane Industry
S. has over 2,200 active biomethane production plants
Worldwide, food waste generation has reached to 1.3 billion tons
Over 15 billion cubic meter of biomethane is produced globally
Anaerobic digesters held the largest share in 2021
China is advancing at a rapid pace in biomethane production
Anaerobic Digesters Dominate the Market
Gasification, Fermentation, and Anaerobic Digestion are some of the significant processes involved in biomethane production. Anaerobic Digestion held the largest share in 2021. Over half of the digesters operating in the U.S. are anaerobic. In contrast, gasification plants are also growing in demand. Agricultural Waste, Sewage Sludge, Organic Household Waste Derived, Animal Manure, Industrial Food Processing Waste, Energy Crops, and Municipal Waste are some of the significant feedstocks used to produce biomethane. Agriculture waste, animal manure, and sewage waste held the largest share in the feedstock consumed by the biomethane industry in 2021.
Increasing Demand for Renewable Energy Sources
This demand is a result of the growing demand in the automobile sector. Carbon emissions by cars are one of the significant sources of harmful gases in the environment, and many car manufacturers are trying to find an alternative. The United States has established many biomethane facilities to reduce coal usage and GHG options. The United States is a critical player in the Biomethane trend in North America. In Asia-Pacific, there is a greater focus on agricultural practices. The people here not only focus on agriculture but also on raising livestock. Therefore, there's a market for biomethane and biogas production here too. However, many people could resort to doing so on their own. India has been using cow manure and fecal matter as fuel for a while, and this is something to consider. Europe is also likely to be a significant consumer of biomethane. The European Union has actively been trying to reduce the carbon emissions that it allows for. Thus, the presence of Biomethane presents an opportunity here as well.
Wide-Ranging Applications
Automotive, Power Generation, Heat generation, Alternative Fuel, Water Heating, Space Heating, and Biofuel are leading application markets for biomethane. The Biomethane market also presents a set of opportunities in various sectors. Humans can use it for energy generation. One of the biggest problems in the world right now is how to produce more electricity. As the global requirements for electricity grow due to the evolution of technology, human beings are scampering to meet our needs. Biomethane could provide a renewable alternative to that. If biomethane could be extricated and utilized correctly, it can double as a source of clean electricity generation. Instead of scrambling to conserve energy, we would have alternatives to it.
Additionally, the Biomethane market also has an opportunity in vehicle fuels. With petrol and gas prices fluctuating due to the low reserves, vehicle fuels are no longer reliable. Companies like Tesla in the U.S. are changing how automobiles work. However, the next trend in automobiles is using biomethane. By using this gas, people would also be solving the problem of harmful gas emissions in the environment.
Ineffective Production Process
The major restraint in the biomethane market is the effective production of biomethane and biogas. For production, there has to be a presence of raw materials. Issues may arise for most industrial economies that don't delve into agricultural matters. In biomethane production, geography also matters greatly; thus, it's necessary to be aware of these restraints.
Some of the leading players involved in the biomethane industry include Biogas Products, CNG Services, EnviTec Biogas, ETW Energietechnik GmbH, Future Biogas Limited, Gasrec, Gazasia, GM-Green Methane, Green Elephant, JV Energen, Magne Gas, Mailhem Ikos Environment, ORBITAL, Planet Biogas Global, Schmack Carbotech, SGN, SoCalGas and VERBIO.
Frequently asked questions about global Biomethane industry
Likewise other industries, COVID 19 also taken a toll on Biomethane market with around 8.16% decline in its revenue in 2020 as compare to 2019
North America is the largest regional market with highest share in the total revenue generation of Biomethane consumed in 2021
Abundance of raw materials, growing energy demand and increasing environmental concerns are mainly fuelling the demand for biomethane
Agricultural Waste and Sewage Sludge segment dominated the Biomethane market in 2021 with over 40% share
Power Generation was the largest application of Biomethane in 2021 with over 30% share
