Global Biogas Market to Exhibit a 4.65% CAGR

The European Biogas Association plans to utilize 32% of renewable energy sources for energy consumption by 2030. The rising demand for electricity generation from biogas is driving the global biogas market. Fortune Business Insights in a new report, titled "BIOGAS: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2018-2026" predicts that the market is expected to rise at a CAGR of 4.65% between 2018 and 2026. The process of breaking organic matter and converting it into biogas is called anaerobic digestion. The rising number of greenhouse gas emissions (GHG) and their negative impacts on the global environment are boosting the biogas market growth. Biogas is a category of biofuel which helps to curb the carbon emissions by reducing the dependency on fossil fuels. Biogas helps to reduce waste production in order to fulfil the rising demand for clean energy.

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As per the report, the global market is expected to rise at 4.65% CAGR between 2018 and 2026. The global market for biogas is estimated to reach US$ 29,984.92 Mn by 2026, as against US$ 20,852.20 Mn in 2018. Depletion of conventional resources results in increased security concerns for energy, which is expected to positively steer the biogas market share.

Asia Pacific to Witness Maximum Biogas Production Between 2018 and 2026

Presently, Asia Pacific holds a major share in the global market as this region witnesses the highest biogas production. The increasing need for household heating fuel, especially in countries such as India and China will influence the market growth in Asia Pacific. Following Asia Pacific, Europe is the second-most leading region in the market. Rising need for energy production and an increasing number of renewable energy sources are creating growth opportunities for the market in Europe. Moreover, the European Biogas Association continues to focus on reducing carbon emissions. Considering this, several countries in Europe are planning to increase the production levels of biogas.

Apart from these two regions, North America is also likely to grow considerably in the market in forecast years. Among North American countries, the U.S. holds a lion’s share owing to advancements in application sectors.

Market to Benefit as Biofuel Production Eradicates Several Environmental Concerns

"Rising shift towards clean fuel energy to generate electricity and heat has compelled companies to adopt biofuels and use biogas for mass production," stated a lead analyst at Fortune Business insights. "Governments are actively supporting to curb carbon emissions and heavily investing to promote usage of green energy, which is contributing to the growth of the market," he added. Driven by this, the biogas market size is likely to foster between 2018 and 2026. The Ministry of New & Renewable Energy India conducted a programme called Biomass Power & Cogeneration, which plans to make significant investments in the biofuel industry. Biofuel production helps to eliminate the issues related to dump and landfill sites. This, as a result, will increase the biogas production and positively impact the demand for biogas in the next seven years. Consequently, several companies are planning to invest in biogas generator in order to optimize the use of biomass for reducing carbon emissions.

The vast availability of feedstock such as organic residue & waste and energy crops is boosting the biogas market share. Biowaste, sewage, and municipal waste are expected to increase at an alarming rate primarily on account of increasing population and growing food industry. This creates demand for a biogas plant, which converts the biodegradable waste to useful power.

WELTEC BIOPOWER’s New Plant Envisions to Provide Energy to 9600 Households

Among the players in the global biogas market, ENGIE leads the market owing to its global presence. Some of the other major players are BEKON GmbH, DMT Environmental Technology, Conveco S.r.l., WELTEC BIOPOWER, Wärtsilä, EnviTec Biogas AG, WAMGROUP S.p.A., Air Liquide, BioConversion Solutions, and Börger GmbH. Of these, In February 2019, WELTEC BIOPOWER builds a biomethane plant in West Yorkshire in the U.K. This plant aims to supply sustainable energy to around 9600 households. Another company called EnviTec Biogas AG commenced operations in its Biogas project in China. The plant is designed for feedstocks including turkey litter, dairy cattle manure, and others.

Rahul Gdave Fortune Business Insight Writer