According to the latest report by Reports and Data, the biomethane market is projected to reach USD 2.72 billion by 2028, with a compound annual growth rate (CAGR) of 6.5% during the forecast period. The market's growth is driven by increasing environmental concerns related to fossil fuel usage. Additionally, the growing application of biomethane as a transportation fuel and its increasing demand in power generation contribute to the market's expansion.
Biomethane is a renewable natural gas derived from biogas through the removal of moisture, carbon dioxide, and hydrogen sulfide. Unlike biogas, biomethane is more flexible and less corrosive. Various governments worldwide have implemented stringent regulations to reduce greenhouse gas emissions, leading to a higher demand for biomethane in the automotive sector. Biomethane finds applications in power generation as well. The rising preference for clean and green fuel, favorable government policies promoting biomethane production, and increased investments by private investors further contribute to the market's growth. Additionally, rapid industrialization in developed and developing countries is expected to drive revenue growth in the global biomethane market throughout the forecast period.
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Key Highlights from the Report:
- In May 2021, BayoTech formed a partnership with IBMS Group to launch a renewable hydrogen project that utilizes biomethane derived from food waste.
- The agricultural waste segment accounted for the largest revenue share in the global market in 2020, attributed to the growing preference for bio-gas generated from agricultural waste and the need to reduce greenhouse gas emissions.
- North America held the largest revenue share in the global market in 2020, driven by favorable governmental policies supporting biomethane production, high demand for biomethane in the automotive sector, and the entry of prominent companies in the region.
- Major players in the market include EnviTec Biogas AG, VERBIO, SoCalGas, CNG Services Ltd., Future Biogas Ltd., Gasrec Ltd., Gazasia Ltd., Orbital Gas Systems, and PlanET Biogas Global GmbH.
The report segments the global biomethane market based on feedstock, production method, end-use, and region:
Feedstock Outlook (Revenue, USD Billion; 2018-2028):
- Animal Manure
- Organic Household Waste
- Agricultural Waste
- Energy Crops
- Sewage Sludge
- Industrial Food Processing Waste
- Others
Production Method Outlook (Revenue, USD Billion; 2018-2028):
- Gasification
- Fermentation
End-Use Outlook (Revenue, USD Billion; 2018-2028):
- Automotive
- Power Generation
- Others
Regional Outlook (Revenue, USD Billion; 2018-2028):
- North America: U.S., Canada, Mexico
- Europe: Germany, U.K., France, Italy, Spain, Sweden, Benelux, Rest of Europe
- Asia Pacific: China, India, Japan, South Korea, Rest of APAC
- Latin America: Brazil, Rest of LATAM
- Middle East Africa: Saudi Arabia, U.A.E., South Africa, Israel, Rest of MEA
Biomethane Market: Drive factors
Factors driving the biomethane market include:
- Environmental Concerns: Growing environmental awareness and increasing concerns about the impact of fossil fuels on climate change are driving the demand for biomethane. Biomethane is considered a renewable and sustainable energy source with lower greenhouse gas emissions compared to traditional fossil fuels.
- Government Regulations and Incentives: Governments worldwide are implementing stringent regulations and offering incentives to promote the production and use of biomethane. These policies aim to reduce greenhouse gas emissions, diversify energy sources, and achieve renewable energy targets.
- Rising Demand in Transportation Sector: Biomethane is increasingly used as a transportation fuel, particularly in the automotive sector. The desire to reduce carbon emissions from vehicles, along with the availability of biomethane refueling infrastructure, is driving the adoption of biomethane as an alternative to conventional fossil fuels.
- Increasing Power Generation Needs: Biomethane is utilized in power generation as a cleaner and greener fuel. The growing demand for electricity, coupled with the need for sustainable and renewable energy sources, is fueling the use of biomethane in power plants.
- Favorable Government Policies: Many countries have implemented supportive policies and financial incentives to encourage biomethane production. These policies include feed-in tariffs, tax credits, grants, and renewable energy mandates, which stimulate market growth.
Overall, the combination of environmental concerns, supportive government policies, technological advancements, and increasing demand in various sectors is driving the growth of the biomethane market.
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