Acumen Research and Consulting, Recently Published Report On “Biogas Market Size, Share, Growth Opportunity, Overview, Trends and Forecast, 2019 to 2026”.
LOS ANGELES, Nov. 07, 2019 (GLOBE NEWSWIRE) -- The global biogas market size is expected to reach around US$ 32 billion by 2026 and is anticipated to grow at a CAGR of around 5.8% in terms of revenue during the forecast period 2019 – 2026.
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Asia Pacific dominated the global biogas market in 2018, due to increasing infrastructure and household in the region, along with huge rise in agricultural production, which led to rise in both crop and animal waste. Due to presence of key biogas production players, coupled with major initiatives taken by Europe Biogas Association to support biogas production across European countries, Europe accounted for a substantial share of the biogas market in 2018, and is estimated to be the fastest growing market for biogas. North America is also projected to account for a significant market share, owing to presence of high technology biogas players, focusing on R&D activities to ensure efficient production of biogas to suffice the demands from the industry. The Latin America biogas market is primarily driven by the increasing demand for combined heat and power (CHP) and electricity generation from the emerging countries of the region, owing to their fast infrastructure and household expansion. The Middle East & Africa biogas market is characterized by the increasing focus on government to invest in biogas plants and production, with the objective of reducing carbon emissions and moving towards renewable sources of energy.
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Segmentation Analysis
Electricity can be majorly generated through deployment of biogas. Biogas leads to lower greenhouse emissions, thereby, generating clean energy. With rise in urbanization and emergence of households, there is a rising demand for electricity across the globe. Biogas is utilized to suffice the energy requirement, in a low-cost and effective manner. Furthermore, rising environmental concerns are persuading electric utility companies to focus on generating electricity through renewable sources. Most US companies are trying to generate 100% electricity using biogas and other renewable sources by the end of 2022. These factors are anticipated to fuel the growth of the electricity segment during the forecast period. CHP segment is anticipated to experience the highest CAGR over the forecast period. Biogas acts as a low-cost and efficient alternative for conventional heating fuel, which helps in benefitting the segment.
Agricultural waste segment accounted for major share of the market due to growing production of agriculture across the globe. Emerging nations are investing on agricultural lands to increase agricultural production as well as exports. This is accountable for generating substantial organic waste, through animals as well as crop, which, in turn, is anticipated to fuel the growth of this segment. Landfill segment is expected to experience the highest growth during the forecast period. Vehicle fuel segment is also expected to grow substantially during the forecast period, owing to the major focus of automotive companies to reduce carbon emissions through cost-effective alternative.
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Key Highlights
- Electricity dominated the industry with around 40% sales share in 2018. Increased demand for generating a set amount of electricity through renewable sources contributed to the important revenues and income share of the segment, along with its overall development.
- Agricultural waste accounted for the biggest market share in terms of source segment, accounting for about 47% volume share in 2018, followed by landfill segment.
- Asia-Pacific was the biggest biogas market due to rise in agricultural production in the emerging countries of the region
- The Middle East & Africa, however, is anticipated to give the biogas industry significant development possibilities in the coming years.
- The market in regions such as Europe and North America is significantly large however, the market is well developed and as such the manufacturers are focusing on capitalizing on the opportunities presented by the emerging nations in the Asia Pacific region.
Key Players
Principle market players incorporated in this report are Engie, Eggersmann GmbH, WELTEC BIOPOWER, Conveco S.r.L., Air Liquide, WAMGROUP S.p.A., EnviTec Biogas AG, BioConvesion Solutions and DMT Environmental Technology, among others.
In order to expand their product portfolio and regional share, key players were engaged in expansion strategies and new product development. For instance, in July 2018, Engie, launched HomeBiogas, an innovative biogas system provider, with the objective of efficiently installing biogas systems in Europe and other emerging regions, for development of green gas and providing access to low-carbon energy. In February 2019, the company partnered with Vol-V to increase their biogas customer base in the Europe region. In August 2017, DMT Environmental Technology developed Gas-to-Grid at their biogas facility in Vestjysk, with the aim of providing smooth injection into the grid, thereby enhancing their agricultural customer base in the region.
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