Dubai, UAE, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Renewable Natural Gas Market Projected to Reach a Whopping $104.74 Billion Valuation by 2032 with Rising Efforts to Reduce Carbon Emissions:
As per the recent research report published by Extrapolate, the global Renewable Natural Gas Market was valued at USD 11.68 billion in 2022 and is projected to reach staggering USD 104.74 billion by 2032 at a whopping CAGR of 27.6% during the forecast period.
Renewable natural gas (RNG) is being widely adopted owing to its high efficiency and clean-burning attributes. The burning of fossil fuels results in nearly 65% of the total carbon emission. On the other hand, the burning of RNG, a comparatively cleaner fuel, emits up to 90% less carbon emissions than conventional sources of fossil fuels. With the ability to replace traditional fuels for effectively conserving the environment, the reliance on RNG has increased substantially in the past few years.
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RNG is being widely utilized as a transportation fuel owing to its increasing environmental benefits and since it is a cheaper alternative to traditional fossil fuels, including coal and petroleum. In December 2021, approximately 23 million renewable natural gas-powered vehicles were operating on the road worldwide, with more than 175,000 in the United States alone.
Competitive Landscape of the Renewable Natural Gas Market:
The RNG industry is highly competitive with a number of established players and new entrants vying for market share. Currently, most of the players from Europe and North America are holding their dominance on the global renewable natural gas market. A few of the key players include Clean Energy Fuels, Archaea Energy Inc. among others.
In December 2022, Green Rock Energy Partners LLC acquired South Hills Landfill Gas Venture LLC for expanding the renewable energy space portfolio of the company. Furthermore, Suburban Renewable Energy LLC purchased an RNG asset platform for maintaining sustainability-driven assets including propane and energy products.
- Clean Energy Fuels
- Archaea Energy Inc.
- VERBIO VEREINIGTE BIOENERGIE AG
- Vanguard Renewables
- J V Energen
- Gasrec
- Future Biogas
- REN Energy
- Dominion Energy
- Deqingyuan
- California Bioenergy
- Asia Biogas
- AltEnergo
- Waga Energy
- Ameresco
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The global Renewable Natural Gas Market is segmented as follows:
On the Basis of Source: This report displays the sales volume, revenue, product price, market share and growth rate of each type, primarily split into:
- Agricultural RNG Resource
- Sewage & Wastewater RNG Resource
- Landfill RNG Resource
- Others
Agricultural RNG Resource Segment to Emerge as the Largest Renewable Natural Gas Market with Rising Farming Activities
The agricultural renewable natural gas segment is expected to dominate the market revenue with rising farming activities and pressing demand to feed an ever-growing world population. Approximately 18% of the total biogas supply can be generated from agricultural resources.
The accessibility and procurement of all food wastes in 2021 were utilized in approximately 113 manure-based biogas production systems in the United States. In terms of RNG projects in the year 2021, the United States recorded nearly 97 agricultural projects, accounting for the highest growth of the agricultural RNG resource segment during the projected period.
On the Basis of Application: This report focuses on the status and outlook for major applications/end users, sales volume, market share, and growth rate of renewable natural gas for each application, including:
- Electricity generation
- Vehicle fuel
- Gas grid
Electricity Generation to Spearhead Market Growth to Fulfill Requirements of Growing Population
The electricity generation segment is dominating the market owing to the rapid development of technology in industries such as manufacturing, logistics, and electronics. The majority of the biogas generated worldwide in the year 2022 was mostly utilized to generate electricity in residential and commercial areas.
Biomethane, a biofuel of RNG, is also being utilized in workplaces and factories as it is able to balance intermittent renewable electricity for a fully sustainable power supply. For instance, Clarke Energy, a KOHLER company, produces biomethane for the generation and distribution of electricity across various regions.
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Key Regions Covered in this Report are
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- Latin America
Europe to Dominate Market Share with Rising Adoption of Cleaner & Cheaper Fuel Alternatives
Research analysts at Extrapolate have predicted that Europe is expected to dominate the renewable natural gas market by utilizing approximately 2.4 billion cubic meters of RNG for various purposes. According to the Renewable Energy Directive (RED), the region has aimed to rapidly increase the consumption of alternative energy sources up to 32% with the rising adoption of cleaner sources of energy.
On the other hand, North America has witnessed remarkable developments in the RNG sector with the U.S. deploying more than 2,000 RNG plants installed across the country. Additionally, the government of the U.S. is witnessing a strengthening influx of capital by the establishments of new renewable natural gas facilities in the region.
For instance, a water utility in Texas currently possesses over 1.5 million standard cubic feet of renewable natural gas per day while also removing nearly 19,739 tons of carbon from the atmosphere. The U.S. recently installed the largest wastewater-to-RNG plant capable of reducing a staggering 44,671 tons of carbon emissions, which is equal to the removal of more than 9,400 cars on road.
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Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Renewable Natural Gas Market
Chapter 5. Global Renewable Natural Gas Market Overview, By Source
Chapter 6. Global Renewable Natural Gas Market Overview, By Application
Chapter 7. Global Renewable Natural Gas Market Overview, By Geography
Continued……..
Part II: Global Syngas Market Awaits $94.6 Billion Revenue Opportunity by 2028 with Rising Demand for Clean Energy Production:
According to a recent market analysis by Extrapolate, the global Syngas Market was valued at USD 50.77 billion in 2021 and is projected to reach USD 94.61 billion by 2028 at a CAGR of 9.30% during the forecast period owing to the rising demand for synthetic gas from the chemical industry.
Syngas is required for the production of synthetic natural gas (SNG), utilized in various industries, including railroad, marine, and road transport. Low energy costs and improved stability are required to fuel gas engines for the power supply of vehicles or machines, thereby propelling the syngas market growth.
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Increasing environmental concerns and strict government regulations for utilizing renewable fuel is accelerating the demand for synthetic gas. Furthermore, the rising development of underground coal gasification is spurring an optimistic outlook for the market. In-situ gasification is a method utilized to convert coal into syngas. This methodology is emerging as a market opportunity to boost revenue streams. Syngas is also critical for significantly reducing landfill waste emissions and greenhouse gas emissions
The global Syngas Market is segmented as follows:
Market Segmentation by Type
- Natural Gas
- Naphtha Reforming
- Coal
- Other
Coal Segment to Generate $44.13 Billion in Revenue by 2028 with Increasing Demand for Energy Production
The coal segment is expected to lead the global syngas market. The high availability of coal in developed countries, including the United States and Russia, is being heavily utilized for the production of energy across the regions. Furthermore, in-situ gasification is also being developed and steadily adopted by regions for energy production.
The coal segment is projected to capture a market share surpassing $44.13 billion by the year 2027 owing to the high availability and obtainability of coal for electricity generation. With emerging advancements in technologies for the manufacturing of synthetic gas, the coal segment is expected to experience high growth in the forecast period.
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Market Segmentation by Application
- Chemicals
- Liquid Fuels
- Power
- Gaseous Fuels
Chemical Industry Takes the Lead in the Global Syngas Market for Maximizing Fertilizer & Petrochemical Production
The chemicals segment has emerged as the largest producer of syngas with increasing utilization of the most economical feed stocks for procuring and producing synthetic gas. The increasing demand for green chemicals for the production of chemical intermediates and synthesis products is also driving growth in the chemical market.
On the basis of H2/CO ratio, syngas is being widely utilized in the production of chemicals for manufacturing fertilizers, petrochemicals and oxo chemicals. The chemicals segment is further subcategorized into methanol, ammobonia, and FT synthesis products. The ammonia subcategory is expected to dominate the market further with rising production of nitrogenous fertilizers from the chemical industry.
North America to Seize Market Lead with Innovative Technologies for Producing Syngas & Its Abundant Derivatives
Research analysts at Extrapolate have projected that North America is expected to dominate the market with the largest revenue share during the projection period. The increasing demand for liquid fuels and power to meet both domestic and commercial needs is fueling the demand for sustainable energy solutions. Clean syngas enables the production of electricity with fewer carbon emissions, ideal for maintaining a reduced carbon footprint.
For instance, the DOE Gasification Systems Program of the Department of Energy is producing innovative modular systems for converting coal into clean synthetic gas. In the US, technological advancements in the market are expected to encourage the utilization of abundant domestic coal resources for the entire country. This is projected to enhance the productivity of power generation and other syngas derivatives.
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Competitive Landscape:
Our study has revealed that the syngas industry is facing intense competition from alternative energy sources and fuels. Despite its potential for cost-effectiveness and efficiency, the adoption of syngas is being hindered by the high initial investment costs, technological limitations, and regulatory hurdles. The production costs of syngas are relatively high compared to traditional fossil fuels, which could limit its growth in price-sensitive markets.
In order to stay relevant to changing market dynamics, global players opting for various vertical and horizontal growth strategies. For instance, in April 2021, Sasol Ltd. announced its strategic partnership with Linde, Enertag and Navitas Holdings for producing Sustainable Aviation Fuel (SAF).
- Linde
- Air Liquide
- Air Products
- Hualu-Hengsheng
- Yingde Gases
- Sasol
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Key Points from TOC:
1 Research Methodology and Statistical Scope
2 Syngas Market Overview
3 Syngas Market Competitive Landscape
4 Syngas Industry Chain Analysis
5 The Development and Dynamics of Syngas Market5.1 Key Development Trends
6 Syngas Market Segmentation by Type
7 Syngas Market Segmentation by Application
8 Syngas Market Segmentation by Region
9 Key Companies Profiled
…..Continued
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