Richmond, Nov. 30, 2023 (GLOBE NEWSWIRE) -- According to a research report "Bio-LNG Market, by Source (Agriculture Residues, Industrial Waste, Household Waste, Municipal Waste and Others), Application (Transportation Fuel {Heavy-duty Vehicles and Shipping}, Power Generation and Others) and Region.
Global Bio-LNG Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 1.4 Billion |
| Market size value in 2030 | USD 9.8 Billion |
| CAGR (2023-2030) | 32.0% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Source, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Bio-LNG Market
175 - Market Data Tables
68 - List of Figures
230 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Bio-LNG demand is anticipated to surge due to rising needs in industries like automotive and maritime. The period from 2023 to 2032 is expected to witness a significant growth in bio-LNG adoption within the automotive sector, spurred on by governmental policies and incentives. Various regions are likely to see governments implementing measures to boost bio-LNG production and utilization. The European Union, for example, is actively pursuing targets to increase renewable energy use in transportation, and initiatives like the Alternative Fuels Infrastructure Directive have been introduced to facilitate the development of bio-LNG infrastructure. Despite these positive trends, the comparatively high cost of bio-LNG in comparison to traditional LNG is projected to pose a challenge to market growth in the coming years.
Major Vendors in the Global Bio-LNG Market:
- Linde plc
- Nordsol
- Flogas Britain Ltd.
- MEGA a.s.
- AXEGAZ T&T
- TotalEnergies
- Titan LNG
- DBG Group B.V.
- BoxLNG Pvt. Ltd.
- Shell Plc
- EnviTec Biogas AG
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Growing demand for decarbonization
The demand for bio-LNG is on the rise, driven by the global movement towards decarbonization. As awareness of the environmental impact of traditional fuels grows, there is a heightened focus on shifting to cleaner and more sustainable energy alternatives. Bio-LNG, sourced from organic and renewable materials, is gaining prominence in various sectors, especially in automotive and maritime industries. Governmental initiatives and policies worldwide are contributing to this surge in demand, providing incentives for the widespread adoption of bio-LNG to minimize carbon footprints. As industries increasingly prioritize strategies for decarbonization, the bio-LNG market is positioned to play a pivotal role in meeting the increasing need for energy solutions that are both cleaner and environmentally friendly.
Market Dynamics
Drivers:
- Environmental concerns and the need for sustainable transportation fuels
- Growing demand from transportation and industrial sectors
- Diversification of energy mix and energy security
Opportunities:
- Development of advanced bio-LNG production technologies
- Integration with renewable energy sources
Expansion into new end-use applications
The global bio-LNG market is witnessing a notable expansion into new end-use applications as industries explore diverse avenues for sustainable energy solutions. This shift is driven by a growing recognition of the environmental benefits and versatility of bio-LNG. Traditionally associated with sectors like automotive and maritime, bio-LNG is now finding its way into a broader range of applications. Industries are exploring innovative uses in areas such as power generation, industrial processes, and residential heating. This diversification is not only expanding the market reach of bio-LNG but also contributing to a more comprehensive integration of sustainable practices across various sectors. As the market continues to evolve, the exploration of new end-use applications is shaping bio-LNG into a multifaceted solution for reducing carbon footprints across diverse industries.
The market for Bio-LNG is dominated by Europe.
In 2022, the European region secured the highest market share for bio-LNG, and projections indicate a continued growth at an elevated Compound Annual Growth Rate (CAGR). Bio-LNG is viewed as a promising addition to the region's renewable energy portfolio, with ongoing initiatives and investments directed at bio-LNG production facilities that leverage organic waste and biomass as primary feedstock. Concurrent efforts are underway to develop the necessary infrastructure for bio-LNG, facilitating its integration into transportation and industrial applications. The Italian government is actively providing support through various incentives and programs to promote the widespread adoption of bio-LNG and other renewable energy sources. Spain, likewise, is making significant strides in its renewable energy sector, with bio-LNG identified as a viable solution for emission reduction in both transportation and industrial domains. Numerous projects are in progress to produce bio-LNG from organic waste and biomass. The European Union's policies and initiatives play a pivotal role in fostering the use of bio-LNG across its member states, aligning with the region's ambitious climate and energy targets to mitigate greenhouse gas emissions and promote sustainability through the adoption of renewable energy sources like bio-LNG.
The Transportation Fuel Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on application, the market is segmented into Transportation Fuel (Heavy-duty Vehicles and Shipping), Power Generation and Others. In 2022, the transportation fuel segment emerged as the leader in the bio-LNG market, contributing significantly to overall revenue. The demand for bio-LNG has been steadily increasing in both the transportation fuel and power generation sectors, primarily due to its lower environmental impact compared to conventional fuels. Bio-LNG serves as a low-carbon alternative, emitting substantially fewer greenhouse gases (GHGs) than diesel or gasoline. With the potential to reduce GHG emissions by up to 90% compared to diesel, it is an appealing choice for companies and governments aiming to diminish their carbon footprint. Although bio-LNG may exhibit a higher cost than diesel in certain cases, this cost disparity is narrowing as production scales up and technology advances. Consequently, bio-LNG is gaining competitiveness with traditional fuels, particularly in regions where incentives or regulations promote the use of low-carbon alternatives. Its compatibility with existing natural gas pipelines and infrastructure facilitates easy distribution and utilization, and some companies are making investments in dedicated bio-LNG production and distribution infrastructure to further encourage its adoption.
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