BIOGAS MARKET ANALYSIS

Biogas MarketSize and Trends

Market Dynamics

Increasing focus of governments worldwide to reduce greenhouse gas emission and identify alternative and clean sources of energy is expected to drive growth of the global biogas market. Furthermore, growing energy security concerns, owing to depletion of conventional energy resources is further expected to upsurge the demand for biogas over the forecast period.

Rising government initiatives for the production of renewable sources of energy, in order to curb the carbon emissions and ensure secure & stable source of energy is predicted to increase the demand for biogas over the forecast period. According to Ministry of New and Renewable Energy’s yearend review published in 2018, India plans to attain 40.0% of cleaned energy sources of the overall installed power generation capacity by 2030.

Market Trends

The electricity & heat generation segment is expected to contribute significant share in the global biogas market through 2019 to 2027, attributing to high demand for electricity. For instance, according to International Energy Agency (IEA), global electricity demand rose by 4.0% in 2018, around twice fast as total energy demand since 2010. Therefore, rising demand for electricity is predicted to provide significant pace to the electricity & heat generation segment in the global biogas market in the near future.

Among region, Europe is expected to account for the largest market share in global biogas market, owing to increasing awareness about environment protection and reducing the use of fossil fuels by finding the best alternative. Countries such as Austria, Denmark, and Germany have strong legal framework for renewable energy sources. According to the International Gas Union (IGU), Sweden has been world leader with 2 TWh (terawatt hours) biogas production, annually and is used in vehicles, with aiming to achieve a 70 percent reduction in emissions from transport by 2030.