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Pharmacy benefit management market
BIOGAS AND BIOMETHANE MARKET REPORT OVERVIEW
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The global biogas and biomethane market size was USD 84530 million in 2020 and the market is projected to touch USD 101921.84 million by 2031, exhibiting a CAGR of 1.5% during the forecast period.
Natural gas known as biomethane is created when organic matter, including sewage, manure, plant and animal waste, and green and industrial waste, is gasified or anaerobically respired. Biomethane is created by extracting high-calorific methane from biogas. In addition to lowering greenhouse gas emissions, biomethane has potential uses in the power generation of the car industry. Importantly, there are no extra production expenses because biomethane is generated utilizing the same infrastructure as natural gas.
The market for biogas and biomethane has been expanding as a result of government programs encouraging sustainable behaviors, growing knowledge of renewable energy sources, and efforts to lower greenhouse gas emissions. Anaerobic digestion of organic waste produces biogas, and biomethane is a refined version of biogas that may be fed into natural gas pipelines or utilized as fuel for automobiles.
COVID-19 Impact: COVID-19 Provoked Investment Challenges, Project Delays and Changes in Policies Downgraded the Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
Supply chain interruptions, market uncertainties, and labor shortages may have caused delays in the construction and commissioning of biogas and biomethane projects. The pandemic's effects on the economy and financial limitations may have had an impact on investments in biogas and biomethane-related renewable energy projects. In reaction to the epidemic, governments could have changed their agendas and policies, which might have an effect on the incentives, subsidies, or regulatory support for biogas and biomethane projects.
LATEST TRENDS
"Adoption of Biomethane in Transportation to Electrify the Market Growth"
Businesses are realizing more and more how integrating biogas and biomethane into their operations may benefit them both environmentally and financially. This includes putting biomethane in their fleet of vehicles or using biogas to generate electricity on-site. As a sustainable car fuel, biomethane is becoming more and more popular, especially in the transportation industry. This tendency is facilitated by the establishment of infrastructure for biomethane refueling and by government regulations that are in favor of it.
biogas and biomethane MARKET SEGMENTATION
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- By Type
Based on type the global market can be categorized into agriculture type, sewage and wastewater type, landfill type and others.
Agricultural Biogas: The main source of agricultural biogas is organic waste from farming operations, such as crop leftovers, manure, and organic byproducts. In the absence of oxygen, anaerobic digestion is frequently used to break down organic waste and produce biogas, which may be converted to biomethane and injected into natural gas pipelines for use as fuel or power.
Wastewater and Sewage Biogas: Organic material produced by wastewater treatment facilities and sewage sludge can be used as feedstock for biogas generation. Sewage treatment facilities frequently use anaerobic digestion to treat sludge, with the result being biogas.
Landfill Biogas: Organic waste that has been buried in a landfill breaks down to create biogas. Usually, methane and carbon dioxide make up landfill gas. It may be gathered and utilized to provide energy; in certain situations, the gas is refined to yield biomethane.
Other Types: In addition to agricultural waste, biogas may be produced using other organic waste streams such food waste, green waste, and organic industrial waste. Organic waste or byproducts from some industrial operations can be utilized to produce biogas. Through anaerobic digestion or other methods, the organic portion of municipal solid waste can be converted into biogas.
- By Application
Based on application the global market can be categorized into electricity generation, vehicle fuel and gas grid.
Electricity Generation: Power stations may utilize biogas as a fuel to produce energy. Biogas may be used to create power in motors or turbines that can be supplied into the grid or consumed locally. In combined heat and power systems, biogas is frequently used to capture and use produced heat for heating, thereby increasing total energy efficiency.
Vehicle Fuel: Biomethane, or refined biogas, is a sustainable fuel for vehicles. It may be either compressed and utilized in automobiles as compressed natural gas (CNG) or liquefied and used as liquefied natural gas (LNG). The development of bio-CNG and bio-LNG dispensing infrastructure is aimed at facilitating the use of biomethane as a sustainable substitute for conventional fossil fuels in the transportation industry.
Gas Grid Injection: After undergoing a rigorous purification process, biomethane may be injected straight into pipes carrying natural gas. Biomethane may now be supplied through the current gas infrastructure and used for a variety of purposes thanks to this method. By providing a low-carbon and renewable alternative to conventional natural gas, biomethane injection into the gas grid aids in the decarbonization of natural gas.
DRIVING FACTORS
"Rising Environmental Concerns to Brace Up the Market Growth"
The fact that biomethane contributes to the reduction of greenhouse gas emissions is one of its main drives. The effect that biomethane has on Earth's atmosphere is without a doubt one of its most important environmental advantages. Because carbon dioxide and other gases that contribute to the greenhouse effect are released during the breakdown of organic matter, biomethane, unlike traditional energy sources, does not increase the concentration of greenhouse gasses. Put another way, one of the best methods to meet the growing energy demand without causing global warming, which puts all living things, including people, in risk, is through the use of biomethane.
"Government Offered Incentives and Subsidies to Intensify the Market Growth"
The process of producing biogas and biomethane offers a locally produced alternative energy source. As a result, there may be less reliance on imported fossil fuels, improving energy security. Globally, governments provide grants, financial incentives, and subsidies to encourage the creation and execution of biogas and biomethane projects. These incentives contribute to the economic viability of such undertakings.
RESTRAINING FACTOR
"High Combustible Nature of the Gas to Limit the Market Growth"
Methane (CH4) is a very explosive gas that has no color and no smell. Water vapor and carbon dioxide are released as it burns. It is possible to make it artificially or organically. Natural gas is used as the primary component in the production of heat and power worldwide.Methane undergoes chemical reactions to form carbon black, a chemical component found in some tire rubber varieties. One reason this is a limiting element is the amount of care and attention required in the manufacturing and delivery of biomethane. However, the issues with the high combustible nature of biomethane may restrict the worldwide biogas and biomethane market growth.
BIOGAS AND BIOMETHANE MARKET REGIONAL INSIGHTS
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"Europe Being a Leading Player with Supportive Government Regulations to Dominate the Market Share"
The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
The biogas and biomethane market share in Europe is the largest in the world. The need for biogas for applications that generate electricity has increased as a result of environmental awareness, technical developments, and increased demand for biogas. Additionally, the region's fast urbanization and industrial expansion and development are elements that account for its major market share. Manufacturers in the biomethane sector can make a substantial revenue because of advantageous government laws in Europe. Europe has been a market leader for biogas and biomethane, having adopted regulatory frameworks, incentives, and supporting policies in a number of its member states. Particularly in Germany, the biogas industry is well-established. The European Union's dedication to decarbonization and renewable energy has stimulated investment in these technologies.
KEY INDUSTRY PLAYERS
"Notable Market Players Shaping the Market and Contributing in the Market Expansion"
Due to their significant market influence, major market players are essential for understanding consumer preferences and industry dynamics. Because of these big companies' extensive retail networks and online platforms, customers may easily browse through an enormous variety of clothing selections. Due to their strong global presence and well-known brand, which have also strengthened customer loyalty and confidence, product adoption has increased.
List of Market Players Profiled
- Gasrec (U.K.)
- Future Biogas (U.K.)
- VERBIO (Germany)
- Thorso Biogas (Denmark)
- Staples Vegetables (U.K.)
- Nature Energy (Denmark)
- Asia Biogas (Thailand)
- Deqingyuan (China)
- Mengniu (China)
- Shandong Minhe (China)
- J V Energen (U.K.)
- AltEnergo (Ukraine)
- Bayo-Tech and IBMS Group (U.K).
INDUSTRIAL DEVELOPMENT
May 2021: IBMS Group and Bayo-Tech declared their collaboration. It will help them start a project that uses biomethane from food waste to make sustainable hydrogen.
REPORT COVERAGE
The research provides forecasts for future market expansion in addition to a comprehensive SWOT analysis. It examines a wide range of market classifications, potential uses, and important factors that fuel the market's expansion in order to determine how the industry develops over the next several years. By considering both historical turning points and current trends, the research offers a thorough picture of the market's components and highlights potential growth prospects.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 84530 Million in 2021 |
Market Size Value By |
US$ 101921.84 Million by 2032 |
Growth Rate |
CAGR of 1.5% from 2021 to 2032 |
Forecast Period |
2021-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types and Applications |
Frequently Asked Questions
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What value is the biogas and biomethane market expected to touch by 2032?
The global biogas and biomethane market is expected to reach USD 101921.84 million by 2032.
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What CAGR is the biogas and biomethane market expected to exhibit by 2032?
The biogas and biomethane market is expected to exhibit a CAGR of 1.5% by 2032.
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Which are the driving factors of the biogas and biomethane market?
Rising environmental concerns with government offered incentives and subsidies are some of the driving factors of the market.
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What are the key biogas and biomethane market segments?
The key market segmentation that you should be aware of, which include, Based on type the market is classified as agriculture type, sewage and wastewater type, landfill type and others. Based on application the market is classified as electricity generation, vehicle fuel and gas grid.