Renewable Natural Gas Market Size, Share, Growth, And Industry Growth, By Source (Agricultural RNG Resource, Sewage & Wastewater RNG Resource, And Landfill RNG Resource), By Application (Electricity Generation, Vehicle Fuel, Gas Grid, And Others), Regional Forecast To 2031

Updated On: 08 April 2024

Renewable Natural Gas Market REPORT OVERVIEW

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The global renewable natural gas market size was USD 8090 million in 2022 and is projected to touch USD 215379.03 million by 2031, exhibiting a CAGR of 44.0% during the forecast period.

Renewable natural gas is a combination gained by a few materials breakdown such as plant material, green waste, agrarian, city squander, and sewage waste. It is the source of sustainable power and can be packed in the same way as gaseous petrol to utilize it as car fuel. It can be created by anaerobic absorption from gasification, where anaerobic is a regularly utilized technique. Whereas creature feedstock or plants, even mechanical waste is broken into anaerobic environmental factors and filtered. 

Renewable natural gases are widely adopted due to their efficiency and clean-burning. Natural gas production and the growing advancements in natural gas extraction resulted in the substantial growth of the market. Additionally, the rising environmental consideration for controlling the emission of carbon and low prices of natural gas compared to other alternatives leads to the increased demand for natural gases and oils. 

COVID-19 Impact: Increased Power Consumption Boosted Market Progress

The governments of various countries try to control the spread of the virus by isolating the patient in portable isolation centers. The pandemic resulted in a series of lockdowns globally, which caused commercial and industrial facilities to halt the manufacturing and supply of the product. On the contrary, it boosted the demand for electricity, which benefitted the gas plants' power. The surplus demand for electricity helped expand the renewable natural gas market share. Rising decarbonization with the greenhouse gases impact climate, and decrement in the electricity cost slightly boosted the market growth.  

LATEST TRENDS

"Increasing Demand for Energy to Drive Trend in Market"

The energy demand is on the constant rise due to the steady growth of the population and industrialization. The rising standard of living of people in emerging countries is forecasted to bolster product demand. Additionally, the popularity of new and renewable energy sources is likely to fuel renewable natural gas market growth. 

Renewable Natural Gas Market Segmentation

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• By Source Analysis

By Source, the market is segmented into agricultural RNG resources, sewage & wastewater, RNG resource, and landfill RNG resource. 

• By Application Analysis

Based on application, the market is classified into electricity generation, vehicle fuel, gas grid, and others.  

DRIVING FACTORS

"Drift Toward Cleaner Energy Sources to Drive Market Growth"

The population is constantly drifting towards a cleaner energy source, and natural gas application in various fields is anticipated to propel growth in the market. Renewable natural gases can also be used in heat building, generating electricity, baking foods, heating water, powering industrial furnaces, and others to propel renewable natural gas market growth.

"Rising Concern for Environment Safety to Boost Product Demand"

The rising concern for reducing the emission of carbon and government subsidies for using natural gas is likely to surge the demand for renewable natural gases. The market is also expected to grow with the rising demand for light-duty vehicles. Renewable gases are enviro0nment-friendly and are extensively used in light-duty vehicles, which is expected to be an additional factor for the growth of the renewable natural gas market. 

RESTRAINING FACTORS

"Fluctuating Price of Natural Gas to Impede the Market Growth"

The fluctuation in natural oil and gas prices is expected to restrain the market growth. The risk of leakages while transporting and storing renewable natural gases is also expected to set back the market growth. Additionally, the high cost coupled with storing of natural gases is another factor expected to hinder the market growth. 

Renewable Natural Gas Market REGIONAL INSIGHTS

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"North America to Dominate Due to Higher Production Rate "

North America is expected to dominate the market due to higher production and consumption of natural gases in the region. Natural gases are widely used in various applications such as industrial, electric power generation, commercial application, residential, and others, which is forecasted to surge major growth in the region. 

Europe is also anticipated to show sizeable growth due to the highest production of natural gases. Russia is the natural gases highest producer. Additionally, it also exports its own produced gases to the other countries.  

Asia Pacific is also estimated to show significant growth due to the higher demand for natural gases from emerging countries switch as India, China, and Japan. The rising population in the emerging countries is forecasted to boost the demand for natural gas and oil in the region. 

KEY INDUSTRY PLAYERS

"Key Companies to Emphasize On Organic and Inorganic Growth Strategies"

Key players are expected to focus on research and development of renewable natural gas to gain more customers in the global market. Many companies emphasize developing organic strategies such as product approvals, product launches, and other growth strategies. The key players are expected to take over inorganic strategies such as gaining mergers and collaborations. The prominent players are striving to gain lucrative growth opportunities in the forecast period due to the rising demand for the product in the global market. 

List of Market Players Profiled

• Clean Energy Fuels (U.S.)
• Archaea Energy (U.S.)
• Montauk (U.S.)
• VERBIO (Germany)
• Vanguard Renewables (U.S.)
• J V Energen (U.S.)
• Gasrec (U.K.)
• Future Biogas (U.K.)
• REN Energy (South Africa)
• Dominion Energy
• Deqingyuan (China)
• California Bioenergy (U.S.)
• Asia Biogas (Thailand)
• AltEnergo (Ukraine)
• Waga Energy (France)
• Ameresco (U.S.)

INDUSTRY DEVELOPMENT

• September 2021- Bharat Petroleum Corporation Ltd. planned the investment of USD 13.66 billion in five years to enhance the refining efficiency, petrochemical capacity, and upstream gas and oil production and exploration to augment the infrastructure of marketing in India. 

REPORT COVERAGE

The report offers a description of the product and its applications, benefits, and side effects. The market report provides insights and situations of the key players. The new strategies adopted by the key companies are covered in this report. Major key players and their headquarters are mentioned in the report to offer market insights and represent renewable natural gas market insights. The market report provides an in-depth analysis of renewable natural gas market share, competitive landscape, and other aspects.