According to Fortune Business Insights, the global biogas plant market size is projected to grow from USD 3.10 billion in 2020 to USD 6.52 billion in 2028, at CAGR of 9.3% during forecast period; Rising Adoption of Renewable Energy Sources to Propel Market Growth
/EIN News/ — Pune, India, May 04, 2022 (GLOBE NEWSWIRE) — The global biogas plant market size is anticipated to reach USD 6.52 billion by 2028 and exhibit a CAGR of 9.3% during the forecast period. The rising adoption of renewable energy sources to curb surging greenhouse emissions and energy demands are expected to boost the market’s growth in the coming years. Fortune Business Insights has presented this information in its report titled, “Biogas Plant Market, 2021-2028”. The market size stood at USD 3.10 billion in 2020.
The growth is also attributable to increasing acceptance of the Paris Climate Agreement by several countries, including India, China, and the European Union. The agreement enforces the countries to augment their renewable energy consumption in total power generation. Biogas utilization is attracting considerable attention to minimize greenhouse gas emissions and tackle climate change.
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|Forecast Period 2021 to 2028 CAGR||9.3%|
|2028 Value Projection||USD 6.52 billion|
|Market Size in 2020||3.10 billion|
|Historical Data for||2017-2019|
|No. of Pages||210|
|Segments covered||Feedstock, Digester Type, Application, Region|
|Growth Drivers||Expanding Utilization of Organic Waste for Energy Production Will Augment Market Growth|
|Increasing Adoption of Renewables to Drive Market|
COVID-19 Pandemic to Hinder Market Growth due to Lockdown Impositions
The unanticipated arrival of COVID-19 pandemic has hampered the growth of several industries and markets. The disruptions in supply chain networks and the ban on global trade implemented during the pandemic have negatively impacted the growth of the market. The unavailability of raw materials, technical support, and components has resulted in delayed projects and development activities. This has drastically affected the market’s growth. Major business players halted their operations due to the adverse impact of the coronavirus pandemic. Nonetheless, the market is gradually recovering and is likely to prosper post-pandemic.
To get to know more about the short-term and long-term impacts of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/biogas-plant-market-104667
- On the basis of Feedstock, the market is segmented into energy crops, agriculture residue, bio-municipal waste, and others.
- On the basis of digester type, the market is bifurcated into dry anaerobic digestion and wet anaerobic digestion.
- On the basis of application, the market is trifurcated into transportation, heat generation, and power generation.
- Geographically, the market is classified into Latin America, Asia Pacific, Europe, North America, and the Middle East & Africa.
Drivers & Restraints:
Rising Adoption of Renewable Energy Sources to Augement Market Growth
A massive portion of the total production worldwide is used for power generation and co-generation. According to the IEA, approximately 65% of the total biogas produced in 2019 were used for power generation and co-generation. The increasing energy demands and greenhouse emissions have been the primary concerns of governments across several countries worldwide.
They are expected to boost the adoption of renewable energy sources and are likely to drive construction activities globally.
The growing migration of people from rural to urban areas has augmented the energy demand and also surged waste generation in recent years. The United Nations estimates that approximately 68% of the global population will live in urban areas by 2050. This will certainly ramp up waste treatment capacities and therefore fuel the global biogas plant market growth.
The increasing acceptance of the Paris Climate Agreement by several countries such as India, China, and the European Union is expected to augment the market growth. The agreement enforces the countries to augment their renewable energy consumption in total power generation. Biogas utilization is gaining considerable popularity to reduce greenhouse gas emissions and tackle climate change.
However, the high initial investments to establish construction costs may restrain the market’s growth.
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Growing Investments in Bio-Related Energy to Foster Growth in Europe
Europe is projected to emerge dominant in the global biogas plant market share. The increasing investments in bio-related energy are expected to boost the market growth significantly. Sweden, France, Italy, Spain, the U.K., and Germany are the biggest consumers of bio-based energy sources. Germany is the largest producer in Europe, with more than 9,500 plants, which is more than fifty percent of the total installations operating currently in the European Union.
Asia Pacific is anticipated to witness spectacular growth due to the abundantly available organic waste and the increasing demand for sustainable energy sources. Thailand, India, and China have increased their investments towards constructing new plants in recent years and are likely to amplify the market growth in the coming years.
North America is expected to gain substantial growth in the global market. More than 2,200 plants produce biogas in the U.S. The American Biogas Council estimates the potential of adding 13,500 new systems in the coming years.
Key Players Emphasize Organic & Inorganic Developments to Garner Growth
The market is highly consolidated and comprises several key players operating domestically and internationally. The key players focus on the expansion of production capacities or the introduction of new plants.
The key players emphasize inorganic and organic developments to strengthen their market positions. For instance, in May 2020, Wärtsilä partnered with Vantaa Energy to co-develop a new plant that would produce carbon-neutral synthetic biogas.
June 2021: Future Biogas Limited revealed its plans to construct 25 new plants by 2028. The new plants would feature carbon capture and storage capabilities to supply green gas to the grid. The company is aiming to sell the carbon offsets generated by permanent geological CO2 storage to corporate buyers seeking to minimize their emissions.
Key Players in the Global Biogas Plant Market are:
- Future Biogas Limited (U.K.)
- PlanET Biogas Global GmbH (Germany)
- WELTEC BIOPOWER GmbH (Germany)
- Scandinavian Biogas Fuels International AB (Sweden)
- EnviTec Biogas AG (Germany)
- Ameresco (U.S.)
- Quantum Green (India)
- AB HOLDING SPA (Italy)
- RENERGON International AG (Switzerland)
- StormFisher (Canada)
- Strabag (Austria)
- Thoni (Austria)
- Naskeo Environnement S.A. (France)
- IES BIOGAS S.r.l (Italy)
- FINN BIOGAS (Australia)
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Article originally published as: https://www.einpresswire.com/article/571045513/global-biogas-plant-market-size-to-hit-usd-6-52-billion-by-2028-future-biogas-limited-s-plan-to-build-25-new-biogas-plants-to-amplify-market-growth
originally published at Business - Social Gov