Market Research Report
Biogas Market Size, Share & Trends Analysis Report By Source (Municipal, Agricultural), By Application (Vehicle Fuel, Electricity), By Region (North America, Europe, APAC, CSA), And Segment Forecasts, 2021 - 2028
|Biogas Market Size, Share & Trends Analysis Report By Source (Municipal, Agricultural), By Application (Vehicle Fuel, Electricity), By Region (North America, Europe, APAC, CSA), And Segment Forecasts, 2021 - 2028|
Published: October 6, 2021
Grand View Research, Inc.
Content info: 80 Pages
Delivery time: 2-10 business days
The global biogas market size is expected to reach USD 81.37 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.4% from 2021 to 2028. Electricity was the dominant application segment in 2020 with a revenue share of 30.05%. Shifting focus towards the use of renewable sources of energy, mainly in the electricity sector, has considerably augmented the demand for biogas in electricity applications. In addition, the growing need to reduce dependency on fossil fuels is forming lucrative prospects for biogas in applications, such as vehicle fuel. The COVID-19 pandemic is impacting product demand in heat generation applications.
Sluggish industrial activities have reduced the demand for heat consumption, thereby negatively affecting the market. The shifting priorities of consumers to focus on essentials, such as food and medicines, are further affecting the product demand in the cooking gas application segment owing to the high initial investments associated with setting up digesters. The growing trend of the circular economy, particularly in European countries, is shifting the focus of the food and beverage industries towards proper management of food waste to attain a zero-waste economy. Therefore, companies, such as Nestle S.A., PepsiCo, Inc., and Unilever plc, have started directing some food waste to biogas production to generated power for manufacturing units.
The increasing adoption of biogas in Canada drives the market in North America. Biogas production is expected to increase owing to the high demand for fuel with low emission of harmful gases and the need for a reduction in Greenhouse Gas (GHG) emissions. Manufacturers are adopting strategies, such as mergers and acquisitions, to increase their production capacity and market share in the region. South Africa is expected to provide ample growth opportunities to the global market on account of rising concerns regarding GHG emission levels in the country. The country is focusing on developing its market to limit carbon emissions.