PUBLISHER: Grand View Research | PRODUCT CODE: 1404685
PUBLISHER: Grand View Research | PRODUCT CODE: 1404685
The global bio-LNG market size is expected to reach USD 19.78 billion by 2030, registering a CAGR of 41.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. As concerns about climate change and air pollution continue to mount, there is a growing demand for clean and sustainable energy sources. Bio-LNG is considered a low-carbon fuel that can reduce greenhouse gas emissions by up to 90% compared to traditional fossil fuels. This has increased interest in the adoption of Bio-LNG.
The transportation fuel segment is expected to witness substantial growth over the next few years, due to the growing demand from the shipping industry. Shipping companies around the world are looking for alternative fuels to reduce their greenhouse gas emissions and are investing in technologies such as Bio-LNG fueled vessels. This is expected to advance the market during the forecast period.
Organic household waste is one of the significant sources of feedstock for the production of bio-LNG. Organic household waste includes food waste, yard waste, and other biodegradable materials. This waste is rich in organic content and can be efficiently converted into renewable energy sources such as biogas and subsequently upgraded to bio-LNG.
The demand for bio-LNG in the power generation segment is expected to grow substantially from 2023 to 2030. Bio-LNG can be used in existing natural gas infrastructure, making it a flexible fuel source that can be utilized in a variety of applications. It can be used in power plants to generate electricity at a lower cost, as it does not incur infrastructure development costs.
Asia Pacific has been witnessing significant growth in product demand, on account of the increasing number of production facilities, as well as R&D centers in major countries like China, Australia, Japan, India, and South Korea. The inception of new facilities and the expansion of existing Bio-LNG facilities owing to favorable government policies and foreign direct investments are likely to cater to the growth of the demand for Bio-LNG in the region.