by Biogas is a renewable energy source produced from organic waste such as agricultural residues, food waste, grass cuttings, and manure through anaerobic digestion. It has advantages like reducing greenhouse gas emissions, providing sustainable energy source, and managing waste. Biogas can be used as fuel for vehicles, generating heat and electricity for residential and commercial use. The global biogas market is estimated to be valued at US$ 65.5 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for renewable energy sources is a major trend propelling the biogas market growth. Biogas is a carbon neutral renewable source of energy which emits less greenhouse gases as compared to fossil fuels. Many countries across the world are setting ambitious targets to increase the share of renewable sources in their energy mix to reduce dependence on fossil fuels and mitigate climate change. For instance, the European Union plans to source at least 32% of its total energy need from renewable sources by 2030. Growing government support through incentives and subsidies for biogas production is further encouraging its adoption.
SWOT Analysis
Strength: Biogas provides a renewable source of energy from organic waste products such as agricultural waste, energy crops, food industry waste etc. which helps reduce dependence on fossil fuels.
Weakness: High capital cost for setting up biogas plants. Transportation of feedstock over long distances increases operational costs.
Opportunity: Growing organic waste and supportive government policies for renewable energy provides opportunities for biogas market. Adoption of biogas as transportation fuel can further boost the demand.
Threats: Availability of cheaper alternatives like natural gas poses competition. Fluctuations in feedstock supply affect stable production of biogas.
Key Takeaways
The global biogas market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: Europe dominates currently with maximum share due to supportive renewable policies. Asia Pacific is expected to grow at fastest pace due to large population producing organic wastes.
Key players operating in the biogas market are Aeolos Wind Energy Ltd, BORNAY, Braun Windturbinen GmbH, Britwind, EasyWind GmbH, Endurance Wind Power, ENESSERE S.r.l., Fortis Wind BV, iQron GmbH, PSW-Energiesysteme GmbH, Ryse Energy, SD Wind Energy Limited, TUGE Energia, Wind Energy Solutions B.V., and XZERES Wind Europe Ltd. The companies are focusing on expanding production capacity as well as geographical footprint to tap the market potential.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
