GAITHERSBURG, Md., Aug. 4, 2020 /PRNewswire/ -- According to Stratistics MRC, the Global Biomethane market is accounted for $1.82 billion in 2019 and is expected to reach $3.44 billion by 2027 growing at a CAGR of 8.3% during the forecast period.
Some of the key players in biomethane market include J V Energen, Magne Gas, Gasrec, ORBITAL, CNG Services, Planet Biogas Global, VERBIO, GM-Green Methane, Mailhem Ikos Environment, Gazasia, Biogas Products, SGN, ETW Energietechnik GmbH, Schmack Carbotech, EnviTec Biogas, SoCalGas, Green Elephant, and Future Biogas Limited.
Some of the key factors propelling the market growth include high potential usage of biomethane in the automotive and power generation sector, surging demand for bio-based fuel for power generation plants, rapid industrialization and growing environmental concerns. However, high initial investment and high installation and operating costs restrain the market.
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Biomethane, a natural gas, is a green source of energy source, which is produced by the anaerobic digestion of organic matter that is agricultural waste, green waste, household waste, food industry waste, and even industrial waste. It is also known as renewable and sustainable natural gas. The raw material used for biomethane production is biogas that can be processed from various feedstock sources like vegetables and animals. Hence, it is eco-friendly and the most efficient fuel for various applications. It is liquified to obtain liquified biomethane. It is widely used in the automotive sector and power generation. Biomethane lowers the amount of CO2 emissions significantly as compared to other fuels. In addition, is suitable for all engine types and all transport modes.
By application, Automotive segment is projected to grow at the significant rate during the forecast period, as the automotive sector is responsible for significant volume of greenhouse gas emissions, the usage of biomethane as an automotive fuel will directly benefit the environment in terms of reduced emissions. Petroleum fuels are responsible for emission of harmful gases in environment, which leads to several ill effects such as cancer, bronchitis, and asthma. Moreover, various governmental policies to ensure cleaner and eco-friendly fuel production have shifted global fuel market towards alternative fuel in automobiles, which is likely to increase product demand.
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On the basis of geography, North America is expected to have considerable market growth during the forecast priod, due to the growing demand from automotive sector together with emission reduction of harmful gases and environment protection. Moreover, the establishments of new biomethane facilities in the U.S. continue to transform the power requirements of the world and promote the industry to expand with viable coal and GHG reduction alternatives. The U.S. is the major contributor to the North American biomethane market.
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Production Methods Covered:
Organic Household Waste Derived
Industrial Food Processing Waste
Middle East & Africa
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