Global Biomethane Market Thrives Amidst Escalating Concerns About Global Energy Security
The global biomethane market is poised for substantial growth as the world’s focus on energy security intensifies. Biomethane, a renewable and environmentally friendly fuel derived from organic waste, is emerging as a key player in the transportation and energy sectors. This versatile green gas, when purified, can be used as a clean fuel for automobiles and injected into gas networks to generate green energy. The rising need to reduce greenhouse gas emissions and transition to clean energy sources in the face of escalating global warming concerns is driving the demand for biomethane.
One noteworthy development in this arena is the 2017 issuance of $82 million in bonds by the American company VIA Metropolitan Transit to fund 270 natural gas-fueled buses. This move exemplifies the growing adoption of biomethane as a viable transportation fuel. As awareness of environmentally friendly and clean fuels continues to rise, biomethane is gaining popularity among consumers.
The demand for biomethane is expected to surge further due to concerns about global energy security, particularly in electricity and heat generation. With the world’s increasing reliance on energy, biomethane is poised to play a pivotal role in mitigating energy-related challenges.
Impact of COVID-19
While the COVID-19 pandemic disrupted daily life and imposed mobility restrictions worldwide, the biogas sector, including biomethane, continued to provide power and heat. The pandemic highlighted the importance of renewable and resilient energy sources, further bolstering the biomethane market’s prospects.
Environmental Concerns Driving Growth
Growing environmental consciousness is a major driver of biomethane market expansion. This clean and sustainable fuel is in high demand for power generation, heating, and as an alternative fuel in the automotive sector. Moreover, biomethane offers the benefit of converting waste into electricity, reducing greenhouse gas emissions, and meeting the escalating energy demand.
Automotive Industry’s Shift Towards Clean Fuel
As nations increasingly shift toward renewable energy sources and cleaner fuels, the automotive sector is poised to become a significant consumer of biomethane. Using biomethane as a vehicle fuel can significantly reduce greenhouse gas emissions, making it an environmentally responsible choice.
Challenges and Growth Barriers
Despite its promise, the biomethane market faces challenges, including substantial capital requirements for facility installation and the highly combustible nature of the gas. Overcoming these obstacles will be crucial for the industry’s long-term growth.
Key Market Segments
- Organic Household Waste Dominates: The organic household waste category currently holds the largest market share and is expected to maintain its dominance. Widely accessible raw materials, such as agricultural waste and biowaste, drive growth in this segment.
- Power Generation Leads: Power generation remains the leading revenue category due to increased demand for electric grid networks and the growth of the residential sector. Anaerobic digesters are also transitioning to modernized biogas units, further boosting power generation.
- Europe Takes the Lead: Europe is expected to dominate the global biomethane market, driven by environmental awareness, technological advancements, and government support for biomethane production.
- North America’s Growing Potential: North America is set to experience stable revenue growth, particularly in the United States and Canada, due to emerging energy production opportunities from wastewater treatment plants and increased demand from the automotive sector.
Several players are actively contributing to the growth of the biomethane market, including CNG Services Ltd., Planet Biogas Global GmbH, VERBIO, Future Biogas Ltd., Magne Gas, Gasrec, Gazasia Ltd., Biogas Products Ltd., SGN, Schmack Carbotech GmbH, EnviTec Biogas AG, SoCalGas, ETW Enerietechnik GmbH, ORBITAL, and JV Energen.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/biomethane-market
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