To get an appropriate eco-friendly energy alternative, is the most important and urgent global priority to face energy scarcity. By increasing fossil fuel utilization, the global demand for biogas is surging vigorously. It is predicted by the industry experts that over the upcoming years, the demand for biogas in the energy market will be growing at an uncontrollable pace. Recently, a substitute to the biodegradable energy has introduced to the global market which can bridge the fissure. By the only help of green energy, the adverse effect of greenhouse gasses to the environment can be controllable. Henceforth, the growth of biogas along with green energy resource can save the world. In a published report of Future Market Insights (FMI), the global market for biogas is likely to witness a stable CAGR of 6.5% during the forecast period, 2016-2026.
Analysis of Global Biogas Market Adoption
Owing to the surge in sales and growth of market value over US$ 24000 Mn, the global market for biogas market witnessed a significant growth in 2015. The global market for biogas is segmented among North America, Asia-Pacific and Western Regions. Regions include Asia-Pacific and Latin America are likely to witness a stable growth during the forecast period. The report is analyzing about the target of 200 BPS to be increased in North America whereas Western Europe has 230 BPS to achieve. Asia-Pacific region is predicted to gain 310 BPS due to its vehicle fuel and electricity demands
Through 2026, Asia-Pacific is estimated to expand the market for biogas with a target to cross US$ 6000 Mn over the forecast period. Additionally, the biogas market in this region is expected to show scopes of incremental dollar in the years to come. With due respect to market share and CAGR, Asia-Pacific is expected the highest and attractive growth in the coming 10 years. Besides, this region is likely to witness a sale from US$ 2800 Mn to US$ 6800 Mn. The report is forecasting on the predicted CAGR of 9.2% to be reached through 2026. The biogas consumption in Asia-Pacific has a target to reach over 8,700 ktoe with a CAGR of 8.2%. To propel the growth, China and India from this region are expanding the market by introducing an appropriate opportunity of incremental dollar. Agriculture based favorable climate and a scope to preserve wastes from agriculture are also propelling the market for biogas in this region robustly. Landfills and sludge are the primary resources that can grow opportunities hugely for biogas market. In addition, the installation of heating systems filled with biogas fuel in India, China and other countries are likely to witness new opportunities over the forecast period.
Key Players: Besides the drivers, a major challenge for the biogas manufacturing companies is the improbability of huge production of biogas on a commercial scale. As per the FMI report, some of the key participants in the global biogas market includes Schmack Biogas GmbH, Wartsila, Air Liquide, EnviTech Biogas AG,Asia Biogas,S.P. Renewable Energy Source Pvy. Ltd., Agrinz Technologies GmbH,PlanET Biogas Global GmbH, Scandinavian Biogas Fuels International AB, Greenlane Biogas and Swedish Biogas International AB, among others are estimated to dominate through 2026.
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