Increasing requirements of biomethane in power generation is the key factor driving market growth
The global biomethane market size is expected to reach USD 2.72 Billion in 2028 and register a CAGR of 6.5% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is majorly driven by presence of favorable government policies for biomethane production in various countries. In addition, rising concerns regarding usage of fossil fuels, increasing investments by private investors in the production of biomethane, rising application of biomethane gas as transportation fuel, and increasing demand from power generation sector are also expected to drive global biomethane market growth in the upcoming years.
Biomethane is produced from biogas, which is generated from anaerobic digestion process of biodegradable matters. Unlike biogas, biomethane does not contain hydrogen sulfide, carbon dioxide, & moisture, and hence is considered to be eco-friendly in nature. Two significant methods, namely, fermentation and gasification are used to produce biomethane. Fermentation refers to consequence of multiple metabolic interactions among numerous groups of microorganisms. Gasification, on the other hand, is a thermo-chemical conversion process of biomass, in which, biomass is broken down with the help of high pressure and high temperatures ranging from 700°C to 800°C. Gasification includes several agents, such as oxygen in the environment.
Some Key Highlights From the Report:
- In November 2020, Air Liquide constructed two biomethane production plants by collaborating with Dentro il Sole. These plants can recycle organic materials from agricultural and livestock activities and convert them into biomethane gas.
- In 2020, fermentation segment generated the largest revenue share in global market, owing to various benefits of fermentation process. Fermentation is an environmentally friendly, highly effective, and less complicated process requiring upfront investment.
- Asia Pacific is expected to register a relatively faster CAGR throughout the forecast period. High demand for biomethane from the power generation industry and increasing industrialization are set to contribute to biomethane market growth in this region.
- Prominent companies in the market include EnviTec Biogas AG, VERBIO, SoCalGas, CNG Services Ltd., Future Biogas Ltd., SoCalGas, Gasrec Ltd., Gazasia Ltd., Orbital Gas Systems, and PlanET Biogas Global GmbH.
For the purpose of this report, Reports and Data has segmented global biomethane market based on feedstock, production method, end-use, and region:
Feedstock Outlook (Revenue, USD Billion; 2018-2028)
- Animal Manure
- Organic Household Waste
- Agricultural Waste
- Energy Crops
- Sewage Sludge
- Industrial Food Processing Waste
Production Method Outlook (Revenue, USD Billion; 2018-2028)
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Power Generation
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Browse Complete Report “Biomethane Market” @ https://www.reportsanddata.com/report-detail/biomethane-market