Biomethane Market is Poised to Reach $4.68 Billion by 2032 | Europe, and North America Captures 60% Market Share, Says Extrapolate
DUBAI, UAE, March 23, 2023 /PRNewswire/ -- According to the research report published by Extrapolate, the global Biomethane Market is estimated to attain a valuation of USD 4.68 billion by 2032 from USD 2.31 billion in 2022 at a CAGR of 7.32% from 2023 to 2032.
Summary: As the world races towards a sustainable future, the biomethane market emerges as a renewable energy giant with immense potential. With rural areas taking center stage, the market is poised to witness remarkable growth, projected to reach USD 4.68 billion by 2032. The urgent need to manage biomass waste and greenhouse gas emissions, and biomethane presents a promising solution.
DUBAI, UAE, March 23, 2023 /PRNewswire/ -- According to the research report published by Extrapolate, the global Biomethane Market is estimated to attain a valuation of USD 4.68 billion by 2032 from USD 2.31 billion in 2022 at a CAGR of 7.32% from 2023 to 2032.
Eco-friendly and renewable natural gas are becoming increasingly popular due to rising environmental concerns globally. Biomethane is now widely used for heating, power generation, and as an alternative fuel in the automotive industry, further driving the market's expansion.
"Humans generate over 105 billion tons of organic waste globally yearly, releasing harmful methane and other greenhouse gas emissions as they decompose. By recycling all 105 billion tons, biogas can reduce global GHG emissions by 10% and deliver 50% of the Global Methane Pledge by 2030. However, only 2% of organic waste is treated and recycled."
~ Charlotte Morton, Chief Executive, World Biogas Association
Get a Free Sample PDF of the Report: https://www.extrapolate.com/sample/energy-and-power/biomethane-market/87436
Biomethane is a versatile energy source identical to natural gas and can supply energy to a wide range of industries and end-users. It can be injected into any grid-connected home, business, industrial site, or power station, provided it meets the requirements of the gas grid intended initially for natural gas.
Biomethane is best suited for end-use industries with limited low-carbon substitutes, such as high-temperature heating, petrochemical feedstock, heavy-duty transportation, and marine shipping. However, other factors, such as rural development, energy security, and urban air quality, can also affect its utilization. For instance, biomethane can be used to supplement electricity generated by variable wind and solar PV. It can also help reduce the dependence on imported or long-distance transported natural gas.
According to the International Energy Association (IEA), rising economies in Asia, particularly China, India, Southeast Asia, and other developing economies in Asia Pacific, account for the majority of growth in biomethane production. In the Stated Policies Scenario (STEPS), China is projected to produce over 30 Mtoe of biomethane by 2040, which will be added to its expanding natural gas grid. Meanwhile, India's demand for biomethane is expected to rise to 15 Mtoe, partly to support the increase of gas use in the transportation sector.
Do You Have Any Query? Ask Our Industry Expert @ https://www.extrapolate.com/enquire/energy-and-power/biomethane-market/87436
Organic Residue & Waste Segment to Gain Prominence with Rising Biomass Waste Management
Organic residue and waste are the most significant feedstock for biomethane production. These feedstocks typically include various organic materials, such as food waste, agricultural residues, wastewater solids, and landfill gas. It contains a significant amount of carbon, which can be converted into biogas and then upgraded to biomethane. Other essential components of these feedstocks include nitrogen, sulfur, and trace elements such as iron and magnesium.
According to Extrapolate studies, organic residue can range from 50 to 400 cubic meters of biogas per ton of feedstock. This biogas can then be upgraded to biomethane through various methods, such as pressure swing adsorption or membrane separation, with typical conversion rates of 85% or higher. As a result, the segment contributes around 60% to the total biomethane production.
Anaerobic Digestion Offers Lucrative Production Output and Reduction of CO2 Emissions
Anaerobic digestion is one of the most promising and lucrative methods of biomethane production from organic waste and residue. This is due to several factors. First, anaerobic digestion can produce a high yield of methane from organic waste and residue, which is the primary component of biogas. Biogas typically contains 50-70% methane, which can be upgraded to biomethane with a purity of over 95%. This high methane yield makes anaerobic digestion an efficient method of biomethane production.
Most end users prefer this method as the feedstocks used in anaerobic digestion are typically low-cost or negative-value materials, such as agricultural waste, food waste, and sewage sludge. This makes anaerobic digestion an economically attractive method of biomethane production, especially when compared to other feedstocks such as energy crops or dedicated biomass.
Apart from this, the revenue streams associated with anaerobic digestion are diverse and can include electricity and heat generation, biogas and bio-methane sales, and the production of organic fertilizers. This can make anaerobic digestion profitable, particularly when multiple revenue streams are integrated into the production process. Moreover, it can significantly reduce greenhouse gas emissions by capturing and utilizing methane that would otherwise be released into the atmosphere during organic waste and residue decomposition. This can provide an additional source of revenue through the sale of carbon credits or other emission reduction incentives.
Purchase This Comprehensive Research Report for Valuable Market Insights: https://www.extrapolate.com/complete-checkout-buyal/87436
Europe to Lead Global Biomethane Market
The biomethane market has been experiencing significant growth in recent years, with Europe emerging as the dominant player in this renewable energy sector. As per Extrapolate's study, Europe and North America collectively contribute over 60% to global biomethane production capacity. Europe's leadership in the market can be attributed to its advanced technology, supportive government policies, and robust infrastructure. In 2021, approximately 20,000 biogas production plants were in operation across Europe. Most of these plants were in Germany, followed by other countries such as France, the United Kingdom, and Italy.
As of 2021, Europe's total biomethane production capacity was estimated at over 2,500 million cubic meters per year. This significant capacity is due to the continuous development and expansion of biomethane production facilities across the region, supported by favorable policies and incentives.
Germany is the largest biomethane-producing country in Europe. As of 2021, the country boasted more than 240 biomethane production plants, contributing to an annual output of around 1,000 million cubic meters. This impressive figure accounts for nearly 40% of Europe's total biomethane production capacity. Several ongoing projects and investments are being made to boost Europe's biomethane production capacity further. One notable example is the European Union's Horizon 2020 program, which has allocated significant funding to support research and innovation in the renewable energy sector, including biomethane.
Nowadays, energy crops provide 70% of the biomethane utilized in Europe. However, as policies aim to promote bioenergy that avoids competing with the production of food or feed and industry initiatives like the Biogas Done Right concept created by the Italian Biogas Association gain traction, the share of waste and residue feedstocks is expected to increase.
For more information on the report, visit: https://www.extrapolate.com/energy-and-power/biomethane-market/87436
Competitive Landscape
The competitive landscape of the biomethane industry is highly fragmented. In order to stay competitive, companies are increasingly focusing on innovation, capacity expansion, cost reduction, and strategic partnerships. In addition, they are developing new technologies that improve the efficiency and cost-effectiveness of biomethane production and distribution to gain a competitive edge.
For instance,
- Verbio Vereinigte BioEnergie AG announced in February 2021 that it planned to open its straw-to-biomethane factory by the fall of 2021. The Nevada, Iowa, plant is being built with the intention of reducing air pollution brought on by the extensive burning of used straws.
- In Jan 2023, Scandinavian Biogas constructed a major biogas facility in Mönsterås, Sweden, and its production capacity is estimated to be 120 GWh.
Major players in the market include:
- PlanET Biogas
- AB Holding S.p.A.
- Ameresco
- VERBIO Vereinigte BioEnergie AG
- Biogas Products Ltd
- J V ENERGEN LLP
- Taronis Fuels, Inc.
- Scandinavian Biogas Fuels International AB
- ETW Energietechnik GmbH
Browse Complete TOC: https://www.extrapolate.com/toc/energy-and-power/biomethane-market/87436
Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Biomethane Market
Chapter 5. Global Biomethane Market Overview, Application, 2018 - 2032 (USD Million)
Chapter 6. Global Biomethane Market Overview, By Production Method, 2018 - 2032 (USD Million)
Chapter 7. Global Biomethane Market Overview, By Feedstock, 2018 - 2032 (USD Million)
Chapter 8. Global Biomethane Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 9. North America Biomethane Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 10. Europe Biomethane Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 11. Asia Pacific Biomethane Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 12. Middle East & Africa Biomethane Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 13. South America Biomethane Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 14. Competitive Landscape
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
Chapter 19. Future Outlook of the Market
About Us:
Extrapolate is a Global Market Research, Advisory, and Consulting firm that works closely with Industry experts from various industries to bring the latest and most accurate research reports.
In an era of breakneck change and a low tolerance for missed or misread opportunities, businesses need astute guidance to shape markets - not merely respond to them. Extrapolate helps clients develop market perspectives that drive success.
Contact Us
Extrapolate
Phone: (+1) 888 328 2189
E-mail: [email protected]
Website: https://www.extrapolate.com
Blog: https://www.extrapolate.com/blog
Follow Us: LinkedIn | Facebook | Twitter
View original content:https://www.prnewswire.co.uk/news-releases/biomethane-market-is-poised-to-reach-4-68-billion-by-2032--europe-and-north-america-captures-60-market-share-says-extrapolate-301779922.html
