Bio-LNG Market to Reach $3.4 Billion, Globally, by 2032 at 17.9% CAGR: Allied Market Research
PORTLAND, Ore., Sept. 20, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Bio-LNG Market by Source (agriculture residues, industrial waste, household waste, and others) and by Application (automotive, ships, power generation, and others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global bio-LNG industry generated $0.7 billion in 2022 and is estimated to reach $3.4 billion by 2032, exhibiting a CAGR of 17.9% from 2023 to 2032.
- Producing bio-LNG from household waste is a viable approach to converting organic waste into renewable energy.
- By region, Europe held the highest market share in 2022, garnering two-fifths of the global bio-LNG market revenue, and is expected to maintain its dominance throughout the forecast period.
- Germany has been at the forefront of renewable energy adoption and has made significant efforts to reduce greenhouse gas emissions.
- Italy is focusing on renewable energy and sustainable development, and bio-LNG is being explored to reduce emissions and promote energy diversification.