VALLEY COTTAGE, New York, January 16, 2017 /PRNewswire
Global demand for biogas has witnessed a spike in demand, owing to mounting concerns over depleting fossil reserves and environmental impact of conventional fuels. According to Future Market Insights, global biogas market revenues totalled nearly US$ 24.5 Bn in 2015. During the forecast period 2016-2026, global biogas revenues are estimated to reach US$ 48, 761.2 million, growing at a steady 6.5% CAGR. Between 2016 and 2026, the global biogas revenues are projected to double, with Asia-Pacific (APAC) and Latin America among the key regions fuelling demand.
Future Market Insights' report - titled "Biogas Market: Global Industry Analysis & Opportunity Assessment, 2016-2026" - includes a compilation of research findings on the prospective growth analysis of global biogas market. The report signifies the contribution of APAC and Latin America on the global biogas revenues. During the forecast period, the APAC biogas market is expected to attain fastest growth by registering an impressive 9.2% CAGR, while Latin America will account for more than 50% of the global biogas revenues.
In North America, adoption of biogas plants is projected to drop considerably, owing to the rising preference for solar power in the US. By 2026-end, North America's biogas plant will be valued over US$ 9.6 billion, while nearly 20,000 kilotons of volume will be sold in Western Europe. On the other hand, regions such as Middle East & Africa (MEA) and Eastern Europe will exhibit a comparatively nascent growth in terms of biogas revenues, through 2026.
Global Biogas Market: Research Highlights
- Government initiatives will be one of the strongest growth drivers for the global biogas market, and rampant enactment of stringent environmental laws which curb the GHG emissions will actively promote the use of biogas across end-use industries.
- In terms of sourcing materials for production of biogas, the global agricultural sector is expected to be the largest attributor for global revenues throughout the forecast period.
- By 2026, over US$ 22 billion global revenues will be accounted by biogas sourced from agricultural waste, which will be nearly US$ 3 billion more than biogas emanating from municipal sources.
- Throughout the forecast period, electricity applications will continue to dominate the global biogas revenues.
- The variety of feedstock materials and their global availability favours the adoption of biogas systems in residential sectors around the world.
- Additionally, increasing expenditure on waste management is directing surplus incentives for development of advanced & high-capacity biogas systems.
- Although, the feasibility of using biogas as energy resource remains quite limited as large scale heating processes in heavy industries require high power output and low processing time, which cannot be availed through biogas plants.
Source: Future Market Insights
Illustration Photo: a biogas production plant (Credit: frank van der vleuten / Flickr CC BY-NC-ND 2.0)