Biogas Market for Electricity & Heat, Vehicle Fuel – Global Industry Growth & Forecast Attractiveness by 2023
Sources of green energy are increasingly being discussed, designed, and developed as nations are realizing the pressure of global warming and harmful effects of greenhouse gases. Owing to these reasons, biogas has become an integral part of the energy generation mix in most countries, as they are trying to reduce their dependence on conventional sources of energy. Biogas is produced by using municipal waste, plant material, agricultural waste, manure, green, waste sewage, or food waste. This renewable source of energy has a very low carbon footprint and it offers multiple benefits.
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The report on the global biogas market gives an overview of the drivers, restraints, opportunities, and threats acting on this market. It assesses these with the help of a SWOT analysis. Furthermore, it also uses a Porter’s five forces analysis to gauge the threat from new entrants, threat of substitute products or services, bargaining power of customers, bargaining power of suppliers, and intensity of competitive rivalry. The report offers a lucid explanation of every intricate aspect of the market to help its readers make important decisions.
Overview of the Global Biogas Market
The global biogas market generated 22,488.0 KTOE in 2014 and is expected to generate 39,845.5 KTOE by 2023, growing at a CAGR of 6.5% from 2015 to 2023 in terms of volume. This incredible growth can be attributed to the increasing greenhouse gas (GHGs) emissions and their hazardous impact on the environment. Governments across the globe and several environmentalists are encouraging the usage of biogas, as it is a cleaner fuel than petroleum fuels. Owing to these reasons, several biogas plants will be set up across the globe in the coming years. The only factor restraining the growth of the global biogas market is the huge installation costs involved in the setup.
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The global biogas market has been segmented on the basis of geography and applications. Biogas is used for generating electricity, heat, as a vehicle fuel, and for other minor applications. The electricity and heat application segments of the global biogas market were the largest segments in 2014 and are expected to continue their dominance in the near future as well. Analysts also predict that a growing number of vehicles around the world will use biogas as fuel in the years to come, which will boost demand for biogas a vehicle fuel. Some of the countries encouraging the use of biogas in cars are Thailand, Malaysia, India, Sweden, China, and Germany.
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Companies Mentioned in the Biogas Market Research Report
The key players in the biogas market are Air Liquide Advanced Business & Technologies, Vanzetti Engineering S.r.l., EnviTec Biogas AG, Wärtsilä Corporation, Swedish Biogas International AB, Gasrec Ltd., Cryostar SAS, Biofrigas Sweden AB, Scandinavian Biogas Fuels International AB, and Cryonorm BV.