Biomethane Market : Market Research Report : Key Growth Factors and Forecast 2024
The
frontrunners in the global biomethane gas market, according to one of
the reports by Transparency Market Research, are CNG Services Ltd.,
Planet Biogas Global GmbH, SGN, Future Biogas Ltd., VERBIO, Magne
Gas, Gasrec, Gazasia Ltd., Biogas Products Ltd., Schmack Carbotech
GmbH, EnviTec Biogas AG, SoCalGas, ETW Energietechnik GmbH, ORBITAL,
and JV Energen.
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As
per estimates of a report by Transparency Market Research, the global
biomethane market stood at a valuation of US$1,485.4 mn in 2016 and
is expected to reach a valuation of US$2,624.5 mn by 2025 rising at a
CAGR of 6.7% between 2017 and 2025.
North
America and Europe to Continue Garnerning Significant Market Shares
The
segments of the global biomethane market based upon application are
automotive sector and power generation. The automotive sector is
expected to account for a significant share in the market over the
forecast period.
The
key regional segments into which the global market for biomethane is
divided in this report are North America, Europe, Latin America, Asia
Pacific, and the Middle East and Africa. In 2016, North America and
Europe held a significant share of the global biomethane market. The
trend is expected to continue over the forecast period as well.
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Feasibility
of Biomethane as an Automobile Fuel Fuels Growth
One
of the key growth drivers of the global biomethane market is the
green gas characteristic of biomethane. Biomethane is produced by the
natural breakdown of organic material, which includes green waste,
agricultural waste, food industry waste, household waste, and even
industrial waste. The process of production of biomethane involves
breaking down of organic matter in an anaerobic environment to
produce biogas, which is further purified to produce biomethane. The
resultant gas can be used as a vehicle fuel or can be injected into
the main gas network to generate green energy.
The
high production efficiency of biomethane production is another
significant factor that adds to the advantage of the growth of
biomethane market. This attribute makes it feasible for biomethane to
be used as an alternative fuel for electricity production and for
heat generation from combined heat and power.
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Apart
from being an environmentally friendly gas with high potential usage
in the automobile sector, biomethane can be produced from the same
infrastructure setup for natural gas production. This eliminates
additional setup cost in biomethane production. This is expected to
be a key factor that will boost the production of biomethane over
other fossil fuels in various countries across the globe.
In
addition, gasification of organic matter for the production of
biomethane has environmental benefits as well. This is mainly because
biomethane produced from organic matter prevents the discharge of a
large amount of methane and other harmful gases into the atmosphere.
The other advantage of production of biomethane is that it eliminates
exposure of decaying organic matter into the atmosphere. Hence,
methane and other harmful gases are prevented from being discharged
into the atmosphere.
The
production of biomethane, on the other hand, has a downside as well.
Methane as a whole, if released in the atmosphere is about 20 times
more detrimental to the environment than other greenhouse gases such
as carbon dioxide.
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