Biomethane Market to Perceive Substantial Growth During 2025
The
global biomethane market gas has witnessed massive traction in the
recent past and has attracted a number of new companies, making the
competitive dynamics highly dynamic and competitive. The market has
seen a large number of companies upgrading their production
technologies and capacities in order to stay ahead of the
competition. Some of the leading companies in the market are Planet
Biogas Global GmbH, CNG Services Ltd., VERBIO, SGN, EnviTec Biogas
AG, Future Biogas Ltd., Gazasia Ltd., ETW Energietechnik GmbH, Magne
Gas, Schmack Carbotech GmbH, Biogas Products Ltd., Gasrec, SoCalGas,
ORBITAL, and JV Energen.
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According
to the report, the global biomethane market is expected to expand at
a promising 6.7% CAGR from 2017 to 2025, rising from a valuation of
US$1,485.4 mn in 2016 to US$2,624.5 mn by 2025.
North
America and Europe to Remain Leading Regional Markets
Of
the key applications of biomethane, including usage as a vehicle fuel
and power generation, the automotive sector presently accounts for
the dominant share in the overall market. As pressures to bring down
the emission of harmful gases rise on the automotive sector and as
petroleum-based fuels continue to see massive cost hikes, the demand
for biomethane as a fuel is expected to remain strong in the next few
years as well.
From
a geographical standpoint, the global market is presently dominated
by the North America and Europe regions. Collectively, these regional
markets account for a lion’s share in the overall market, thanks to
rising demand from the automotive sector. Regulations pertaining to
environment protection and emission reduction of harmful gases in
these regions are key to the increased adoption as well as production
of biomethane.
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The
green nature of biomethane is one of the most crucial factors that
works in favor of the global biomethane market. The gas is produced
by the biological breakdown of organic matter, including agricultural
waste, household waste, food industry waste, and industrial waste.
The gas is an excellent alternative to natural gas in vehicles and
can be filled in a vehicle’s main gas network for the generation of
energy. The impressive production efficiency of biomethane production
techniques is another key factor that works well for the global
biomethane market.
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Owing
to the high production efficiency, biomethane can be used as a
reliable alternative for the production of electricity and for the
generation of heat. Moreover, the gas can be produced using the same
infrastructure setup that is used for the production of natural gas.
This factor eliminates the need for additional setup, thus making the
cost of production much lesser compared to a number of fossil fuels
across several economies.
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