The European Biogas Association plans to utilize 32% of renewable energy sources for energy consumption by 2030. The rising demand for electricity generation from biogas is driving the global biogas market. Fortune Business Insights in a new report, titled “BIOGAS: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2018-2026” predicts that the market is expected to rise at a CAGR of 4.65% between 2018 and 2026. The process of breaking organic matter and converting it into biogas is called anaerobic digestion. The rising number of greenhouse gas emissions (GHG) and their negative impacts on the global environment are boosting the biogas market growth. Biogas is a category of biofuel which helps to curb the carbon emissions by reducing the dependency on fossil fuels. Biogas helps to reduce waste production in order to fulfill the rising demand for clean energy.
As per the report, the global market is expected to rise at 4.65% CAGR between 2018 and 2026. The global market for biogas is estimated to reach US$ 29,984.92 Mn by 2026, as against US$ 20,852.20 Mn in 2018. Depletion of conventional resources results in increased security concerns for energy, which is expected to positively steer the biogas market share.
"Vast Availability of Organic Residues & Wastes to Boost Growth of the Segment"
Biogas can be produced by both biological waste and crop waste. The conversion of biodegradable waste to useful power is readily harnessed to create biogas. Manure of animals like cows, pigs, poultry, sheep, along with different agri-food waste, are treated in various capacity. Agricultural waste is subjected to hold a dominating share across the organic residues & wastes segment. High prices and limited land availability of energy crops will positively affect the industry outlook. Growing animal density, along with decreasing bio-waste cost, will fuel the biogas production from organic wastes. A wide range of digestible crops residue and yielding of high-efficiency fertilizers as a byproduct is anticipated to drive energy crops.
"Electricity to hold a Greater Market Share"
Electricity generation will dominate the global biogas market size throughout the forecast timeframe. Rising energy demand across developing regions, coupled with growing concerns towards cleaner fuel, will increase biogas usage for electricity generation. Variable-capacity plants with appropriate feedstock are readily used to convert biogas to electricity for complementing the required size. Utilization of biogas as a fuel for electricity generating units or directly for heating purposes can significantly reduce fossil fuel dependency.
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