The Global Biomethane Market is estimated to reach over USD 3.78 billion by 2030, exhibiting a CAGR of 7.6% during the forecast period.
Biomethane is a natural sources gas generated by the purification or enhancement of biogas. Increasing environmental concerns are one of the key factors driving the growth of the biomethane market. In addition, considerable industrial expansion in emerging nations is anticipated to raise the need for biomethane for power generation, driving the market's revenue growth throughout the forecast period. Growing urbanization, rising private investment in biomethane production, favourable government policies for biomethane production in several countries, and a rising preference for clean and green fuel are expected to drive revenue growth in the global biomethane market during the forecast period. To reduce carbon emissions energy, the government is supporting a sustainable environment and energy-efficient lifestyle, which is expected to boost demand for biomethane because it emits less carbon dioxide when burnt. The automotive sector is expected to benefit from the introduction of new market players and substantial untapped potential. Biomethane synthesis and transit from one area to another require extraordinary caution. This major factor is projected to restrict the global biomethane market's revenue growth throughout the forecast period.
The Biomethane market is segmented based on production, Feedstock, and application. Based on production, the market is segmented as Gasification, Fermentation, Anaerobic Digestion, and other products. By application, the market is segmented into Applications: Automotive, Power Generation, and Others; Based on Feedstock, market is segmented into Agricultural Waste, Sewage Sludge, Organic Household Waste Derived, Animal Manure, Industrial Food Processing Waste, Energy Crops, and Municipal Waste.
Based on Feedstock, the agricultural waste segment is accounted as a major contributor to the Biomethane market.
The Agricultural waste category is expected to hold a significant share in the global Biomethane market in 2021. Waste heat, a renewable fuel source, is produced by agricultural plants using organic compounds present on farms. These plants are designed to consume energy crops that have been particularly cultivated for the consumption of agricultural byproducts. Mixed agriculture is used by APAC farmers, who have both plantation and livestock land.
Additionally, the genetic makeup of cattle varies considerably by area. Different cultures and religions have led to a diversity of livestock pairings in some regions.
Automotive segment witnessed growth at a rapid rate
The Automotive segment is expected to register at a rapid rate in the global Biomethane market. Surging use of biomethane as a transportation fuel in the automotive sector due to the growing need to minimize greenhouse gas emissions is expected to boost this segment's growth in the projection future. The automotive sector is likely to gain from the implementation of novel market players as well as substantial untapped potential in developing countries., especially in countries such as the US, Germany, UK, China, and India.
In the region, the North America Biomethane market holds significant revenue share.
The North America Biomethane market is expected to register the highest market share in terms of revenue soon. Growing environmental awareness, technological advancements, and increased demand for biogas for power generation applications are some of the primary drivers driving regional market expansion. Growth and development in sectors, as well as rising urbanization, are also factors responsible for the region's significant market share. Increased investments in biogas technology, as well as increased support from regional governments, are expected to contribute to the growth of the biomethane market. Also, the cost of the increased use of renewables in these regions' energy mix, the biomethane market in the Asia Pacific and Latin America is expected to grow rapidly.
The key players in the Biomethane market have shifted their focus to bio-based components for product manufacturing and are initiating influential strategies, such as mergers, acquisitions, and joint ventures of major and domestic players, to enhance their product portfolio and expand their global market presence. Some of the major key players in the Biomethane market are Biogas Products Ltd., CNG Services Ltd., Cryon Purr, Envi Tec Biogas AG, ETW Energietechnik GmbH, Future Biogas Ltd., Gasline, Gasrec Ltd, Gazasia Ltd., Green Gas Certification, JV Energe, Magne Gas, MemfoACT, Nordsol, ORBITA, Planet Biogas Global Gm, Schmack Carbotech GmbH, Southern California Gas Compa, VERBIO.