Methane Capturing Services Market Size is predicted to record a 14.8% CAGR during the forecast period for 2024-2031.
Methane emissions from various sources, including industrial operations, agriculture, and landfills, are generally captured using systems or procedures known as methane capturing services. These services utilize technologies to capture methane, which is then converted into renewable energy, such as electricity or renewable natural gas. This process offers significant environmental benefits by reducing potent greenhouse gas emissions, contributing to climate change mitigation. Governments, corporations, and communities are looking for ways to cut greenhouse gas emissions due to the public's increased awareness of and concern about climate change and environmental sustainability. By reducing methane emissions, a powerful greenhouse gas, methane-capturing services can help solve these issues.
Growing awareness of and action against climate change is the main cause of the rise in methane capturing services. As more businesses and governments prioritize reducing greenhouse gas emissions, the market for methane capturing services is growing substantially.
Moreover, regulatory pressure is driving up the demand for methane capturing services. Furthermore, methane capture is becoming more appealing to a larger range of sectors due to advancements like scalable systems, cost-effective solutions, and enhanced capture efficiency. The market for methane capturing services is anticipated to grow as these technologies continue to be advanced.
Competitive Landscape
Some Major Key Players In The Methane Capturing Services Market:
- Exxon Mobi
- Linde
- Honeywell International
- Air Liquide
- BASF
- Shell
- Saudi Arabian Oil (Aramco)
- IFP Energies Nouvelles
- Air Products and Chemicals Inc.
- Dow
- Other Prominent Players
Market Segmentation:
The methane capturing services market is segmented on the basis of capture technology and end-use industry. Based on Capture Technology, the market is segmented into Anaerobic Digestion, Landfill Gas Collection, and Biological Methane Oxidation. As per the End-use Industry, the market is segmented into Oil and Gas, Agriculture, Waste Management, and Renewable Energy.
Based On Capture Technology, The Anaerobic Digestion Segment Is Accounted As A Major Contributor In The Methane Capturing Services Market.
The anaerobic digestion category is expected to hold a major share of the global methane capturing services market in 2022. Its environmentally friendly approach to trash management is the reason for the segment's expected growth. By using this method, methane emissions from organic waste are reduced, and biogas, a renewable energy source, is produced. The category is expanding as a result of governments placing more emphasis on sustainable waste management and people becoming more aware of the advantages anaerobic digestion brings to the environment and economy.
Agricultural Segment Witnessed A Rapid Growth.
The agriculture segment is expected to grow at a rapid rate in the global methane capturing services market. Methane emissions from agricultural practices include managing manure and caring for livestock. Ag is predicted to investigate methane capture techniques to reduce its carbon footprint as environmental awareness increases and countries enact laws to reduce greenhouse gas emissions.
In The Region, The North American Methane Capturing Services Market Holds A Significant Revenue Share.
The North American methane capturing services market is expected to register a large market revenue share in the near future. Stricter environmental laws, greater public awareness of climate change, and a proactive attitude to sustainability are the main reasons behind the region's market expansion. The region's commitment to reducing greenhouse gas (GHG) emissions and developments in methane capturing services are driving market growth. In addition, Asia Pacific is projected that it will grow at a rapid rate in the global methane capturing services market. The growth of the local market is attributed to the expansion of industry, urbanization, and government programs that support environmentally friendly behaviours. The region's growing dedication to addressing environmental issues and climate change is what is driving the growth of methane capturing services.
Recent Developments
- March 2022, Air Liquide increased its involvement in the manufacture of biomethane by building its largest biomethane production facility in the world, located in the United States. The Group's global biomethane production capacity has reached 1.8 TWh. The establishment of the new production facility in Illinois has allowed Air Liquide to sustain its provision of low-carbon solutions to customers in the industrial and transportation sectors, while also assisting them in their efforts to decrease emissions.
Methane Capturing Services Market Report Scope
|
Report Attribute |
Specifications |
|
Growth Rate CAGR |
CAGR of 14.8% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Capture Technology, End-Use Industry |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Exxon Mobil, Linde, Honeywell International, Air Liquide, BASF, Shell, Saudi Arabian Oil (Aramco), IFP Energies Nouvelles Inc, Air Products and Chemicals, and Dow. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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