Biomethane Market to Reach $5.5 Billion, Globally, by 2032 at 5.7% CAGR: Allied Market Research

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Aug 22, 2023, 10:01 ET

PORTLAND, Ore., Aug. 22, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Biomethane Market by Feedstock (Organic Household, Animal Manure, Energy Crops, Agricultural Waste, Sewage Sludge, and Industrial Food Processing Waste), Production Method (Anaerobic Digestion, Gasification, and Fermentation) and by Application (Power Generation, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global biomethane industry generated $3.1 billion in 2022 and is estimated to reach $5.5 billion by 2032, exhibiting a CAGR of 5.7% from 2023 to 2032.

Biomethane, also referred to as renewable natural gas (RNG), is produced either by gasification of solid biomass or by removing CO2 and other contaminants present in the biogas. Biomethane is widely used for generating power, fueling vehicle, and heating purposes.

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Prime determinants of growth

The growth of the global biomethane market is driven by the environmental benefits, energy security & successful waste management, versatility of applications and policies in support, and financial incentives & R&D. However, production involves complex technological processes, and there are ongoing challenges in optimizing these processes for efficiency and cost-effectiveness, which is hindering the growth of the market. Moreover, biomethane provides an opportunity to diversify the energy mix. Communities and countries are projected to reduce their dependence on imported fossil fuels by utilizing locally available organic waste materials. This enhances energy security and reduces exposure to geopolitical risks associated with fossil fuel imports.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2021	$3.1 billion
Market Size in 2031	$5.5 billion
CAGR	5.7 %
No. of Pages in Report	267
Segments Covered	Feedstock, Production Method, Application, and Region
Drivers	Environmental benefits Energy security and successful waste management Versatility applications and policies in support Financial Incentives and R&D
Opportunities	Energy-mix diversification through biomethane Scalability and flexibility of the production process Boost in waste management and circular economy
Restraints	Feedstock availability High investment costs Technological challenges

The energy crops segment is projected to maintain its dominance throughout the forecast period

Depending on the feedstock, the energy crops segment held the highest market share in 2022, accounting for more than one-third of the global biomethane market. It is also expected to grow at a significant CAGR of 6.0% during the projection years. This is attributed to their high energy content, which allows for efficient conversion into biomethane. Moreover, these crops are typically fast-growing and have high cellulose or starch content, which are expected to be easily digested by microorganisms during anaerobic digestion.

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The anaerobic digestion segment is expected to dominate the market growth during the forecast period

Depending on the production method, the anaerobic digestion segment held the highest market share in 2022, accounting for more than three-fifths of the global biomethane market. It is also expected to grow at a significant CAGR of 5.8% during the projection years. Biomethane produced through anaerobic digestion is considered a renewable energy source. It is derived from organic materials that would otherwise decompose and release methane, a potent greenhouse gas, into the atmosphere. In addition, ongoing advancements in anaerobic digestion technologies, process optimization, and supportive policies help to overcome these challenges and promote the broader adoption of biomethane as a sustainable energy option.

The automotive segment is expected to dominate the market growth during the forecast period

Depending on the application, the automotive segment held the highest market share in 2022, accounting for around two-thirds of the global biomethane market. It is expected to grow at a significant CAGR of 5.9% during the projection years. It is considered a low-carbon fuel because it is derived from organic waste materials rather than fossil fuel reserves. In addition, biomethane reduces emissions of air pollutants, such as particulate matter, nitrogen oxides (NOx), and sulfur oxides (SOx), compared to gasoline and diesel fuels. Using biomethane as a transportation fuel helps improve air quality and reduce the environmental impact of vehicle emissions.

Asia-Pacific to maintain its dominance throughout the forecast period

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global biomethane market revenue, and is likely to dominate the market during the forecast period. The region is also expected to witness the fastest CAGR of 6.0% from 2023 to 2032. Biomethane remains a significant component of the energy mix in Asia-Pacific. China has been actively promoting the production of biomethane as part of its efforts to increase the use of renewable energy sources. India has been investing in biomethane production from various organic waste sources, including agricultural residues, animal manure, and food waste.

Leading Market Players: -

EnviTec Biogas AG
VERBIO Vereinigte BioEnergie AG
Ecofinity
Future Biogas Ltd.
Gazasia Ltd.
Orbital Gas Systems
PlanET Biogas Global GmbH
CNG Services Ltd.
ETW Energietechnik GmbH
AB HOLDING SpA.

The report provides a detailed analysis of these key players in the global biomethane market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Want to Access the Statistical Data and Graphs, Key Players' Strategies:
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