Biomethane Market worth $60.2 Billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 23, 2023 /PRNewswire/ -- Biomethane Market is expected to grow from an estimated USD 10.3 billion in 2023 to USD 60.2 billion by 2030, at a CAGR of 28.7% according to a new report by MarketsandMarkets™. This anticipated expansion underscores the increasing prominence and adoption of biomethane as a renewable energy source. Several factors contribute to this robust growth trajectory, including heightened global awareness of climate change, a growing emphasis on reducing greenhouse gas emissions, and a concerted push towards sustainable and cleaner energy alternatives. The market's potential is further propelled by advancements in biomethane production technologies, fostering increased efficiency and cost-effectiveness. Additionally, supportive government policies and incentives worldwide are creating a conducive environment for the biomethane sector, encouraging investments and fostering innovation. As industries and consumers increasingly prioritize environmentally friendly energy sources, biomethane's role in addressing these demands is becoming more pivotal.

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Biomethane Market Scope:

Power Generation segment, by end-use application, to occupy majority of biomethane market share.

The power generation segment is set to dominate the biomethane market, securing the largest market share. This prominence is driven by the growing recognition of biomethane as a clean and sustainable energy source for electricity production. Governments and energy stakeholders are increasingly focused on reducing carbon emissions in the power sector, and biomethane, with its renewable nature and lower environmental impact, provides a compelling solution. Advanced technologies in anaerobic digestion and gas upgrading enable seamless integration into existing natural gas infrastructure, making biomethane a versatile and accessible fuel for power generation. The global commitment to transitioning toward cleaner energy sources further aligns with biomethane's attributes, solidifying its pivotal role in the growth of the power generation segment in the biomethane market.

Municipal waste segment, by feedstock, to be largest market.

Municipal waste is anticipated to claim the highest market share in the biomethane market. This projection is underpinned by the increasing recognition of municipal waste as a valuable feedstock for biomethane production. Municipal waste, consisting of organic materials from households and commercial establishments, serves as a rich source for anaerobic digestion processes, a key method for biomethane generation. The emphasis on waste-to-energy solutions and the circular economy concept has heightened interest in converting municipal waste into a renewable and clean energy resource. Governments and waste management authorities are implementing policies and initiatives to encourage the utilization of municipal waste for biomethane production, further boosting its market share. As the world strives for sustainable waste management practices and the reduction of carbon footprints, municipal waste emerges as a prominent and viable feedstock, positioning itself to play a leading role in the biomethane market.

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Europe to emerge as the largest Biomethane Industry

Europe is poised to command the largest market share in the biomethane market, primarily due to the region's proactive approach towards renewable energy and stringent environmental regulations. European countries have been at the forefront of adopting sustainable practices, with a strong emphasis on reducing carbon emissions and transitioning towards cleaner energy sources. Biomethane aligns well with these objectives, as it can be produced from organic waste through advanced technologies like anaerobic digestion. The European Union's ambitious renewable energy targets, supportive government policies, and robust infrastructure for natural gas and biomethane distribution contribute to the region's dominance in the biomethane market. Additionally, the well-established circular economy practices and a growing commitment to decarbonization in various sectors, including transportation and power generation, further drive the adoption of biomethane in Europe, positioning the continent as a leader in the global biomethane market.

Key Market Players:

Key players in the global Biomethane Companies include Air Liquide (France), Gasum Ltd. (Finland), Archae Energy (Texas), and OPAL Fuels (US).

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Recent Developments

• In February 2023, ENGIE acquired Vol-V Biomasse, with this acquisition, ENGIE now has a portfolio of nearly 80 projects, thus supporting its aim of producing 5 TWh/year of biomethane by 2030.
• In Mrach 2023, TotalEnergies has acquired stake in Ductor, which is a Finland-based start-up that has developed an innovative technology to process high-nitrogen organic waste, such as poultry manure, which is usually difficult to use for biomethane production.

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