Energy crisis is an emerging issue and the world is struggling to find a suitable environment-friendly energy option for its denizens. The global energy market is expanding rapidly. The soaring demand for energy is presently greeted with the help of fossil fuel. Industry experts believe that the demand in the energy market will grow manifold in the forthcoming years. There is an urgent need of an alternate source of environment-friendly energy to fill up this gap in the market. An environment-friendly energy source is a must, as greenhouse emissions are acutely disturbing the environmental balance. The growth of biogas as an alternate and green energy source is the only hope for the modern world.
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The global biogas market is likely to soar within the assessment period. The market will witness a CAGR of 6.5% in terms of value in the years to come. The global biogas market showcased a promising growth in 2015 as the sales spurred and the total value of the market swelled above US$ 24 Mn. The regions such as Latin America and Asia Pacific will play an important role in the growth of the global biogas market within the period of assessment. North America and Western Europe ruled the roost until the end of 2016, but the Asia Pacific region is predicted to propel its growth within the next few years. North America is projected to gain 200 BPS over the period of forecast. Western Europe is estimated to gain 230 BPS over the projected period and is projected to remain dominant during the period of forecast. Owing to increasing demand for electricity and vehicle fuels in the region, Asia Pacific is anticipated to gain 310 BPS over the assessed period.
Asia Pacific is the land of hope for investors as it is predicted to double up its market worth and is likely to cross US$ 6000 Mn by 2026 end. This particular region of the global biogas market is predicted to represent a bright incremental dollar opportunity within the foreseen period. Asia Pacific is likely to emerge as the most attractive region in terms of market share and CAGR in the next 10 years. The sale value of the regional biogas market is anticipated to cross US$ 6800 Mn from an approximate current value of US$ 2800 Mn by the close of the assessment period.
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The favourable climatic conditions and massive availability of live stocks is likely to keep the market afloat in this region. The Asia Pacific market will register a CAGR of 9.2% in terms of value over the foreseen period. In terms of volume, consumption of biogas in Asia Pacific is anticipated to reach above 8,700 ktoe by the end of the forecasted period, registering a CAGR of 8.2% over the projected period. Countries such as India and China are predicted to fuel the development of the regional biogas market. Biogas sales are currently soaring in India and this market will project a suitable incremental dollar opportunity within the period of assessment. Countries such as India and China are passing through a rapid industrial evolution. These countries are blessed with an agriculture friendly climate and possess a massive reserve of agricultural waste. These factors are likely to expedite the expansion of the Asia Pacific regional biogas market.
Agriculture segment is estimated to lose 110 BPS by 2026 end. The segment is indicated to incline towards high value-medium growth during 2016 – 2026. The municipal segment is predicted to gain 130 BPS during the studied period. Biogas from sludge, landfills, etc. can offer lucrative growth opportunities in this region. Industrial & others segment is likely to witness sluggish growth during the assessment period.
The application segment of the Asia Pacific biogas market is likely to witness several prominent market shifts within the foreseen period. The electricity segment is indicated to lose more than 35 BPS by the end of the forecasted period while the heat segment is projected to gain more than 68 BPS during the period of assessment. Biogas fuelled heating systems installed in China, India and other countries of the Asia Pacific region are expected to create a growth opportunity for this segment by the end of the period of forecast. Vehicle Fuel & others segment is projected to incline towards low value-low growth during 2016–2026.
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Biogas Market Projected to Rise Up to 39,845.58 KTOE by 2023
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