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The market size of the Global Biomethane Market in the year 2019 is valued at 2.01 billion and is predicted to reach 3.78 billion by the year 2031 at an 7.6 % CAGR during the forecast period.
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Biomethane is a natural gas that is produced through the anaerobic digestion of organic matter such as agricultural waste, green waste, domestic garbage, food industry waste, and even industrial waste. The high efficiency and environmental friendliness of biomethane are expected to drive the market demand over the upcoming years. The market is growing as more biomethane is used for power generation to satisfy the growing demand for electricity. The use of waste material in its manufacture helps to combat issues including global warming and climate change, which are expected to drive the market expansion. Furthermore, favorable government rules support the market demand during the forecast period. The rise in adequate infrastructure, better waste management facilities, and incentivized production support are all helping to drive the global biomethane market forward over the projection period. The maturation of the biomethane market is also attributed to the demand for better waste management. Due to increased concerns about fossil fuels, the biomethane industry is likely to see potential growth prospects during the forecast period. The growing use in the automobile industry is opening new commercial prospects for businesses in the market over the upcoming years. Biomethane is becoming more popular as people become more aware of the significance of using environmentally friendly and clean fuel. Also, the presence of key market players and increasing collaboration among major players for market penetration provide the opportunity for growth of the global biomethane market over the upcoming years. On the other hand, high installation and investment costs would hinder the market’s growth over the upcoming years.
List of Prominent Players in the Biomethane Market:
Biogas Products Ltd.
CNG Services Ltd.
EnviTec Biogas AG
ETW Energietechnik GmbH
Future Biogas Ltd.
Green Gas Certification
Planet Biogas Global GmbH
Schmack Carbotech GmbH
Southern California Gas Company
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The development of adequate infrastructure, better waste management facilities, and incentivized production support are all helping the global biomethane market growth throughout the forecast period. The growth of the biomethane market has also been attributed to the call for better waste management. Moreover, favorable government regulations will support the market demand during the forecast period. The biomethane business is expected to witness significant growth opportunities during the projected period because of rising concerns about fossil fuels. The increasing usage of biomethane in the vehicle sector is creating new commercial opportunities for companies in the market in the coming years.
The lack of knowledge and commercialization of bio-based products in developing nations is anticipated to restrain the Biomethane market’s expansion. Biomethane is mostly made up of methane, a highly flammable gas. As a result, the production and transportation of methane from biomethane plants, which requires a high level of precaution, is expected to slow the market’s growth. Besides, high installation and investment costs would challenge the market’s growth over the upcoming years.
The North America Biomethane market is expected to register a major market share in terms of revenue and is projected to be at a high CAGR soon. Growing population, rapid urbanization, increasing industrialization, and increasing R&D activities by prominent players are factors expected to proliferate the growth of the Biomethane market in the region. Also, landfill gas extraction was the major biomethane pathway. Domestic cattle are accountable for one-third of all methane emissions in the United States. Hence biomethane production from agricultural waste is gaining popularity. This is due to increased demand from the automobile industry and favorable policies and financial aid programs for biomethane production.
Segmentation of Biomethane Market-
Middle East & Africa-
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