The global shift towards renewable energy sources is driving the demand for biogas as a clean and sustainable energy option.
The Biogas Market size is estimated to reach USD 65.57 Billion by 2030, growing at a CAGR of 5.3% during the forecast period 2023-2030. The global biogas sector is poised for expansion due to increasing demand across diverse applications, including electricity generation, heating, vehicle fuel, upgraded biogas, and cooking gas. A notable shift toward renewable energy sources, especially in the electric power industry, has substantially boosted the need for biogas in electricity production. Furthermore, the growing imperative to diminish reliance on fossil fuels is opening up promising avenues for biogas adoption in vehicle fuel applications.
Biogas Market Current and Future Trends
The biogas market was experiencing several notable trends, and it’s likely that these trends have continued and evolved. Here are some current and future trends in the biogas market.
The biogas market is estimated to grow with a CAGR of 5.3% during the forecast period. However, the implementation of biogas is met with high capital investment for purchasing and installing biodigester.
Growing Demand for Renewable Energy: Biogas is seen as a sustainable and renewable energy source, and the global shift toward cleaner energy options continues to drive demand for biogas.
Expansion of Anaerobic Digestion: Anaerobic digestion, the process used to produce biogas, is becoming more widespread, with advancements in technology and improved efficiency.
Biogas as a Green Transport Fuel: Biogas is increasingly being used as a green alternative to traditional fossil fuels in the transportation sector. This trend is expected to continue with a focus on reducing carbon emissions.
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