Biogas Market to Thrive from Massive Efforts of Policy Makers to Adopt Energy with Low Carbon Footprint, Biogas Production Technologies Need to Keep Pace: TMR

ALBANY, N.Y., Oct. 26, 2020 /PRNewswire/ -- Rising demand for clean energy fuels has spurred the strides in the biogas market. The governments have played an active role in the evolution of the market. Policies and regulations that promote low-carbon economy are the huge undercurrent for the technological advances in the biogas market. ALBANY, N.Y.,Oct. 26, 2020/PRNewswire/ -- Rising demand for clean energy fuels has spurred the strides in the biogas market. The governments have played an...

ALBANY, N.Y., Oct. 26, 2020 /PRNewswire/ -- Rising demand for clean energy fuels has spurred the strides in the biogas market. The governments have played an active role in the evolution of the market. Policies and regulations that promote low-carbon economy are the huge undercurrent for the technological advances in the biogas market.

Globally, the biogas market is expected to reach worth of 51,581.99 kilo tons of oil equivalent (KTOE) by the end of 2027, clocking CAGR of 6.62% during 2019 – 2027.

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Some of the key applications of biogas are in space heating, powering vehicles, cooking, and production of heat and electricity. TMR analysts assert that biogas production technologies are likely to keep pace bolstering the adoption rate of biogas as renewable energy source.

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Key Findings of Biogas Market Report

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Biogas Market: Key Driving Factors and Promising Avenues

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Biogas Market: Competitive Assessment

The biogas market is gathering momentum from growing number of mergers, acquisitions, and contracts. Top players are leaning on improving the biogas production infrastructure considerably. Numerous companies in the biogas market are focused on adopting state-of-the art technologies for extraction of energy from agriculture waste.

Some of the aspiring players in the global biogas market are Biofrigas Sweden AB, Cryostar SAS, Wärtsilä Corp., EnviTec Biogas AG, Scandinavian Biogas Fuels, Air Liquide Advanced Business & Technologies, Swedish Biogas, Vanzetti Engineering S.r.l., and Cryonorm BV.

Biogas Market: Regional Assessment

Geographically, Europe held the leading share in the biogas market in 2018. Various countries in the region have pledged to lower the GHG emissions by 2050 by 80 – 95%. This will fuel the investment avenue in the biogas market. Also, the regional market has seen thriving opportunities from the strict implementation of the energy norms. A case in point is Energy Roadmap 2050.

Advances in biomethane production units have also boosted the regional market prospect.

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The Biogas Market has been segmented as follows:

Global Biogas Market, by Application

Global Biogas Market, by Region

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U.S. Bunker Fuel Market - The bunker fuel market in the U.S. was valued at US$ 7.8 Bn in 2019 and is anticipated to expand at a CAGR of ~1% during the forecast period. Based on fuel grade, the IFO 380 segment held dominant share of the bunker fuel market in the U.S. in 2019, as IFO 380 is a widely used bunker fuel by fleet owners due to its lower price than other types of fuels. In terms of seller type, the leading independent distributors segment accounted for dominant share of the bunker fuel market in the U.S. in 2019. Leading independent distributors have well-established setup that includes blending facility, storage terminals, and own physical assets. Based on application, the tanker fleet segment constituted prominent share of the bunker fuel market in the U.S. in 2019, due to rise in demand for crude oil, petroleum products, chemicals, and liquid raw materials in various regions.

Marine Hybrid & Full Electric Propulsion Market - In terms of value, the global marine hybrid & full electric propulsion market is expected to reach US$ 7.8 Bn by 2030, expanding at a CAGR of ~9% during the forecast period. Based on volume, the global marine hybrid & full electric propulsion market is estimated to reach 975 units by 2030, expanding at a CAGR of ~9% during the forecast period. Based on propulsion, the hybrid propulsion segment dominated the global marine hybrid & full electric propulsion market in 2019. The segment was valued at US$ 2,857.9 Mn in 2019 and is expected to create an incremental opportunity of US$ 4,434.3 Mn during the forecast period. This can be ascribed to the increase in incorporation of hybrid propulsion systems in old as well as new marine vessels. In terms of end use, the ferries segment held a significant share of the global marine hybrid & full electric propulsion market in 2019. It is likely to continue its dominance during the forecast period. Market share of the segment is anticipated to rise to 33.36% by 2030. Demand for ferries is high across the world, as they can carry passengers as well as vehicles.

Fuel Dispenser Market - In terms of value, the global fuel dispenser market is expected to reach ~US$ 2 Bn by 2030, expanding at a CAGR of ~4% during the forecast period. Based on volume, the global fuel dispenser market is estimated to reach 662,058 units by 2030, expanding at a CAGR of ~4% during the forecast period. In terms of type, the submersible system segment holds leading share of the global fuel dispenser market, submersible systems are cheaper and easily available vis-à-vis suction systems. Their maintenance cost is also lower than that of suction systems. The submersible system segment is expected to create an incremental opportunity of US$ 473.16 Mn between 2020 and 2030. Based on flow meter segment, the electronic flow meter held larger share of the global fuel dispenser market in 2019. The segment is likely to expand at a CAGR of 4.50% during the forecast period. In terms of fuel type, the petrol/gasoline segment accounted for major share of the global fuel dispenser market in 2019.

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