Biogas Market Forecast To Register CAGR Of Over 4.3% From 2022 To 2030Posted by rahul nikade on January 24th, 2023 Biogas Industry Overview The global biogas market size was valued at USD 60.06 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. The market is expected to witness growth on account of the rising product demand from various applications such as electricity, heat, vehicle fuel, upgraded biogas, and cooking gas. Shifting focus toward the use of renewable energy, particularly in the electric power sector, has significantly driven the demand for biogas in electricity applications. In addition, the increasing need to reduce dependency on fossil fuels is creating lucrative opportunities for biogas in vehicle fuel applications. Gather more insights about the market drivers, restrains and growth of the Global Biogas Market The U.S. is one of the largest markets for biogas in North America in 2021 and is projected to grow at a significant CAGR in terms of value over the forecast period. The United States government has introduced several regulations to lessen its dependency on conventional fuels and meet the goal of zero carbon emissions. Significant factors that are influencing the biogas market growth such as favorable regulatory & political support, environmental support, customer support, and geopolitical support, agricultural and economic support. The demand for biogas in North America is primarily driven by the U.S. The growing demand for the product in applications, such as cooking gas, electricity, vehicle fuel, heat, and others, is expected to have a positive impact on the industry growth over the forecast period. Major factors supporting the growth of the market include high demand for green fuels, stringent environmental regulations, and increased investment in the development of refineries. The abrupt onset of the COVID-19 pandemic caused an industrial lockdown that brought all manufacturing activity to a grinding halt in most industries around the world. Hence, it has also impacted product demand in heat generation applications. Sluggish industrial activities have reduced the demand for heat consumption, thereby negatively affecting the demand for biogas. Browse through Grand View Research's Renewable Energy Industry Research Reports.
Biogas Market Segmentation Grand View Research has segmented the global biogas market based on source, application, and region: Biogas Source Outlook (Revenue, USD Million, 2019 - 2030)
Biogas Application Outlook (Revenue, USD Million; 2019 - 2030)
Biogas Regional Outlook (Revenue, USD Million, 2019 - 2030)
Market Share Insights
Key Companies profiled: Some prominent players in the global biogas market include
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