Due to mounting concerns over depleting fossil reserves and the environmental impact of conventional fuels, global biogas revenues are expected to grow at a steady 6.5% CAGR from nearly $24.5 Billion in 2015 to around $48.8 billion in 2026, according to a new report from Future Market Insights.
During the forecast period 2016-2026, the authors stated that between 2016 and 2026, the global biogas revenues will double, with Asia-Pacific (APAC) and Latin America among key regions fuelling demand.
The APAC biogas market is predicted to grow relatively fast at 9.2% CAGR, while Latin America will account for over 50% of the global biogas revenues.
In North America, adoption of biogas plants was forecast to drop considerably, owing to rising preference for solar power in the US. By 2026-end, North America’s biogas plant was predicted to be valued over $9.6 billion.
On the other hand, regions such as Middle East & Africa (MEA) and Eastern Europe are forecast to exhibit a comparatively nascent growth in terms of biogas revenues, through 2026.
- Government initiatives will be a strong growth drivers for the global biogas market, and rampant enactment of stringent environmental laws, which curb GHG emissions will actively promote use of biogas across end-use industries.
- In terms of sourcing materials for production of biogas, the global agricultural sector will be a major attributor for global revenues over the following decade.
- By 2026, over $22 billion global revenues will account by biogas sourced from agricultural waste.
- Electricity applications will continue to dominate the global biogas revenues in the upcoming years.
- Variety of feedstock materials and their global availability favours adoption of biogas systems in residential sectors globally.
- Additionally, increasing expenditure on waste management is directing surplus incentives for development of advanced and high-capacity biogas systems.
- However, the feasibility of using biogas as energy resource was found to remain quite limited as large scale heating processes in heavy industries require high power output and low processing time, which cannot be availed through biogas plants.
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