increased generation of municipal solid waste is driving the Biogas Market
Technavio analyzes that the Biogas Market is expected to grow at a CAGR of 6.01% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 19.51 billion.There are various factors that contribute to the growth of the market. The generation of municipal solid waste is on the rise, leading to an increased demand for sustainable and eco-friendly waste management solutions. One such solution is the production of biogas, which can be generated from organic waste through anaerobic digestion. This process not only reduces the amount of waste sent to landfills but also produces a renewable energy source. The biogas market is expected to grow significantly in the coming years due to this increasing trend towards sustainable waste management.
The biogas market encompasses the production and utilization of biogas, primarily derived from renewable sources such as agricultural waste, residential waste, sewage, and industrial effluents. A significant segment of this market is co-generation, also referred to as combined heat and power (CHP), which harnesses biogas as a dual-use fuel for generating both electricity and heat. Co-generation systems offer substantial energy efficiency, with potential overall efficiencies reaching up to 90%, compared to the 30%-40% efficiency of conventional electricity generation. This enhanced efficiency translates into substantial cost savings and environmental benefits, including the reduction of greenhouse gas emissions by approximately 30%-50%, as organic waste serves as a sustainable fuel source.
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Biogas Market Segmentation
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In the realm of renewable energy, Biogas Market plays a pivotal role, particularly in rural communities, through Biodigesters that convert municipal bio-waste, plastics, and agricultural feedstock into Methane. This process, known as Anaerobic Digestion, is a key component of the Circular Economy. The resulting upgraded biogas can be utilized as Liquefied Petroleum Gas for vehicle fuel, cooking gas, and electricity application segment in the Electric Power Sector. Public authorities and private sector investors are increasingly investing in this sector to reduce Greenhouse Gas Emissions, combat Climate Change, and generate Financial Aid. The Biogas Plant produces Renewable Natural Gas, which is a viable alternative to Fossil Fuels, and the excess Carbon Dioxide can be used for various industrial applications. Humidity and temperature control are crucial factors in the production process. Electricity generation is a significant application, and the surplus can be sold back to the grid.
The global biogas market, as part of the larger independent power and renewable electricity market, is projected to experience substantial growth due to supportive government policies and targets for renewable energy adoption. This market encompasses entities involved in the generation and distribution of electricity from biogas, including independent power producers, gas and power marketing specialists, integrated energy merchants, and renewable electricity providers. Additionally, manufacturers of raw materials and equipment used in the anaerobic digestion process for biogas production are included. Key drivers for market expansion include increasing demand for renewable energy sources and the availability of feedstocks such as municipal bio-waste and agricultural residues. Furthermore, private sector investors are showing significant interest in the biogas sector, particularly in rural communities, as an alternative to traditional fossil fuels like Liquefied Petroleum Gas (LPG). The adoption of biogas as a sustainable energy solution is expected to gain momentum, particularly in regions with stringent environmental regulations and a focus on reducing greenhouse gas emissions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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