A research study on the global biogas market, recently published by Transparency Market Research (TMR) estimates this market to expand at a CAGR of 6.56% over the period from 2015 to 2023. The market is expected to witness an increase in its production volume from 22,488 KTOE in 2014 to a 39,846 KTOE by the end of the forecast period. The research report is titled “Biogas Market – Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 – 2023.”
Biogas is a mixture of various gases produced by the diffusion of organic matters in the absence of oxygen. It consists of methane (40%-70%), carbon dioxide (30%-45%), and small portions of hydrogen sulfide, nitrogen, and siloxanes. It is used as a fuel for cooking, heating, as a vehicle fuel, and in the production of heat and electricity.
According to the report, the increasing emission of greenhouse gases is the key factor behind the rising demand for biogas across the world. In addition, the growing uptake of natural gas vehicles, worldwide, is likely to propel the global biogas market significantly during the forecast period.
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The research report evaluates the global biogas market on the basis of application and the regional spread of this market. On the basis of the application, the report has segmented this market into heat and electricity, vehicle fuel, and other application.
In 2014, biogas found the maximum application for the production of heat and electricity, where the majority share of biogas produced in 2014 was consumed. The shifting focus of consumers across the world towards renewable sources of energy has fueled the demand for biogas in this segment. However, the application of biogas for the production of heat and electricity has been restricted by the need for high initial investment.
The usage of biogas as a vehicle fuel and in other applications such as the supply to natural gas pipeline and for domestic purposes is likely to remarkably increase over the forecast period, notes the research study.
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Cryonorm BV, Vanzetti Engineering S.r.l., Swedish Biogas, Air Liquide Advanced Business & Technologies, Scandinavian Biogas Fuels, EnviTec Biogas AG, Wärtsilä Corp., Cryostar SAS, Gasrec Ltd., and Biofrigas Sweden AB are the major companies operating in the global biogas market, states the research study.