The global biomethane market size is expected to reach USD 3.88 billion by 2032, according to a new study by Polaris Market Research. The report “Biomethane Market Share, Size, Trends, Industry Analysis Report, By Feedstock (Organic household Waste, Animal Manure, Energy Crops, Agriculture Waste, Sewage sludge, Industrial food processing waste, and Others); By Application; By Production Method; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
An increase in environmental concerns is propelling the industry over the forecast period. One of its main drives is the concept that biomethane helps to reduce carbon emissions. The impact that biomethane is having on the planet's atmosphere is without fact one of its biggest environmental benefits. In the other words, bio-methane is an important alternative to the growing energy needs, while avoiding the perils of global warming, which endangers all life on Earth, including humans.
Furthermore, the key players in the market are focusing on expanding their storage capacities for green gas, and enhancing their product portfolio is the major factor boosting the market growth over the forecast period. For instance, In April 2022, Future Biogas will build up to 32 Co2 storage tanks. By mid-2025, the storage area for Future Biogas will enable the annual temporary storage capacity of 200,000 tonnes of liquified CO2, and by the end of 2028, up to 400,000 tonnes of CO2. The facility run by Future Biogas will collect and liquefy the CO2, a by-product of anaerobic digestion units.
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Additionally, in August 2022, Adani New Industries (ANIL) plans to build 40 million tonnes per year (mtpa) facilities in Gujarat and Uttar Pradesh, while Reliance Industries is still finalizing the two locations. Compressed biogas (CBG) plants would be built at an investment of between Rs 500 and Rs 600 crore by the Adani and Reliance Group. Compressed biogas, which is created by the anaerobic breakdown of municipal garbage, agricultural waste, and sugarcane organic manure, can be utilized in place of piped natural gas for home purposes.
Therefore, the rising environmental concerns as well as the growing investment in the storage plant and production capacities for biogas storage are boosting the creation of biomethane that is bolstering the market over the anticipated period.
Biomethane Market Report Highlights
Polaris Market Research has segmented the biomethane market report based on feedstock, application, production method, and region:
Biomethane, Feedstock Outlook (Revenue - USD Billion, 2019 - 2032)
Biomethane, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Biomethane, Production Method Outlook (Revenue - USD Billion, 2019 - 2032)
Biomethane, Regional Outlook (Revenue - USD Billion, 2019 - 2032)