Biogas Plant Market to Gain Momentum; Future Biogas Enters Green Energy Partnership with the UK’s Ministry of Defence: Fortune Business Insights™
April 26, 2021 at 05:34 AM EDT
Pune,India, April 26, 2021 (GLOBE NEWSWIRE) -- The global biogas plant market size is projected to reach USD 7.71 billion by 2027, exhibiting a CAGR of 14.7% during the forecast period. Increasing adoption of bioenergy sources will be a major growth determinant for this market, observes Fortune Business Insights™ in its report, titled “Biogas Plant Market Size, Share & COVID-19 Impact Analysis By Feedstock (Bio-municipal Waste, Agriculture Residue, Energy Crops, and Others), By Digester Type (Wet Anaerobic Digester and Dry Anaerobic Digester), By Application (Power Generation, Heat Generation, Transportation, and Others), and Regional Forecast, 2020-2027”.
Mounting concerns over escalating emission levels around the world have intensified global efforts towards transitioning to clean energy sources. Biogas, which forms a part of bioenergy, is being seen as an important instrument in aiding this transition. According to the International Energy Agency (IEA), 67% of the global electricity demand will be met by renewables by 2040, with solar and wind accounting for roughly 40% and bioenergy and hydro contributing around 25%. The IEA’s Stated Policies Scenario predicts that the share of bioenergy will increase from the current 5% to 12% by 2040, while its Sustainable Development Scenario envisages the share to rise to 20% by 2040. Biogas plants will form the crux of bioenergy adoption in the next few decades, which will bode well for this market.
High Production Capacity to Propel Market Growth in Europe
Europe dominates the biogas plant market share, boasting a market size of USD 3.46 billion in 2019. The main reason for the region’s enviable position in this space is the widespread presence of biogas facilities in the continent. For example, the European Biogas Association estimates that over 18,000 biogas production plants were operational across Europe towards the end of 2019.
Increasing investments in renewable energy sources and massive generation of organic waste are expected to be the two prime factors fueling the growth of the market in Asia Pacific. The market in North America, on the other hand, is predicted to enjoy numerous lucrative opportunities during the forecast period due to the strong presence of biogas facilities across all 50 states in the US.
As per the report findings, in 2019, the global Biogas Plant Market value was USD 5.05 billion in 2019. The other features of the report include:
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Key Features of Biogas Plant Market Research Report:
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Geographic Expansion to be the Principal Growth Strategy for Market Players
Companies operating in this Biogas Plant Market are steadily expanding their presence across different geographies to widen their international business horizons. In addition to this, key players are also engaging in collaborations with other competitors as well as government entities to gain a further competitive edge.
List of Key Companies Covered in the Biogas Plant Market Report:
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Major Table of Content:
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