Biogasupgraders in the developed world pin tall hopes on production of biomethane asa sustainable fuel, chiefly because from the use of renewable feedstock andremoval of CO2 from biogas. Of the various feedstock used, agricultural wastehas become commonplace. The biomethane market haswitnessed spurt of opportunities from the booming renewable energy sector, withbiomethane forming a crucial role in the energy mix of several progressivenations across the globe. The growing usage of biomethane in the energy sectoris shaping the evolution of the biomethane market.
ClockingCAGR of 6.7% between 2017 and 2025, analysts atTMR, project the market to reach worth of US$2,624.5 Mn by 2025.
Focustoward Increasing Penetration of Renewables Spurs Production
Governmentsin various countries in collaboration with industry players have sped upefforts to low-carbon energy transition, increasing the penetration ofrenewables. Biomethane promises a significant impact on reducing the carbonfootprint across the value chain, as organic residues are turned into valuableresources for consumption in economies. Biogas production and its subsequentpurification to biomethane ensures the reduction of emissions from organicresidues.
Pastdecades has witnessed industries in various developing and developed economiesto conduct feasibility studies on the generation of energy that boosts theconcept of circular economy. A great deal of the motivation stems from the vastconcerns of climate change due to rising greenhouse gas emissions. Thus,governments are not shying way to set ambitious targets of increasing the shareof renewables by the end of the decade. A case in point is France focusing onmeeting the Law on Energy Transition for Green Growth target on augmenting theshare of renewable gas to 10% ofoverall gas consumption by 2030.
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BiomethaneProduction to Soar in Europe
Thecost-competitiveness of biomethane in the green energy sector has been on therise, unlocking new revenue streams in the global biomethane market. Effortshave intensified to increase the parity of biomethane with natural gas -particularly in Europe. Thus, production plants of renewable gas are attractinginvestments. Biomethane production, stridently, holds vast promise in theEuropean Union (EU) green energy transition, thereby spurring prospects in thebiomethane market in Europe.
Policythrust notably from the governments of various countries in EU has made Europea regional market with hotbed of opportunities for biomethane producers. Thisis evident in Sweden, Germany, and Switzerland. Players in the value chain arealso eyeing incredible opportunities in North America. These regions have seensubstantial funds focusing on the decarbonization in the transport sector.
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RelentlessEfforts to Reduce Carbon Footprint of Transport Sector Propel Growth
Theautomotive industry has emerged as a massive market for biomethane market. Therelentless focus on decarbonizing transport is a key trend that has led toburst of opportunities in this end-use industry. The need for commercializingcleaner fuel, also reckoned as the ‘green’ fuel, has stimulated recentdevelopments in the production of biomethane especially in the developed world.A number of vehicles for biomethane upgrade hold substantial cost benefits.However, chemical companies must offer cost-effective biomethane options to thetransportation. These include expanding the waste feedstocks and reducing thecost of biogas purification.
Inthe foreseeable future, countries are expected to spur gas-based refuelingnetwork in this regard. This might boost the uptake of methane in thetransportation industry worldwide in the next few decades. The focus on renewableheat power, such as combined heat and power engines (CHP), is another trendfavoring revenue streams in the biomethane market. This is likely to attractmassive interest due to the larger role of electricity in decarburization ofeconomies.
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Paucityof New Investments Constrains Growth
Developedregions - notably Europe and North America - have been fortunate to attractspate of investments in biomethane production, the reason having to do with thevast strides renewable energy sector has made in those regions over the years.However, investments, such as venture funding, into feasibility studies ongreen energy are slow to pick up pace in developing regions, such as AsiaPacific. High green premium on the adoption of renewable energy is one major concernthat has decelerated the growth. This has impacted the production of biomethaneas well. Key approaches to circumvent are to reduce the cost of feedstock usedin biogas production and adopt sustainable agricultural practices. Industryplayers inclined to support attaining a low-carbon economy in Asia Pacific willspur developments in this direction.
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IntenseCompetition Dots the Landscape
Overthe past few years, the biomethane market has witnessed the entry of numerousnew players. Incumbent players are keenly strengthening their production anddistribution facilities. The two trends combined have led to a high degree ofcompetition. The strategy is helping these players conquer new geographies.Producers are increasingly leaning on making biomethane production moresustainable and economical.
Someof the players deeply entrenched in the biomethane market are EnviTec, PlanetBiogas Global GmbH, Biogas Products Ltd., ETW Energietechnik GmbH, and FutureBiogas Limited.
