Biomethane Market: Introduction
Biogas upgraders in the developed world pin tall hopes on the production of biomethane as a sustainable fuel, primarily due to the usage of renewable feedstock and removal of CO2 from biogas. Of the various feedstock used, agricultural waste has become commonplace. The biomethane market has witnessed spurt of opportunities from the booming renewable energy sector, with biomethane forming a crucial role in the energy mix of several progressive nations across the globe. Rise in usage of biomethane in the energy sector is shaping the evolution of the biomethane market. Analysts at TMR project the market to reach valuation of US$ 4 Bn by 2031, clocking a CAGR of 6.9% between 2021 and 2031.
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Focus on Increasing Penetration of Renewables to Drive Biomethane Market
Governments of various countries across the world have collaborated with industry players to accelerate efforts toward low-carbon energy transition, thus increasing the penetration of renewables. Biomethane promises a significant impact on reducing the carbon footprint across the value chain, as organic residues are turned into valuable resources for consumption in economies. Biogas production and its subsequent purification to biomethane ensures the reduction of emissions from organic residues.
Industries in various developing and developed economies have been conducting feasibility studies on the generation of energy that boosts the concept of circular economy. A great deal of the motivation stems from the vast concerns of climate change due to rising greenhouse gas emissions. Thus, governments are not shying way to set ambitious targets of increasing the share of renewables by the end of the decade. A case in point is France focusing on meeting the Law on Energy Transition for Green Growth target on augmenting the share of renewable gas to 10% of overall gas consumption by 2030.
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Biomethane Production to Increase in Europe
The cost-competitiveness of biomethane in the green energy sector has been on the rise, unlocking new revenue streams in the global biomethane market. Efforts have intensified to increase the parity of biomethane with natural gas, particularly in Europe. Thus, production plants of renewable gas are attracting investments. Biomethane production, stridently, holds vast promise in the European Union (EU) green energy transition, thereby spurring prospects in the biomethane market in Europe.
Policy thrust, notably from governments of various countries in the EU, has made Europe a regional market with hotbed of opportunities for biomethane producers. This is evident in Sweden, Germany, and Switzerland. Players in the value chain are also eyeing incredible opportunities in North America. These regions have seen substantial funds focusing on decarbonization in the transportion sector.
Relentless Efforts to Reduce Carbon Footprint of Transportion Sector Propelling Biomethane Market
The automotive industry has emerged as a massive market for biomethane. The relentless focus on decarbonizing transport is a key trend that has led to burst of opportunities in this end-use industry. The need for commercializing cleaner fuel, also reckoned as the ‘green’ fuel, has stimulated recent developments 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 for transportation. These include expanding the waste feedstock and reducing the cost of biogas purification.
In the foreseeable future, countries are expected to spur gas-based refueling network in this regard. This might boost the uptake of methane in the transportation industry worldwide in the next few decades. The focus on renewable heat power, such as combined heat and power engines (CHP), is another trend favoring revenue streams in the biomethane market. This is likely to attract significant interest due to the larger role of electricity in decarburization of economies.
Paucity of New Investments Hampering Market Growth
Developed regions, especially Europe and North America, have been attracting significant investments in biomethane production, owing to the vast strides in the renewable energy sector in these regions. However, investments, such as venture funding, in feasibility studies on green energy are slow to pick up pace in developing regions such as Asia Pacific. High green premium on the adoption of renewable energy is one major concern that has decelerated the growth. This has impacted the production of biomethane as well. Key approaches to circumvent are to reduce the cost of feedstock used in biogas production and adopt sustainable agricultural practices. Industry players inclined to support low-carbon economy in Asia Pacific are likely to spur developments in this direction.
Over the past few years, the biomethane market has witnessed the entry of numerous new players. Incumbent players are strengthening their production and distribution facilities. The two trends combined have led to a high degree of competition. The strategy is helping these players conquer new geographies. Producers are increasingly leaning on making biomethane production more sustainable and economical.
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