Market Overview:
Biogas is a renewable energy source produced from organic materials such as agricultural residues, food wastes, energy crops, and sewage sludge through anaerobic digestion. It is a mixture of different gases such as methane, carbon dioxide and traces of other gases. Biogas is a clean and environment-friendly energy source and its combustion emits less greenhouse gases compared to fossil fuels. Biogas can be used as fuel in transportation vehicles and in electricity production. Market key trends: Growing demand for green and renewable sources of energy is fuelling the growth of the biogas market. Government regulations and policies in various countries mandating the use of renewable energy are promoting the use of biogas for heat and power generation. Increasing waste generation from agricultural as well as municipal sources is also propelling the biogas market growth. Installation of biogas plants for waste management is anticipated to surge the market. Moreover, the ability of biogas production to contribute to nationwide targets for renewable energy and waste management is expected to drive its demand over the forecast period. The global Biogas Market Trends is estimated to be valued at US$ 65.5 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Porter’s Analysis Threat of new entrants: The biogas market requires high initial investments for setting up new plants and infrastructure which poses a barrier for new companies. However, the growing demand provides opportunities. Bargaining power of buyers: The presence of many biogas producers provides buyers with alternatives and bargaining power to negotiate prices. Bargaining power of suppliers: Suppliers of raw materials like cow dung, agricultural waste etc have moderate to low bargaining power due to availability of alternatives and substitutes. Threat of new substitutes: Alternative sources of renewable energy like solar and wind power are new substitutes but biogas has an advantage being baseload renewable source. Competitive rivalry: Being a niche market, competitive rivalry is moderate to high among existing biogas producers. SWOT Analysis Strengths: Biogas is a renewable source of energy and helps in waste management. The market is driven by government support and initiatives. Weaknesses: High initial investments and low awareness among farmers are challenges. Dependence on agricultural waste makes supply inconsistent. Opportunities: Growing focus on reducing reliance on fossil fuels and developing alternate energy sources will drive growth. Untapped rural markets offer scope. Threats: Fluctuating prices of raw materials impact project viability. Substitution threat from other renewables needs to be addressed. Key Takeaways The global biogas market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing focus on sustainable waste management and development of alternative sources of energy. Regionally, Asia Pacific dominates the global biogas market and is estimated to grow at a highest CAGR during the forecast period. This is attributed to the large cattle population and government initiatives in countries like China and India for spreading awareness and developing infrastructure related to biogas production and usage. Key players operating in the biogas market are Air Liquide, PlanET Biogas, Wartsila, EnviTech Biogas AG, Robert Bosch GmbH, Asia Biogas, and Schmack Biogas GmbH. These companies are focusing on expansion in high growth regions through strategic collaborations to strengthen their market presence. Advanced technologies for efficient biogas production from various feedstock are also being developed. For More Insights, Read- https://www.ukwebwire.com/new-avenue-for-biogas-market-share-trends-analysis/
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