Biogas Upgrading Technology Market to Reach $5.4 billion, Globally, by 2032 at 14.4% CAGR: Allied Market Research

The biogas upgrading technology market is driven by global sustainability efforts and stringent environmental regulations

NEW CASTLE, Del., Oct. 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Biogas Upgrading Technology Market By Technology (Absorption, Vacuum Pressure Swing Adsorption (VPSA), Membrane Separation, Others), By End-Use (Thermal Application, Power Generation, Biomethane Bottling): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report. The biogas upgrading technology market was valued at $1.4 billion in 2022 and is estimated to reach $5.4 billion by 2032, exhibiting a CAGR of 14.4% from 2023 to 2032.

Biogas upgrading technologies optimize biogas into a cleaner energy source, aligning with the growing demand for eco-conscious solutions. With a rising dependence on biogas and increased investments in renewable energy, biogas upgrading systems play a vital role in advancing sustainable energy production. They bridge the gap to a greener industrial future.

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Prime determinants of growth

The biogas upgrading technology market is experiencing significant growth driven by a relentless demand for efficient and sustainable methods of biogas production. This surge is underpinned by technological innovations, such as advanced purification techniques and real-time monitoring, which enhance system efficiency and reliability. Stringent environmental regulations and a global push for cleaner energy sources are compelling industries to seek cleaner and more efficient production methods, making biogas upgrading technologies an attractive choice. The market's dynamics are further influenced by factors such as the composition of biogas feedstocks, geopolitical stability, fluctuating energy prices, competition among technology providers, and a strong emphasis on safety and regulatory compliance.

Report coverage & details:

 

Impact Scenario

The Russia-Ukraine war had significant consequences for various sectors, including biogas upgrading technology market.

• The Russia-Ukraine conflict has significantly impacted the biogas upgrading technology market, as it disrupts natural gas supplies from Russia to Europe.
• This has led to an increase in demand for biogas upgrading technology, which refines biogas into biomethane for injection into natural gas grids or transportation fuel.
• The war has also prompted governments and industries to prioritize environmental sustainability, as biogas is considered a green and carbon-neutral energy source.
• This technology adds to energy diversity and fits with global climate change efforts, making it an appealing alternative for governments, businesses, and investors seeking a sustainable and ecologically friendly energy transition.
• Thus, the Russia-Ukraine war indirectly fueled growth in the biogas upgrading technology market, aligning energy security with environmental sustainability objectives.

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G-20 impact on the market:

• The G-20, as a forum for international economic cooperation and policy coordination among major economies, has the potential to have a substantial impact on the biogas upgrading technology industry in various ways.
• G[1]20 member countries collectively constitute a significant share of global energy consumption and emissions, and their policy actions impact the trajectory of the energy sector.
• G-20 discussions and agreements on climate change mitigation and sustainability goals drive member countries to implement more favorable policies and regulations for biogas production and upgrading technologies.
• Furthermore, G-20 agreements to reduce greenhouse gas emissions boost biogas upgrading technology adoption as it corresponds with carbon reduction targets.
• Biogas is a low-carbon or carbon-neutral energy source, and its use in a range of sectors, including electricity generation and transportation, assists G-20 countries in reaching their emissions reduction objectives.

The absorption technology segment to maintain its leadership status during the forecast period

Based on the technology, the absorption segment held the highest market share in 2022, accounting for more than two-thirds of the global biogas upgrading technology market revenue. The increase in demand for renewable natural gas (RNG) as a clean energy source has led to a rise in demand for absorption technology, which plays a pivotal role in converting raw biogas into high-purity biomethane. Stringent environmental regulations and emissions reduction targets further bolster the adoption of absorption methods, as biogas upgrading technology effectively removes impurities from biogas, aligning with sustainability goals. However, other technologies such as cryogenic separator is projected to manifest a CAGR of 15.5% from 2023 to 2032, as government and companies across the globe have set their sights on biogas resources to reduce their dependency on oil and gas imports from other countries.

The power generation end-use segment to maintain its leadership status throughout the forecast period

Based on end-use, the power generation segment held the highest market share in 2022, accounting for nearly half of the global biogas upgrading technology market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increase in global focus on sustainability and the transition towards renewable energy sources are major trends driving the adoption of biogas upgrading for power generation. Governments and industries globally are seeking cleaner alternatives to reduce carbon emissions, making biomethane an attractive option. However, the biomethane bottling segment is projected to manifest a CAGR of 14.7% from 2023 to 2032. The biomethane bottling in the biogas upgrading technology market has experienced a notable surge in demand and innovation, driven by a convergence of factors. Increase in global demand for renewable energy sources drives the adoption of biomethane bottling solutions, as it offers a sustainable alternative to natural gas. Stringent environmental regulations and emission reduction targets are further propelling this demand, creating opportunities for technology providers to develop more efficient and cost-effective bottling solutions that meet these compliance standards. In addition, growing awareness of the environmental benefits of biomethane, such as reduced greenhouse gas emissions and integration of biomethane into existing natural gas infrastructure and the potential for biogas producers to access new markets through bottling technologies are paving the way for expansion and innovation in this sector.

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Europe to maintain its dominance by 2032

Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global biogas upgrading technology market revenue, and is likely to dominate the market during the forecast period. Furthermore, the Asia-Pacific region is expected to witness the fastest CAGR of 15.2% from 2023 to 2032. The Asia-Pacific region presents significant growth potential in the biogas upgrading technology industry. Emerging markets, such as India, China, and Southeast Asian countries, have witnessed rapid industrial growth which will lead to increased demand for energy resources which have a significant impact on the biogas upgrading technology market. The increase in investment toward renewable energy resources especially in the biogas sector is a factor that is anticipated to offer new growth opportunities for biogas upgrading technology in Asia-Pacific during the forecast period.

Leading Market Players: -

• Air Liquide
• DMT Environmental Technology, Inc.
• Atmos Power Pvt Ltd.
• Bright Renewables B.V.
• Evonik Industries
• Pentair Plc
• Malmberg Bioerdgastech GmbH
• Metener oy
• Greenlane Renewables Inc.
• Wartsila
• Prodeval Corp.
• Aemetis, Inc.
• Clarke Energy
• Acrona Projects Sarl
• Clean Energy Fuels Corporation
• AB Holding Spa
• Spectrum Renewable Energy Limited
• B-sustain Energy Projects Private Ltd.
• Xebec Adsorption Inc
• Verbio Vereinigte Bioenergie AG

The report provides a detailed analysis of these key players in the global biogas upgrading technology market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.

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