A new report from Navigant Research projects that the global annual market value of biogas is expected to reach $20.9 billion by 2028.
Since the early 2000s, the global biogas market has made tremendous strides in development, with successful applications in areas such as transportation, electricity generation and heating. This market is expected to continue to grow with a large and relatively established market in Europe and a rapidly growing market in the Asia Pacific.
“The biogas market largely developed out of strong policy support and incentives that made projects economically viable, along with regulations mandating certain levels of adoption,” says Shayne Willette, research analyst with Navigant Research.
“As decarbonization and sustainability continue to be pressing issues for the global economy, biogas and renewable natural gas (RNG) offer solutions that are vital to these efforts,” he adds.
According to the report, transportation mandates such as the U.S. Renewable Fuel Standard and California Low Carbon Fuel Standard have been instrumental in the RNG market, which represents only a fraction of the overall biogas market. The biggest threat to the biogas market is the possibility of discontinuation of policies and incentives that originally brought market growth.
The report, ‘Renewable Natural Gas,’ projects global biogas production and revenue regionally and by feedstock, segmented into waste, industrial, agriculture and wastewater. Additionally, the study provides an analysis of key market developments in the industry, such as policies and incentives and utility moves within the space. Global market forecasts for production and revenue, segmented by region and feedstock extend through 2028.
The executive summary of the report is available on the Navigant Research website, here.
To download the full report, click here.
Photo: A diagram depicting biogas production