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LONDON, Sept. 19, 2023 /PRNewswire/ -- As per The Business Research Company's Biogas Global Market Report 2023, the global biogas market is on an upward trajectory, poised to grow from $71.59 billion in 2022 to $78.25 billion in 2023, demonstrating a robust Compound Annual Growth Rate (CAGR) of 9.3%. Projections indicate further expansion, reaching a substantial $102.7 billion by 2027, with a steady CAGR of 7.0%.
Sustainability and Innovation
The biogas market's growth is driven by a confluence of factors, including government support, global population growth, urbanization, the shift toward alternative power generation, and increasing awareness of the need to reduce greenhouse gas emissions. Notably, research and development (R&D) activities are also contributing to market dynamics.
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Market Landscape
The global biogas market is characterized by fragmentation, with numerous players contributing to its diversity. The top ten competitors collectively accounted for 5% of the total market in 2022. Key industry leaders, such as Engie SA and Air Liquide, are actively pursuing product innovations and partnerships to solidify their global presence.
Innovations in Focus
Companies in the biogas sector are investing in product innovations to reinforce their market positions. For example, Streamline Innovations Inc. recently launched VALKYRIE ECO and VALKYRIE ECO FLEX H2S treating solutions tailored for agricultural biogas and landfill gas operations. These environmentally friendly systems employ non-toxic and biodegradable Redox chemicals to eliminate H2S.
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Market Segmentation
The global biogas market is segmented by source (Municipal Waste, Industrial Waste, Agricultural Waste, Other Sources), application (Residential, Commercial, Industrial), and end-user (Power Generation, Heat Generation, Cogeneration, Other End Users). Notably, the agricultural waste segment presents significant growth potential, projected to gain $19,836.1 million in global annual sales by 2027.
Regional Dynamics
Western Europe led the biogas market in 2022, accounting for 54.1% of the total market share. North America followed closely, with other regions contributing subsequently.
The global biogas market is a dynamic and evolving landscape, driven by sustainability goals, innovation, and a growing commitment to cleaner energy solutions.
Biogas Global Market Report 2023 by The Business Research Company provides insights on the biogas market size, biogas market segments, biogas market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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