Biogas upgrading equipment market to increase by $5 billion shortly: Technavio Reports
Technavio has come up with its “Biogas Upgrading Equipment Market by Technology and Geography – Forecast and Analysis 2023-2027” and said that the market size is forecast to grow by $ 5.25 billion between 2022 and 2027 at a CAGR of 15.38%.
Technavio report holds that by region, the global biogas upgrading equipment market is segmented into Europe, North America, APAC, South America, and Middle East and Africa. Europe is estimated to contribute 41% to the growth of the global market over the forecast period.
Technavio mentions that the rising demand for renewables such as biofuels, biogas, and upgraded biogas is driving the growth of the biogas upgrading equipment market in Europe.
As per the report, the market is driven by factors such as the need for cleaner fuel, favorable government policies, and environmental and energy security. However, the high cost of production is hindering the market growth.
The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share among others
The Technavio report also delves into “Market Segmentation” section. By technology, the market is segmented into water scrubber, chemical scrubber, pressure swing adsorption (PSA), membrane, and others. The water scrubber segment accounted for the largest share of the market in 2022.
By geography, the market is segmented into Europe, North America, APAC, South America, and Middle East and Africa. Europe held the largest share of the market in 2022.
The Market Analysis
The Global Biogas Upgrading Equipment Market is set to witness significant growth from 2024 to 2032, driven by increasing demand for green energy sources and the adoption of sustainable practices.
This particular market offers various types of upgrading equipment including Water Scrubbers, Chemical Scrubbers, Pressure Swing Adsorption (PSA), and Membrane systems catering to diverse applications such as Municipal and Domestic Sewage, Industrial Wastewater, Landfill Gas, and Agricultural Wastes.
Anaerobic digestion of organic wastes produces biogas, primarily composed of methane and carbon dioxide, which requires upgrading to meet quality standards. Despite obstacles such as the COVID-19 pandemic disrupting supply chains and project timelines, the market presents opportunities driven by governmental certainties and incentives towards renewable energy initiatives.
Upstream, companies like Clean Energy Fuels and Greenlane Biogas provide biogas production solutions, while downstream players such as Pentair Haffmans, Xebec, and Airproducts offer innovative upgrading equipment. Regions like EMEA (Europe, Middle East, and Africa) and Asia-Pacific exhibit promising growth prospects, with North America leading in technological advancements.
Technavio has also mentioned that geopolitical tensions like the Russia-Ukraine War could potentially impact market dynamics, particularly concerning fossil fuels and natural gas vehicles.
