« BackNews: Global Organic Biogas Market Set For Growth
Global Organic Biogas Market Set For Growth
There is a growing focus on renewable energy in the UK and elsewhere around the world, as governments and societies acknowledge the fact that fossil fuels aren’t going to last forever, not to mention the extent of the environmental damage they can cause.
It’s little surprise, therefore, that the organic biogas market is expected to grow, but Business Services recently reported that this presents a real growth opportunity.
According to the publication, figures show that demand for organic biogas is expected to surpass 40 kilo tonnes by 2023. In 2015 demand was at 25 kilo tonnes. This will see the fuel source grow at around six per cent per year, in terms of its compound annual growth rate.
In addition to growing in physical size, the value of this sector is set to increase as well, hitting $32 billion within five years. Europe remains the dominant market in this sector, with Germany, Italy and Switzerland all key contributors to this energy source.
Across the continent, 7500 MW of capacity was installed in 2015 alone. Germany and Sweden are among the European nations pioneering the use of biogas vehicles too, while there is a push for development of technology in this area in Malaysia, Thailand, India and China as well.
While the US is currently lagging behind, the news provider noted that stricter regulations relating to greenhouse gases are likely to drive the sector and contribute to significant growth in the coming years.
It isn’t only biogas that countries are concentrating on though, with research from CDP revealing earlier this month that almost 100 cities around the world now get at least 70 per cent of their energy from renewable sources.
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