CHICAGO, May 9, 2024 /PRNewswire/ -- Synthetic
Natural Gas Market in terms of revenue was estimated to be
worth $23.9 billion in 2024 and is
poised to reach $68.4 billion by
2029, growing at a CAGR of 23.4% from 2024 to 2029 according to a
new report by MarketsandMarkets™.
The global Synthetic Natural Gas Market is anticipated to grow
at a higher level. There are various drivers responsible for the
growth of the market such as government policies and incentives and
technological advancements among others. Investments in
infrastructure for gasification, methanation, and distribution
networks constitute the backbone of the synthetic natural gas (SNG)
market. This strategic allocation of resources is pivotal for
ensuring the seamless production and widespread adoption of SNG as
a viable energy source. Technological advancements enable the
creation of more dependable and cost-effective synthetic natural
gas technologies, hence propelling market expansion.
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Browse in-depth TOC on "Synthetic Natural Gas
Market"
150 - Tables
100 - Figures
200 -
Pages
Synthetic Natural Gas Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$23.9
billion
|
Estimated Value by
2029
|
$68.4
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 23.4%
|
Market Size Available
for
|
2019–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Synthetic Natural Gas
Market by source, technology, application, and Region.
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and RoW.
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Increased focus on
waste-to-energy projects
|
Key Market
Drivers
|
Technological
advancements in Synthetic natural gas Infrastructure
|
Coal, by source, is expected to be the segment during the
forecast period.
Public perception plays a crucial role in shaping the trajectory
of coal-derived SNG projects. Concerns about air pollution, climate
change, and sustainability have led to heightened scrutiny of
fossil fuel-based energy sources, including coal. Negative
perceptions of coal's environmental impact, such as its
contribution to greenhouse gas emissions and its association with
local air pollution and health issues, can lead to opposition from
communities, environmental groups, and policymakers.
Furthermore, public perception can affect the market demand for
SNG produced from coal by influencing consumer preferences,
investor decisions, and corporate sustainability goals. Companies
operating in industries sensitive to public opinion, such as
utilities and energy providers, may face reputational risks and
market backlash if they are perceived as supporting or investing in
coal-derived SNG projects without adequate environmental mitigation
measures.
The Anaerobic digestion & fermentation, by technology, is
expected to be the largest segment during the forecast
period.
Waste management needs are increasingly pressing in modern
societies, particularly concerning the management of organic waste.
Anaerobic digestion and fermentation technology present a
compelling solution to this challenge by efficiently converting
organic waste into energy. As urban populations grow and
consumption patterns evolve, the volume of organic waste generated
continues to rise, placing strain on traditional waste management
systems. Inefficient disposal of organic waste not only contributes
to environmental pollution but also represents a significant missed
opportunity for resource recovery.
Asia Pacific is expected to
be the fastest growing region in the Synthetic Natural Gas
Market.
Robust economic growth in the Asia
Pacific region drives increased energy consumption across
various sectors, including industry, transportation, and
residential. As economies expand, there is a greater demand for
energy, including cleaner alternatives like SNG, to fuel industrial
processes, power generation, and transportation networks. Rapid
urbanization, population growth, and increasing per capita income
levels in many Asia Pacific
countries drive up overall energy demand. This trend is
particularly pronounced in emerging economies experiencing a surge
in industrialization and infrastructure development. Consequently,
there is a heightened focus on diversifying the energy mix and
securing sustainable sources of energy, including SNG, to meet the
growing needs of a burgeoning population and expanding
economies.
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Key Market Players of Synthetic Natural Gas
Industry:
Some of the major players in the Synthetic Natural Gas
Market are Basin Electric Power Cooperative (US), Air Liquide
(France), EnviTec Biogas AG
(Germany), Verbio SE (Germany), Kinder
Morgan (US). The major strategies adopted by these players
include new product launches, acquisitions, contracts, agreements,
partnerships, joint ventures, collaborations, investments, and
expansions.
Recent Developments of Synthetic Natural Gas
Industry:
- In April 2024, Air Liquide
continues to expand its capacities in biomethane, also known as
Renewable Natural Gas (RNG) in the U.S., with the construction of
two new production units. These units, located in Center Township, Pennsylvania, and
Holland Township, Michigan, will
treat waste sourced from dairy farms.
- In April 2024, Brightmark RNG
Holdings, a joint venture between Chevron USA Inc. and Brightmark, has opened its Eloy
Renewable Natural Gas (RNG) center, producing pipeline fuel by
capturing methane from dairy operations. Eloy RNG will produce RNG
using anaerobic digesters at the Caballero Dairy farm in
Arizona.
- In April 2024, AMERESCO, A
leading cleantech integrator specializing in energy efficiency and
renewable ENERGY, DEVELOPED and construct advanced technology
biogas cogeneration facility for the Sacramento Area Sewer District
located at the EchoWater Resource Recovery Facility which will cost
nearly USD 140 million.
- In March 2024, Electrochaea and
Erik Thun AB have signed an agreement to enter negotiations on the
off-take of e-methane to be produced by Electrochaea' s subsidiary
BioCAT Roslev Aps in Denmark for
usage as maritime fuel in the vessels operated by Erik Thun
AB.
The primary interviews conducted for this report can be
categorized as follows:
- By Company Type: Tier 1 - 65%, Tier 2 - 24%, and Tier 3 -
11%
- By Designation: C-level - 30%, D-level - 25%, and Others -
45%
- By Region: North America -
10%, Europe - 25%, Asia Pacific - 35%, and the Rest of the World
– 30%
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Synthetic Natural Gas Market - Key Benefits of Buying
the Report:
The report defines, describes, and forecasts the global
synthetic natural gas by source, technology, application, and
Region. It also offers a detailed qualitative and quantitative
analysis of the market. The report comprehensively reviews the
major market drivers, restraints, opportunities, and challenges. It
also covers various important aspects of the market. These include
an analysis of the competitive landscape, market dynamics, market
estimates in terms of value, and future trends in the synthetic
natural gas market.
The report provides insights on the following
pointers:
- Government initiatives at the national and international levels
amplify the impact of investment on the synthetic natural gas
market. Robust policy frameworks, often accompanied by financial
incentives, subsidies, and regulatory support, encourage widespread
adoption of synthetic natural gas. Factors such as high initial
cost and lack of infrastructure restrain the growth of the market.
The growing energy transition towards renewable energy sources and
rapid urbanization are expected to present lucrative opportunities
for the players operating in the synthetic natural gas.
- Product Development/ Innovation: The synthetic natural
gas market is witnessing significant product development and
innovation, driven by the growing demand for environmentally
friendly, safe and sustainable products. Companies are investing in
developing advanced synthetic natural gas technologies for various
applications.
- Market Development: Air Liquide collaborated with Dentro
il Sole (DIS) to operate as an electrical contractor for
constructing two biomethane production units in Italy. These units have a production capacity
of 50 GWh per year.
- Market Diversification Basin Electric Power Cooperative
plans to construct up to 583 megawatts of natural gas generation
plant under its subsidiary Dakota Gasification Company near the
existing Pioneer Generation Station, northwest of Williston, North Dakota.
- Competitive Assessment: In-depth assessment of market
shares, growth strategies, and service offerings of leading
players, like include Basin Electric Power Cooperative (US), Air
Liquide (France), EnviTec Biogas
AG (Germany), Verbio SE
(Germany), and Kinder Morgan (US), among others in the
synthetic natural gas market.
Related Reports:
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2030
Get access to the latest updates on Synthetic Natural Gas
Companies and Synthetic Natural Gas Industry Growth
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