Bio-LNG Market To Reach $19.78 Billion By 2030 | CAGR: 41.1%

November 2023 | Report Format: Electronic (PDF)

Bio-LNG Market Growth & Trends

The globalbio-LNG marketsize is expected to reach USD 19.78 billion by 2030, registering a CAGR of 41.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. As concerns about climate change and air pollution continue to mount, there is a growing demand for clean and sustainable energy sources. Bio-LNG is considered a low-carbon fuel that can reduce greenhouse gas emissions by up to 90% compared to traditional fossil fuels. This has increased interest in the adoption of Bio-LNG.

The transportation fuel segment is expected to witness substantial growth over the next few years, due to the growing demand from the shipping industry. Shipping companies around the world are looking for alternative fuels to reduce their greenhouse gas emissions and are investing in technologies such as Bio-LNG fueled vessels. This is expected to advance the market during the forecast period.

Organic household waste is one of the significant sources of feedstock for the production of bio-LNG. Organic household waste includes food waste, yard waste, and other biodegradable materials. This waste is rich in organic content and can be efficiently converted into renewable energy sources such asbiogasand subsequently upgraded to bio-LNG.

The demand for bio-LNG in the power generation segment is expected to grow substantially from 2023 to 2030. Bio-LNG can be used in existing natural gas infrastructure, making it a flexible fuel source that can be utilized in a variety of applications. It can be used in power plants to generate electricity at a lower cost, as it does not incur infrastructure development costs.

Asia Pacific has been witnessing significant growth in product demand, on account of the increasing number of production facilities, as well as R&D centers in major countries like China, Australia, Japan, India, and South Korea. The inception of new facilities and the expansion of existing Bio-LNG facilities owing to favorable government policies and foreign direct investments are likely to cater to the growth of the demand for Bio-LNG in the region.

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Bio-LNG Market Report Highlights

• In terms of revenue, organic household waste segment led the market for bio-LNG in 2023, accounting for a share of 40.40%. Growth of this segment can be attributed to incentives and tax rebates offered by governments of different countries to promote adoption ofrenewable energyand conversion of organic waste to energy.

• In terms of revenue, the transportation fuel segment led bio-LNG market in 2023, accounting for a revenue share of 55.55%. Demand for bio-LNG has been growing in transportation fuel and power generation segments, owing to low pollution caused by fuel.

• Europe accounted for largest regional revenue share of 61.41% in 2023. Countries such as Germany, UK, Spain, and France are expected to witness high growth rates in industry, owing to rising product demand from transportation and power generation application sectors, boosting market growth during forecast period.

• Asia Pacific is expected to witness a significant CAGR over the forecast period, owing to presence of large emerging countries such as China and India.

Bio-LNG Market Segmentation

Grand View Research has segmented the global bio-LNG market report based on application, source type, and region:

Bio-LNGSource Type Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• Organic household waste

• Organic industrial waste

• Municipal waste

Bio-LNGApplication Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• Transportation Fuel

• Power Generation

• Others

Bio-LNGRegional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • Spain

  • Italy

  • France

  • Netherlands

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Central and South America

  • Brazil

  • Argentina

• Middle East and Africa

  • UAE

  • Saudi Arabia

List of Key Players in the Bio-LNG Market

• Linde plc

• Nordsol

• Flogas Britain Ltd.

• MEGA a.s.

• AXEGAZ T&T

• TotalEnergies

• Titan LNG

• DBG Group B.V.

• BoxLNG Pvt. Ltd.

• Shell Plc