Dublin, May 27, 2024 (GLOBE NEWSWIRE) -- The "Global Synthetic Natural Gas Market by Source (Coal, Biomass, Renewable Energy), Technology (Anaerobic Digestion & Fermentation, Thermal Gasification, Power to Gas, Fluidized bed gasifier, Entrained flow gasifier), Application & Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global Synthetic natural gas market is estimated to grow from USD 23.9 billion in 2024 to USD 68.4 billion by 2029; it is expected to record a CAGR of 23.4% during the forecast period. Government mandates and incentives promoting renewable energy sources, including synthetic natural gas, drive the demand for synthetic natural gas infrastructure.
Renewable Energy: The fastest growing segment of the Synthetic natural gas market, by source
Based on source, the synthetic natural gas market has been segmented into Coal, Biomass and Renewable Energy. The Renewable Energy segment is expected to be the fastest-growing segment during the forecast period. Global momentum towards achieving net-zero emissions is creating a powerful force for change in the energy sector. Synthetic natural gas (SNG) produced from renewable sources plays a crucial role in this by offering a clean alternative to conventional fossil fuel-based natural gas.
By technology, the above Power-to-gas segment is expected to be the fastest growing segment during the forecast period.
Based on technology, the synthetic natural gas market is segmented into anaerobic digestion & fermentation, thermal gasification, power-to-gas and others. The power-to-gas segment is expected to be the fastest-growing segment of the synthetic natural gas market during the forecast period. Power-to-gas facilities can help stabilize the electricity grid by absorbing excess energy during periods of low demand and releasing it during peak times. This grid-balancing capability contributes to the reliability and stability of the energy system.
Europe is expected to be the largest region in the Synthetic natural gas market.
Europe is expected to be the largest region in the synthetic natural gas market during the forecast period. European countries, bound by commitments like the EU's Renewable Energy Directive, are not only stimulated but legally obligated to ramp up the production of renewable energy sources. This directive sets ambitious targets for the proportion of energy to be generated from renewable sources by each member state.
The synthetic natural gas market is dominated by a few major players that have a wide regional presence. The leading players in the Synthetic natural gas market are Basin Electric Power Cooperative (US), Air Liquide (France), EnviTec Biogas AG (Germany), Verbio SE (Germany), and Kinder Morgan (US). The major strategy adopted by the players includes new product launches, contracts, agreements, partnerships, joint ventures, acquisitions, and investments & expansions.
Research Coverage:
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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 227 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $23.9 Billion |
| Forecasted Market Value (USD) by 2029 | $68.4 Billion |
| Compound Annual Growth Rate | 23.4% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Synthetic Natural Gas Market Snapshot
- Biomass Source Segment to Register Highest CAGR in Synthetic Natural Gas Market 2024-2029
- Thermal Gasification Technology to Register Highest CAGR
- Industrial Application to Register Highest CAGR in Synthetic Natural Gas Market
- Europe Held Largest Share of Synthetic Natural Gas Market in 2023
Premium Insights
- Attractive Opportunities for Players in Synthetic Natural Gas Market - Government Initiatives for Achieving Energy Independence to Drive Synthetic Natural Gas Market
- Synthetic Natural Gas Market, by Source - Biomass Source to Account for Largest Market Share in 2029
- Synthetic Natural Gas Market, by Technology - Anaerobic Digestion & Fermentation Technology to Account for Largest Market Share
- Synthetic Natural Gas Market, by Application - Transportation to be Largest Application Segment
- Synthetic Natural Gas Market, by Region - Asia-Pacific Synthetic Natural Gas Market to Witness Highest Growth During Forecast Period
Key Market Dynamics
Drivers
- Growing Demand for Natural Gas
- Rapid Technological Advancements, Increased Investments, and Energy Security Considerations
Restraints
- Requirement for High Initial Investments
- Lack of Infrastructure, Standardized Regulatory Policies, and Intense Competition
Opportunities
- Increased Focus on Waste-To-Energy Projects to Reduce Environmental Impact
- Incorporation of Diverse Feedstocks in Synthetic Natural Gas Production
Challenges
- Leakage of Methane into Atmosphere
- High Production Costs
Case Study Analysis
- Developing Supportive Policy Frameworks for Biomethane Adoption
- Synthetic Natural Gas Integration in China's Energy Landscape
- Envirogas RNG Project Transforms Methane Emissions into Renewable Energy for Sustainable Future
Technology Analysis
Key Technologies
- Reforming
- Methanation
Complementary Technologies
- Carbon Capture, Utilization, and Storage
- High Temperature Electrolysis
- Advanced Catalysts
Adjacent Technologies
- Smart Grid Integration
- Energy Storage Technologies
- Waste-To-Energy Technologies
Companies Featured
- Basin Electric Power Cooperative
- Air Liquide
- Envitec Biogas AG
- Verbio SE
- Kinder Morgan
- Opal Fuels
- Totalenergies
- E. on SE
- Chevron Corporation
- Waga Energy
- Ameresco
- Shell PLC
- Naturgy
- Gevo, Inc
- Edl
- Electrochaea GmbH
- Future Biogas Limited
- Planet Biogas Group
- Ab Holding Spa
- Kiwi AG
- Cycle0
- Archaea Energy Inc.
- Turn2X
- Monarch Bioenergy
- Uniper
For more information about this report visit https://www.researchandmarkets.com/r/gfdzn4
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