PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1482050
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1482050
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.
Scope of the Report | |
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Years Considered for the Study | 2019-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million/Billion) |
Segments | Synthetic natural gas Market by source, technology, application, and Region. |
Regions covered | North America, Europe, Asia Pacific, and RoW. |
"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.
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
By Region: North America- 10%, Europe- 25%, Asia Pacific- 35%, RoW - 30%
Note: Others include sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
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.
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.
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