Bio-LNG is a renewable and low-carbon fuel that is derived from biodegradable waste materials such as agricultural and municipal waste, industrial and household waste, and so on. The process of producing bio-LNG involves converting biodegradable waste into biomethane, which is then liquefied to form bio-LNG. Bio-LNG has similar characteristics to conventional liquefied natural gas (LNG) and can be used as a direct replacement for LNG in existing infrastructure and engines. However, bio-LNG has the advantage of being a renewable fuel with lower greenhouse gas emissions than conventional LNG.
The global bio-LNG market was valued at $618.4 million in 2022 and is anticipated to reach $3,607.2 million by 2032, witnessing a CAGR of 20.3% during the forecast period 2023-2032.
The demand for bio-LNG is anticipated to grow with the increasing demand from end-use industries such as automotives, ships, and others. Furthermore, it is anticipated that during the projected period of 2023-2032, there will be an increasing adoption of bio-LNG in the automobile industry, and several governments are expected to implement policies and incentives to encourage the production and use of bio-LNG in various regions. For instance, the European Union has been setting targets to increase the use of renewable energy in the transport sector. In addition, the European Union has introduced the Alternative Fuels Infrastructure Directive, which aims to support the development of infrastructure for alternative fuels such as bio-LNG. However, the high cost of bio-LNG as compared to LNG is anticipated to hinder market growth in the future.
In 2022, the automotive sector segment dominated the overall bio-LNG market in terms of value and volume. This projected remarkable growth share is attributed to the rising adoption of bio-LNG-powered trucks. Several companies in the automotive sector have already announced plans to adopt bio-LNG as fuel for their fleets. For instance, companies such as Scania, Iveco, and Volvo have already launched natural gas-powered trucks and buses that can run on bio-LNG. Furthermore, government regulations and incentives are also supporting the use of bio-LNG in the automotive sector, which is helping to drive market growth. For instance, the European Union has set targets to increase the use of renewable energy in the transportation industry.
The global market for bio-LNG, based on source, is categorized into agriculture residues, industrial waste, household waste, and others. Agricultural residues, such as straw, manure, and corn stover, are currently the most widely used feedstock for bio-LNG production. This is because agricultural residues are widely available and can be collected from farms and agricultural areas, making them a convenient and cost-effective feedstock for bio-LNG production. In comparison, industrial waste and household waste can also be used as feedstocks for bio-LNG production, but they are generally less commonly used due to several factors, such as the lower availability of these waste streams, the higher levels of impurities in the feedstock, and the potential for regulatory and logistical challenges associated with the collection and transport of these waste streams.
Europe dominated the bio-LNG market in 2022, followed by North America and Asia-Pacific, owing to several bio-LNG production facilities already operational and more in the pipeline. This is due to several factors, including the strong regulatory support for renewable energy and decarbonization in the region, the availability of feedstocks for bio-LNG production, and the high demand for low-carbon fuels in the transportation and shipping sectors. North America is also a significant market for bio-LNG, with several companies and organizations investing in bio-LNG production and infrastructure. This is driven by the increasing focus on reducing greenhouse gas emissions in the transportation sector and the availability of natural gas resources in the region.
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The market study conducted by BIS has considered the definition of bio-LNG as provided by the International Energy Agency (IEA), “Bio-LNG, also known as liquefied biomethane is a green gas produced from waste from the industrial and agri-food industries, as well as from farm and household waste and sewage sludge. Bio-LNG is created either by upgrading biogas or by gasifying solid biomass followed by methanation.” This refined biogas has all the characteristics of natural gas. The rising adoption of bio-LNG is anticipated to contribute to the cost-effective decarbonization of heavy-duty transportation as well as other sectors and is expected to assist in meeting the European Union's 2030 climate targets and transition to carbon neutrality by 2050.
In the current report, we have investigated the overall market (value & volume) for bio-LNG market (2022-2032). We have considered market segmentation by source, application, and region.
Key Questions Answered by This Report:
- What are the major factors and trends that are impacting the adoption/consumption of bio-LNG in the transportation sector?
- What are the main sources of feedstock used for producing bio-LNG? How does the availability and sustainability of these feedstocks impact the market?
- What are the environmental benefits of bio-LNG compared to conventional LNG? How does the use of bio-LNG contribute to decarbonization efforts and reducing greenhouse gas emissions?
- How does bio-LNG fit into the broader landscape of renewable and sustainable energy sources? How does it complement or compete with other alternative fuels such as biofuels, hydrogen, or electric mobility?
- How has the Russia-Ukraine war impacted/influenced the bio-LNG market across the globe?
- How does the supply chain function in the global bio-LNG market?
- What are the major patents filed by the companies active in the global bio-LNG market?
The global LNG Engine Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the lng engine market include Cummins Inc., Fairbanks Morse, Caterpillar, Wärtsilä Corporation, Rolls-Royce plc, MAN Energy Solutions, Anglo Belgian Corporation nv, MITSUBISHI HEAVY INDUSTRIES, LTD., HHI Engine & Machinery, DAIHATSU DIESEL MFG.
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LNG engine is becoming an option for end-users to comply with IMO regulation.
Over the last few years, LNG-fuelled engines have become popular also in commercial power generation attributed to global energy demand rise and the need to cut CO2 emissions.
