Indian Biogas Market Set for $2.25B Growth by 2029
The Indian biogas market is set for significant growth, projected to reach $2.25 billion by 2029, expanding from its current value of $1.47 billion. This expansion, with a CAGR of 6.3%, is driven by the potential of bioenergy to reduce dependence on fossil fuels and mitigate climate change impacts.
Bioenergy, available in forms such as biofuels, biogas, and biomass, can be harnessed to produce transportation fuels, heat, electricity, and other products. However, the sector faces barriers like lack of access to financing, technical expertise, and infrastructure. Overcoming these challenges is crucial for growth.
Promoting international cooperation is vital for sharing expertise, technology, and best practices. This can provide access to new markets and help India achieve its energy independence and carbon neutrality goals by 2070.
Key players in the Indian biogas market in 2023 include state governments of Maharashtra, Gujarat, Karnataka, Uttar Pradesh, and Madhya Pradesh. Maharashtra leads in the number of biogas plants. These investments aim to expand biogas and Bio-CNG production, leveraging India's vast agricultural potential. The goal is to produce over 62 million tons of Bio-CNG annually, contributing significantly to the country's energy needs.
India's heavy reliance on imported crude oil (83.6%) and natural gas (47.2%) has resulted in a substantial import bill of $119.2 billion over the past five fiscal years. This underscores the need for alternative energy sources like biogas.
The Indian biogas market's growth offers a pathway to energy security and sustainability. With strategic investments and international cooperation, India can harness its bioenergy potential, reduce reliance on fossil fuel imports, and progress towards its carbon neutrality goal.
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