Chicago, June 20, 2024 (GLOBE NEWSWIRE) -- The global Synthetic Natural Gas Market size is expected to grow from USD 23.9 billion in 2024 to USD 68.4 billion by 2029, at a CAGR of 23.4% according to a new report by MarketsandMarkets™. Synthetic natural gas (SNG) is an artificially created substitute for natural gas, often made through a process called gasification, which transforms solid or liquid carbon-based materials into a methane-rich gas. SNG, is synthetically derived from various feedstocks including coal, biomass, and renewable energy sources, or municipal solid waste, mirrors natural gas in its properties and utility, suitable for purposes ranging from heating to power generation and transportation.
The global synthetic natural gas market is anticipated to grow at a higher level. There are various drivers responsible for the growth of the market such as government policies and incentives and technological advancements among others. Investments in infrastructure for gasification, methanation, and distribution networks constitute the backbone of the synthetic natural gas (SNG) market. This strategic allocation of resources is pivotal for ensuring the seamless production and widespread adoption of SNG as a viable energy source. Technological advancements enable the creation of more dependable and cost-effective synthetic natural gas technologies, hence propelling market expansion.
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Synthetic Natural Gas Market Scope:
| Report Coverage | Details |
| Market Size | USD 68.4 billion by 2029 |
| Growth Rate | 23.4% of CAGR |
| Largest Market | Europe |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2024-2029 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Synthetic Natural Gas Market by source, technology, application, and region. |
| Geographies Covered | Europe, Asia Pacific, North America, Middle East and Africa, and South America. |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Increased focus on waste-to-energy projects to reduce environmental impact |
| Key Market Drivers | Growing demand for natural gas |
Renewable Energy is expected to be the fastest growing segment of the synthetic natural gas market
The synthetic natural gas market has been segmented based on source 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.
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Synthetic Natural Gas 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
Europe is expected to be the largest region in the Synthetic Natural Gas Industry
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.
Key Market Players:
Some of the major players in the Synthetic Natural Gas Companies are Basin Electric Power Cooperative (US), Air Liquide (France), EnviTec Biogas AG (Germany), Verbio SE (Germany), Kinder Morgan (US).
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