The market environment
The Global biogas upgrading market is growing at a CAGR of 28.7% pa, and is anticipated to reach $1.97 billion by 2022. It is supported globally by government initiatives both at national and regional levels. The market for biogas generation (RNG) is estimated to grow significantly due to its better efficiency as compared to other renewable energy resources.
As the Hydrogen market grows so too does the need for gas storage, creating opportunities for CSC.
Greenlane is strategically located to capitalise on demand from countries focused on developing or renewing biogas facilities. The total biogas market in Canada has potential to reach 1,000-1,500 facilities, requiring investment of $3 billion in the next 15-20 years. In Europe, France has targets for the injection of RNG into the grid, of 10% by 2030. In Italy it is estimated that by 2030 RNG could meet the 10% of domestic natural gas demand.
Strict Government regulations, greenhouse gas emissions reductions, renewable energy demand and the banning of organic waste to landfill, are key drivers for biogas upgrading. Energy providers are increasingly investing in RNG to meet sustainability targets.
The growth in renewable energy as part of the energy mix is also driving the need for gas storage, particularly hydrogen.