Bio Power Market Scenario
The global Bio
Power Market Size to exhibit a CAGR of 5.7% over the forecast period
from 2018 to 2027, according to the latest research report released by Market
Research Future (MRFR). The global bio power market is mainly driven by the
growing popular and government support for the renewable energy sector, which
has become an increasingly important part of the global power generation sector
and is likely to continue on the same path over the forecast period.
The growing renewable energy sector is likely to be
the major driver for the global bio power market over the forecast period. Bio
power comprises various ways in which biomatter is used to create electricity
or other combustible fuels. The prime attraction of the bio power market is the
constant regeneration of biomass in the world’s farms, cities, and animal
products industries. This has made the sector truly sustainable and likely to
grow by leaps and bounds over the coming years.
The development of various technologies to produce
purer and more refined fuels from biomass is likely to be a major driver for
the global bio power market over the forecast period. The growing establishment
of the infrastructure necessary to support a growing bio power industry is
likely to be a major driver for the global market over the forecast period. Due
to the growing awareness about the bio power sector, an increasing number of
technologies are being developed for producing high purity levels of natural
gas from biomass. Such developments are likely to be vital for the global bio
power market over the forecast period.
On the other hand, setting up bio power plants can be
quite expensive, even though the long-term benefits outweigh the drawbacks.
This has held the market back from growing in underdeveloped regions such as
Latin America and Africa. This is likely to remain the key restraint against
the global bio power market over the forecast period.
Competitive
Analysis:
Leading players in the global bio power market include
Enerkem, MVV Energie AG, Babcock & Wilcox Enterprises Inc., ElectraTherm, Ørsted A/S, Weltec Biopower GmbH, Schmack Biogas GmbH,
EnviTec Biogas AG, and Dalkia.
Segmentation:
The global bio power market size is segmented on the
basis of technology, end use, and region.
By technology, the global bio power market is
segmented into direct combustion, cofiring, gasification, anerobic digestion,
pyrolysis, and landfill gas. Direct combustion dominates the global bio power
market and is likely to remain the leading technology segment in the market
over the forecast period.
By end use, the global bio power market is segmented
into residential, commercial, industrial, and others. The industrial segment is
likely to hold on to the largest share in the global bio power market over the
forecast period due to the increasing need for industrial entities to obtain
their power from renewable resources.
Regional
Analysis:
North America is likely to hold the largest share in
the global bio power market over the forecast period due to the growing demand for
renewable energy in this region. The growing government support for the
development of renewable energy infrastructure is also likely to be a vital
driver for the bio power market in North America over the forecast period.
Industrial consumers in the region stand to gain considerably in terms of
rebates and concessions if their power came from renewable sources, leading to
considerable chances of rapid growth of the bio power market in the region over
the forecast period. Europe is also likely to play a key role in the growth of
the global bio power market over the forecast period due to the growing support
for renewable energy generation in the region.
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