The global bio power market is expected 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 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.
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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.
Industry Updates:
In April 2019, WPP Energy GmbH, a Swiss green energy technology market leader, signed an MoU to acquire 90% of BioPower Operations Corporation.
In April 2019, Smithfield Foods and Roeslein Alternative Energy (RAE) announced a collaborative project called Monarch Bioenergy, which will produce renewable natural gas from the manure generated on Smithfield’s hog farms in Missouri. At full capacity, the project is expected to generate more than a million dekatherms of renewable natural gas every year.
Segmentation:
The global bio power market 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.
Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
4 Market Insights
Continue…
List Of Figures
Figure 1 Research Process Of MRFR
Figure 2 Top Down & Bottom Up Approach
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
Figure 6 Porter’s Five Forces Analysis
Figure 7 Value Chain Analysis
Continue…
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