Bio Power Market worth USD 86.17 Billion by 2028, registering a CAGR of 6.41% – Report by Market Research Future (MRFR)
New York, Aug. 30, 2021 (GLOBE NEWSWIRE) — Bio Power Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Bio Power Market Research Report, by Technology, End-User and Region – Forecast till 2027” the market is projected to be worth USD 86.17 Billion by 2028, registering a CAGR of 6.41% during the forecast period (2021 – 2028)., The market was valued at USD 51.7 Billion in 2020.
Competitive Analysis
List of the Key Companies Profiled in the Bio Power Market Research Report are–
- EnviTec Biogas AG (Germany)
- Dalkia (France)
- Schmack Biogas GmbH (Germany)
- Ørsted A/S (Denmark)
- WELTEC Biopower GMBH (Germany)
- ElectraTherm (Georgia)
- Ameresco (US)
- Babcock & Wilcox Enterprises Inc. (US)
- Enerkem (Canada)
- MVV Energie AG (Germany)
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The bio power market experiences several strategic approaches, such as collaborations, mergers & acquisitions, expansion, and product launches. Market players substantially invest in research and development activities and fostering their expansion plans.
For instance, recently, on Aug.13, 2021, Scientists from Sentient Labs (India), a research and development innovation lab, and Agharkar Research Institute (ARI) announced the development of a novel technology helpful in generating hydrogen from agricultural residue.
The first of its kind technology that Indian scientists have developed is created by devising a process that generates hydrogen directly from agricultural residue, and it would be used to power fuel-cell vehicles. In the scenario where the governments of many countries and companies are looking for fossil fuel alternatives to power vehicles, Indian scientists just found an unconventional breakthrough in the Hydrogen fuel cell.
Browse In-depth Market Research Report (185 pages) on Bio Power
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BioPower Plants use Woody Biomass as Feedstock and Produce Electricity with Reduced CO2 Emissions
Industries such as steel manufacturing are expanding their biomass usages for in-house energy generation to reduce emissions while the paper companies tap on bio power generation to energize profit. Currently, the renewable energy industry is witnessing a significant surge in their demand, mainly due to the increasing demand for energy.
Favorable government regulations pertaining to renewable sources for energy and development in technology have made these sources cost-effective. Additionally, improvements in technology have helped boost bio power performance. Both climate change and the increasing energy demand are expected to drive the bio power industry worldwide.
Biopower is beneficial for rural areas as this reduces their reliance on conventional power inputs. Rice straw is a common crop residue and is used to study the effectiveness of biopower as an electricity source. An increase in biomass yield occurred at a microwave power, while a decrease in biochar yield happened at the same power range.
COVID-19 Impacts
The bio power market revenues remained reassuringly robust even during the COVID-19 crises. In fact, the market has become quite dynamic and constantly changing than in the pre-pandemic era. At the same time, the ability to respond to market changes has become more important than ever in post-pandemic periods.
The lockdown mandates implemented to control the spread of the virus fostered many trends, including industrial automation and robotics, networked machines, and analytics. Therefore, the bio power market kept growing during the pandemic era witnessing the rising adoption of biopower solutions and equipment.
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Segmentation
The market is segmented into technologies/ systems, end-users, and regions. The technology/system segment is sub-segmented into direct combustion, co-firing, gasification, anaerobic digestion, pyrolysis, landfill gas, and others. Among these, the direct combustion segment accounts for the largest market share.
The end-user segment is sub-segmented into residential, commercial, industrial, and others. Among these, the residential segment accounts for the largest market share due to renewable energy demand fuelled by the increasing consumer awareness. The region segment is sub-segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Regional Segmentation
North America holds the largest share in terms of the bio power market value. The market growth attributes to favorable government regulations the increasing integration of biopower. Besides, the boosting manufacturing sector and increased competition for wood pellets and chips provide opportunities for suppliers of these materials. The region houses various industrial products, such as manufacturing, food processing, transportation, and consumer products.
Moreover, the increasing use of bio power in various power generation and industrial applications adds to the region’s bio power market share. Vast technological upgrades and automation in the manufacturing sectors, alongside the strong presence of key players in the region, foster the bio power market size. Additionally, the augmented demand from the flourishing manufacturing sector fuels the growth of the market.
Segmentation of Market covered in the research:
Bio Power Market Research Report: Information by Technology (Direct Combustion, Cofiring, Gasification, Anaerobic Digestion, Pyrolysis, and Landfill Gas), End-User (Residential, Commercial, and Industrial), and Region- Forecast till 2028
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