Global Biochar Market to Surpass USD 700.7 million by 2030 Driven by Increasing Renewable Technologies
SkyQuest projects that the global biochar market will attain a value of USD 700.7 million by 2030, with a CAGR of 13.1% during the forecast period (2023-2031). Biochar is produced by pyrolysis of oxygen-free organic matter in the global biochar market. It can be done on a small household stove, or it can be an industrial activity. Either way, pyrolysis does not produce carbon dioxide like an ordinary oxygen-powered fire. Also, the products are promising as they capture CO2 absorbed by plants, which is fired down into a fertilizer-like substance added to the soil to increase productivity and therefore can reduce the need for food processing requiring more land to be cleared for agriculture.
Westford, USA, Feb. 07, 2024 (GLOBE NEWSWIRE) — Governments around the world are trying to mitigate the effects of climate change by increasing renewable technologies in the global biochar market. To encourage the adoption of renewal taxes, governments have offered many global tax incentives, such as state sales tax exemptions, state income tax rebates, corporate income taxes reductions, and local property tax exemptions, in addition, businesses, nonprofit organizations, and municipalities. These include modified accelerated recovery systems (MACRS), grant tax credits, and business tax credits.
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Browse in-depth TOC of “Biochar Market”
● Pages – 157
● Tables – 92
● Figures – 75
According to World Bank estimates, three of the biggest challenges of the 21st century is the amount needed to nearly double food production by 2050, adapt and enhance climate resilience at the same time, the amount of greenhouse gases in the atmosphere is greatly reduced. The growing interest in climate-friendly agriculture focused on overcoming certain challenges fuels interest in using biodiversity to mitigate climate change, improve soil fertility, and moreover, they have addressed the global challenges of climate change affecting developing countries in the global biochar market.
Prominent Players of Global Biochar Market
- Airex Energy Incorporation
- Cool Planet Energy Systems
- Pacific Pyrolysis Pty Ltd
- Agri-Tech Producers LLC
- Genesis Industries LLC
- Full Circle Biochar
- The Biochar Company
- Earth Systems Bioenergy
- Phoenix Energy
- Chargrow LLC
- Biochar Now LLC
- Green Charcoal International
- Clean Fuels B.V.
- Biochar Products Inc.
- Carbofex BV
- Agri-Tech Producers
- Pacific Biochar Benefit Corporation
- Biochar Supreme LLC
- Sonnenerde GmbH
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Pyrolysis Segment to Dominate Market Owing to Variety of Foods
Pyrolysis is likely to dominate the market due to popular technology as it is cheap, convenient, and can handle a variety of foods. This technology helps avoid greenhouse gas emissions. This drives the growth of the pyrolysis technology segment over the forecast period in the global biochar market.
Asia-Pacific dominates the global biochar market, accounting for more than 27.5% of the revenue by 2021. Regenerative agriculture is becoming increasingly popular in Asia-Pacific, as it improves soil ecology, increases productivity, and improves water quality while sequestering carbon to mitigate climate impacts. Furthermore, increasing importance of nutrition in China, India and Indonesia, as well as the attraction of most of the population towards organic crop varieties, has increased the demand for biochar in agricultural sectors.
Gasification Segment to Witness Significant Growth Owing to Rising Demand and Acceptance
The gasification segment is expected to increase significantly over the forecast period in the global biochar market. This technology produces a small amount of such char in a reactor that is directly heated by air. The market demand and acceptance of this technology is increasing as it produces lower levels of air pollution. However, this method is slightly less efficient than the others.
North America dominated the global biochar market, accounting for over 58.5% of the revenue by 2023 due to rising demand for organic food products, high consumption of meat and, increasing awareness of the product and its benefits of, especially in the development of farmers. Lower feed costs are also expected to boost consumption in the region. The United States had the highest revenue in the world due to the product being well known in the country. Many small and medium enterprises have contributed to the growth of this industry.
A comprehensive analysis of the major players in the global biochar market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments of Global Biochar Market
- In July 2023, Canadian and French companies including Airex Energy, Group Remabec and SUEZ invested C$80 million to build the largest biochar plant in North America
- In July 2023, Eco Allies, a subsidiary of Stereovision, announced the acquisition of Eco Allies, Inc. and Biochar Now, LLC have extended their J/V period. A second plant is added in Mexico, and the average number of furnaces per manufacturing plant ranges from 120 to 180, or a total of 360 furnaces
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Key Questions Answered in Global Biochar Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market’s future growth?
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