Impact of COVID-19 on the Biopower Market
Biopower technology is used to convert renewable biomass fuels into electricity and heat by using the same processes used in the case of fossil fuels. COVID-19 has spread from China to the majority of the countries of the world and has impacted the biopower market significantly. The consumption of power during the pandemic has been relatively low as compared to the consumption before its outbreak. This reduction is due to the temporary shutdown of commercial spaces, shopping malls, and other public places, as the governments of the various countries have imposed lockdowns to contain the spread of the virus. The need for reducing carbon emissions and the increasing demand for renewable energy across the globe are responsible for market growth. The COVID-19 lockdowns have led to a decline in global carbon emissions in April 2020 by more than 15% as compared to April 2019. The rise in the use of renewable power during the COVID-19 pandemic is not purely circumstantial. The recent outbreak of COVID-19 has affected the energy industry, which has impacted the growth of the biopower market.
Capital Investment by Majors And Selection Other Companies In New Projects In Biofuels, 2015-2019 (USD Billion)
The delays caused in the installation of renewable energy resources such as wind power capacity and solar PV, as well as a halt in the construction of biopower projects, have impacted the growth of the market drastically. North America currently holds the largest share of the biopower market. The rising investments in the renewable sector, availability of advanced technology, and efforts towards the installation of renewable energy resources are the factors responsible for market growth in the region. The resumption of renewable energy installations and biopower projects is expected to drive the growth of the market in the near future.
Source: Secondary Sources
Source: Primary Experts, Secondary Sources, and MRFR Analysis