ID: MRFR/E&P/0983-HCR | 185 Pages | Published By Anshula Mandaokar on March 2023
Bio Power Market share is projected to be worth USD 86.17 Billion by 2028, registering a CAGR of 6% during the forecast period (2021 - 2028).
Bio Power Market is projected to be worth USD 86.17 Billion, registering a CAGR of 6% during the forecast period (2022-2030). The market was valued at USD 51.7 Billion in 2020.
Biomass refers to the fuel that is generated by using organic materials. It acts as a useful, sustainable, and renewable source of energy that can be used to generate electrical energy, along with other kinds of power. Since biomass power is naturally created, the electricity generated is carbon neutral, and it does not give rise to environmental issues such as pollution and carbon emissions. According to the United States Environmental Protection Agency (USEPA), carbon dioxide generated from electricity constitutes is approximately 25 % of U.S. greenhouse emissions. To tackle the environmental problem, sustainable options are being considered, such as the use of biomass.
The size of the bio power market is likely to expand during the forecasted period due to an increase in the demand for efficient and clean energy and the rising depletion of non-renewable energy sources such as coal and oil. The introduction of stringent environmental regulations by different governments is also likely to contribute to the good performance of the market in the future.
A thorough market analysis has been carried out to capture the growth potential of the bio power market during the forecasted period. A wide range of analytical models and tools such as the SWOT analytical framework and Porter's Five Force model has been used to identify the chief market drivers and elements that exist in the industry. The degree of competition in the market has also been evaluated as it could influence the biopower market growth in the future. The major market trends that could play a pivotal role in molding industry growth have been investigated, such as the integration of digital technologies.
The Covid 19 pandemic has played a cardinal role in influencing the performance of the bio power market at the global level. Due to the pandemic, the demand for biopower solutions had declined as the customers mainly focused on buying essentials. However, it is expected that during the forecasted period, the attractiveness of the buying behavior market would increase, and more business players would attempt to capture the global biopower market share.
Key market drivers:
A diverse range of factors exists in the global bio power market setting that accelerates its growth, such as the increase in the capacity to generate renewable power and the use of new kinds of technologies to boost the process relating to biomass. The demand for sustainable and energy-efficient solutions has also played a major role in strengthening the performance of the market. These factors could play a cardinal role in shaping the growth potential of the global market during the forecasted period.
Several challenges exist in the global bio power market landscape, such as the evolving regulatory landscape and intense competitive intensity. During the forecasted period, these challenges could increase the complexity of business entities that function in the dynamic market environment. Such challenges could restrict the growth potential of the market in the future.
Opportunities in the global market
Business players could exploit various opportunities in the bio power market to capture a larger portion of the market share. One of the chief opportunities revolves around the adoption of technology to boost the efficiency of biomass solutions. There is also an opportunity for businesses to strengthen the research and development activities so that the efficiency of the sustainable solutions could be further boosted. As the demand for biomass is increasing considerably in the current times, there is an opportunity for bio power businesses to act responsibly and sustainably towards the environment while generating profits.
Although the bio power market is considered a highly attractive market, a diverse range of restraints exist in the market setting. One of the major restraints relates to the need for substantial funds and capital to increase the efficiency of bio power solutions on a large scale. Another restrain is the poor use of technology to strengthen the bio power processes and operations. These elements could act as chief hurdles for businesses that function in the biopower market and negatively impact the market's growth potential during the forecasted period.
In the comprehensive global report, various bio power market trends have been captured. These elements could play an instrumental role in shaping the growth potential of the market during the forecasted period. The major market drivers, opportunities, threats, and restraints in the market have been identified and investigated. The chief market players that compete to expand their portion of the bio power market share have been identified, and their strategic approaches have been evaluated.
Based on the type, the global bio power market can be classified into direct combustion, co-firing, gasification, anaerobic digestion, pyrolysis, and landfill gas. The direct combustion segment has dominated the biopower market growth in the past, and it is likely to continue to deliver strong performance during the forecasted period.
The global bio power market can be divided into residential, commercial, industrial, and others based on the end-user. The industrial segment is the largest segment expected to capture a major portion of the biopower market share during the forecasted period. The main factors that could support its strong performance include an increase in the application of renewable power sources for diverse purposes such as paper and pulp, power generation, and textile industries.
The global bio power market can be segmented into various regional segments such as North America, South America, Europe, Asia Pacific, Middle East, and Africa. The contribution of each of these regions would be crucial to influence the biopower market growth during the forecasted period. The North American market has been dominating the global biopower industry in recent times. The United States of America and Canada have played an instrumental role in expanding the bio power market size by investing in the renewable sector. During the forecasted period, the attractiveness of the European market may increase due to initiatives taken by the government. A common factor that is likely to influence the market's growth in different regions relates to the concern relating to the rapid exhaustion of non-renewable energy sources at the global level.
The competitive intensity in the global bio power industry is very high. As the demand for renewable energy solutions has been increasing worldwide, the demand for the biopower market has magnified at a global scale. A large number of businesses have entered the market set to capitalize on the market opportunity. The increase in the business players that operate in the market has intensified the completion and expanded the global biopower market size. Some of the key players that function in the industry are:
A critical evaluation of the global bio power market has been presented in the report. For identifying the diverse variables that exist in the micro and macro setting of the market, various strategic tools have been used, such as Porter's Five Force model, SWOT analytical tool, and many more. The competitive intensity of the biopower industry has been captured as it could and examined as it could influence the performance of the market during the forecasted period. The strategic measures companies have been taking to sustain themselves in the dynamic biopower market setting have been explored. One of the most important biopower market trends that have been captured in the report relates to the surge in demand for sustainable energy solutions.
|CAGR||6% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Dalkia (France), EnviTec Biogas AG (Germany), Schmack Biogas GmbH (Germany), WELTEC BIOPOWER GMBH (Germany), Ørsted A/S (Denmark), ElectraTherm (Georgia), Babcock & Wilcox Enterprises, Inc. (US), Ameresco (US), MVV Energie AG (Germany), and Enerkem (Canada)|
|Key Market Opportunities||Increasing use of biomass|
|Key Market Drivers||Increasing renewable power generation capacities|
Global biomass power market is to witness high growth due to technological advancements and swelling focus on research and development to afford biomass for power generation in the form of clean energy.
North America is the largest market for bio power.
Europe invested USD 57.4 billion in clean energy technologies.
The market will be evolving at 6% CAGR.
EnviTec Biogas AG (Germany), Dalkia (France), WELTEC BIOPOWER GMBH (Germany), Schmack Biogas GmbH (Germany), Ørsted A/S (Denmark) are the main competitors of the market.