The biopower market was valued at $14.2 billion in 2021, and is estimated to reach $26.3 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.
Biopower refers to the energy 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.
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North America would exhibit CAGR of 6.1% during 2022-2031.
The major companies profiled in biopower market report include Dalkia, EnviTec Biogas AG, Schmack Biogas GmbH, Orsted A/S, Babcock & Wilcox Enterprises Inc., Ameresco, MVV Energie AG, Enerkem, Drax Group, Helius Energy Plc, Alstom SA, Veolia, Ramboll Group A/S, and Mitsubishi Heavy Industries Ltd.
Due to rapid development of industrialization and urbanization across the globe have led to depletion of natural resources. The exhaustion of fossil fuel resources has led to innovation and investment towards alternative resources which are sustainable and eco-friendly.
Expansion of production capacities, acquisition, partnership, and research & innovation in the detection technologies have led to attain key developments in the global biopower market trends.
Expanding the use of biofuels not only reduces oil demand, however helps diversify the sources of liquid fuel imports, so biofuels are a possible option for addressing oil security issues.
Population growth, rising income levels, and rapid urbanization have created global demand for oil, however due to resource shortages, most countries in the world rely primarily on imports for oil supply.
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Advanced fuel advances provide additional opportunities for farmers to increase their income. The above trends and factors drive the market growth.
The increased adoption of ethanol as an alternative vehicle fuel and the benefits of applying advanced fuels in the transport sector can create employment opportunities to create jobs in rural areas and reduce pollution & trade deficits.
The increase in usage of portable electronic gadgets and electric energy source-based products have increased the demand for electricity. The depletion and uneven presence of natural resources across the globe is one of the driving factors for the growth of bio power market.
Various governments have set their sights on renewable and cost-efficient methods to solve this problem to overcome the future crisis. The above mentioned are the key factors that provide remunerative opportunities for the growth of the landfill gas technology in biopower market.
Covid-19 Analysis
The global COVID-19 pandemic has negative impact on the biopower market. This market has experienced lower than anticipated demand across all regions compared to pre pandemic levels.
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The global market has exhibited a decline by about 25% in 2020 compared to 2019 due to shutdown of various food processing industries and agricultural activities from where feedstock is used as raw material for the production of biopower.
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