Biopower market set to rise to 165.2 GW of installed capacity by 2025 as technologies advance
The global biopower is a niche market in the renewable energy industry, and is likely to grow at a significant rate in the future. Although bioenergy is not a new concept, recent advancements have improved both performance and reliability. The increases in global energy demand and climate change concerns are the primary growth drivers for the biopower industry.
Despite a slump in annual additions, the global biopower market is set to show steady growth, rising from 106.2 Gigawatts (GW) of installed capacity in 2015 to 165.2 GW by 2025, at a compound annual growth rate of 4.4%.
The major driver for the successful deployment of large-scale biopower plants is government support in terms of renewable energy mandates and financial incentives, such as subsidies and production tax credits. Additionally, environmental regulations for emissions reductions discourage the use of fossil fuels for power generation, meaning alternatives such as biopower or other renewable energy sources are required.
Waste management practices such as composting and land filling indirectly support biopower generation, and many industries have set up biopower facilities to handle their waste. With proper financial support and government mandates in place, biopower installations have become a more viable option, and an appropriate solution to the issue of waste management. Conversion of waste into energy resolves the issues of waste management and sustainable energy.
GlobalData’s latest report Biopower Market – Global Market Size, Average Price, Major Feedstock, Regulations, and Key Country Analysis to 2025, provides a clear overview of and detailed insight into the global biopower market. It provides data covering historic and forecast market size, average capital cost, installed capacity and generation for biomass and biogas power globally, and in ten key biopower markets – US, Brazil, China, India, Thailand, Japan, Germany, UK, France and Italy.