Increase in demand for energy resources due to surge in population and rapid urbanization, gradual depletion of conventional resources across the globe, and initiatives taken by government toward clean energy to overcome the energy crisis in future drive the growth of the global bio power market. On a regional level, North America accounted for the highest market share in 2021 and would rule the roost through 2031.
Portland, OR, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global bio power market generated $14.2 billion in 2021 and is estimated to hit $26.3 billion by 2031, registering a CAGR of 6.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
Market Size in 2021
Market Size in 2031
No. of Pages in Report
Feedstock, Technology, End Use, and Region
Increase in demand for energy resources due to surge in population and rapid urbanization
Gradual depletion of conventional resources across the globe
Initiatives taken by government toward clean energy to overcome the energy crisis in future
Research & innovation in technologies
Inadequate availability of feedstock
High preliminary investments cost for setting up plants
The Covid-19 outbreak had a negative impact on the growth of the global bio power market, due to decline in manpower and material resources.
The stringent lockdown restrictions during the pandemic severely affected the manufacturing activities, which hampered the profitability and market growth.
However, the market started recovering with the ease of lockdown restrictions worldwide. Governments across the globe also issued policies regarding sustainable development in the coming years, which is likely to have a positive impact on the market.
In addition, the increased investment in the biofuel and biogas production plant in the developing countries due to low availability of fossil fuels contribute to the market growth.
The report offers a detailed segmentation of the global bio power market based on feedstock, technology, use, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on feedstock, the solid biofuel segment accounted for more than three-fourths of the overall bio power market in 2021, and is projected to lead the trail by the end of 2031. However, the liquid biofuel segment would cite the fastest CAGR of 7.0% throughout the forecast period. The report also discusses the biogas segment.
Based on technology, the direct combustion segment contributed to nearly three-fifths of the global bio power market in 2021, and is expected to maintain its dominance through 2031. The report also discusses the gasification, anaerobic digestion, and landfill gas segments.
Based on end use, the industrial segment captured the largest share of nearly half of the global bio power market in 2021, and is likely to exhibit a noteworthy growth during the forecast period. Nonetheless, the residential segment would grow at the highest CAGR of 6.8% from 2022 to 2031. The report also analyzes the commercial segment.
Based on region, the market across North America contributed to more than two-fifths of the total bio power market in 2021, and is expected to maintain its dominance during the forecast period. The Asia-Pacific region, on the other hand, would grow at the fastest CAGR of 7.1% from 2022 to 2031. The other two provinces discussed in the report include Europe and LAMEA.
The key market players analyzed in the global bio power market report include Dalkia, EnviTec Biogas AG, Schmack Biogas GmbH, Weltec Biopower GmbH, Orsted A/S,ElectraTherm, Babcock & Wilcox Enterprises Inc., Ameresco, MVV Energie AG, Enerkem, DraxGroup, Sodra, Helius Energy Plc, Alstom SA, Vattenfall AB, Veolia, Suez, Ramboll Group A/S,General Electric, Mitsubishi Heavy Industries Ltd.
The report analyzes these key players of the global bio power industry. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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