Steady growth of installed capacity is projected in the global biopower market led by Europe and Germany, according to a report by GlobalData.
Titled “Biopower Market – Global Market Size, Average Price, Major Feedstock, Regulations, and Key Country Analysis to 2025”, the report states Europe will lead in cumulative installed biopower capacity during the forecast period.
Biopower is emerging as a reliable and popular renewable resource for generating electricity. A wide range of feedstock, such as wood and agroforest residues, short-rotation crops, fibre, municipal waste, and sewage are used in its production. Landfill gas, biomass gasification, and biogas conversion technology are also used.
Some of the emerging countries involved in biopower production include the US, Brazil, China, Germany, India, and the UK. Global cumulative installed capacity increased from 49.4GW in 2006 to 106.2GW in 2015, with countries worldwide investing to increase stability, address environmental concerns, and improve security of energy supply.
Europe held the biggest share in cumulative installed capacity with 38.5% in 2015, followed by the Asia-Pacific and North America with 28.5 % and 17.6% respectively. However, such increases were a result of new capacity additions, with a share of 38.3% in the Asia-Pacific, followed by South and Central America with 28.3% and Europe with 25.7%.
Germany is another country emerging as one of the world’s biggest biopower markets, adds the report. The German Government’s renewable energy target of generating 35% of electricity from renewables by 2020 has been a major factor in the rapid development of the industry.
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Implementation of biopower projects is faced with a number of market barriers including high-capital and operating costs, feedstock cost, high-investment risks, and lack of understanding of the advantages of biopower. Support from the government through financial incentives, subsidies, and tax credits will be major drivers for overcoming these barriers.