Technological advancements are expected to propel biopower market growth with installed capacity reaching 165.2GW by 2025, 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 the global biopower market is expected to grow at a compound annual growth rate (CAGR) of 4.4% despite a slump in capacity additions in 2015.
A new and niche segment in the renewable energy market, biopower is growing at a significantly fast pace. Increases in global energy demand and climate change concerns have been the major drivers of growth.
Biopower and other renewable energy sources have emerged as an effective solution for meeting environmental regulations, which requires the reduction of emissions from power generation using fossil fuels.
Recent advancements in technology have further strengthened bioenergy by improving performance and reliability. In addition, waste management practices such as composting and land filling are aiding industry growth.
The biggest active power plants in the world are spread across Europe and the US. These use wood or agricultural by-product as fuel. Some of the plants include the 630MW Drax Biomass Power Plant in the UK, the 302MW Jaboticabal Biomass Power Plant in Brazil, and the 243MW Aros G4 combined heat and power (CHP) plant in Sweden.