Biomass Market to Hit $693 Billion by 2015
From 2010 to 2015, the global biomass manufacturing market is projected to increase from $572.9 billion to $693.7 billion, according to the latest issue of EL Insights. This represents a compound annual growth rate (CAGR) of 3.9% during this time period.
Over the years to come, biomass will grow within the biopower, biofuels, and bioproduct sectors. The market value of electricity generated from biomass in the U.S. was $45 billion in 2010 and will increase to $53 billion by 2020. According to the BPA (Biomass Power Association), the biomass industry produces 5 million megawatt-hours of electricity every year, provides 18,000 jobs nationwide, and removes more than 68.8 million tons of forest debris every year.
According to EL Insights, here’s what companies can expect:
– Government subsidies for research and development of renewable transportation fuels will reduce the United State’s dependence on foreign oil significantly by 2020.
– 30 to 40 million hectares of crop will be needed in the EU to meet the demand for biofuel, and half will be in developing countries which is expected to push the price of staple foods in these countries by 15 percent by 2020.
– Plant waste and municipal trash converted into biofuel is expected to replace more than…
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