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…
This is a preview of EL Insights Subscription Content. If you’re already a subscriber, download the current issue here.
Delivered two times a month, every issue of EL Insights is developed to help businesses understand the implications of an emerging energy, environmental or sustainability technology, to inspire innovation within companies, and to provide executives with timely data, charts and market insights.
For industry insiders needing to stay informed, EL Insights is the one subscription that delivers opportunity-focused, actionable insights that are both engaging and accessible.
Get a no-obligation issue of EL Insights here.
Energy Manager News
- Wisconsin Power & Light Files for Higher Residential Base Rates, Lower Commercial Rates
- NMPRC Orders Extension in PNM Rate Case
- US Military Taking No Risks by Going Green, Saving Lives and Energy
- Affordable Housing Pushes Energy Efficiency
- Controlling Air Conditioners
- ZTE, Tancent Develop Modular Data Center
- First Quarter 2016: Green Energy Growing Faster than Natural Gas
- Delmarva Power Asks for Over $80M in Electric and Gas Base Rate Hikes