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.Â 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.
Stay Up-to-Date On Environmental Management, Energy & Sustainability News with EL's Free Daily Newsletter
Energy Manager News
- Con Edison Development Procures GE Energy Storage System
- Courthouse Replaces Oversized Boiler
- Indoor Farming Company Works on HVAC with PUE 1.0
- Toolkits Designed to Help Health Care Facilities Reduce Energy
- San Antonio Macyâ€™s Store Showcases Better Buildings Challenge Measures
- Natural Gas Gensets to Reach 27 GW of Installed Capacity by 2024
- Larson Releases a Solar Powered Generator with Manual Crank Mast
- Energy Efficiency in Food Service Businesses