Biomass Pellets Market: Report Highlights The Competitive Scenario With Impact Of Drivers And Challenges
The factors
driving the growth of the global market include low GHG emission from biomass,
increased government initiatives for renewable technologies, need for constant
energy supply and massive untapped biomass potential. The rapid depletion of
fossil fuels and global warming caused by their usage has shifted the global
interest from conventional energy to green energy. The different governments
across the globe have initiated several schemes in the form of incentives,
grants and subsidy to promote and encourage the generation of renewable energy.
The new government policies are encouraging the development of renewable energy
sources for power generation.
Research Scope & Methodology
Asia biomass
pellet market is expected to witness the fastest growth (21.6% CAGR) globally
during 2015 – 2020.The major consumers of biomass
pellets in Asia are China, Japan and South Korea. On January 1, 2006,
Renewable Energy Law was enacted in China. As a result of this, the Chinese
government put the adoption of biomass fuel development at top priority.
Currently, biomass pellets are produced in large scale for replacing coal
burning in China and is expected to grow steadily. This in turn, is expected to
support the growth of the Asian biomass pellets market.
Market Outlook
The
major reasons behind the growth of the biomass
pellets market in the region are low GHG emission from biomass and
increased government initiatives for adoption of renewable technologies. The biomass
pellets market in Europe is expected to maintain its growth rate, which is
mainly driven by various subsidies and legislation. The incentives for biomass
conversion in the U.K. are aimed at encouraging infrastructural development.
The price of carbon is getting increased, thus making it very expensive to burn
coal.
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