Biochar Market: Introduction
Transparency Market Research delivers key insights on the global biochar market. In terms of revenue, the biochar market is estimated to expand at a CAGR of 15.35% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the biochar market.
Environmental benefits and advantages associated with biochar are creating lucrative opportunities for the biochar market across the globe. The demand for electricity is expected to continue to rise across the globe during the forecast period. The world is focusing on renewable energy, such as biomass, to cater to the high demand for electricity. Renewable power generation increased by an approximately 7.4% in 2019, highest as compared to last five years. Production of renewable electricity stood at 2537 GW in 2019.
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Biochar Market: Dynamics
Soil degradation is a major concern in the agriculture sector across the globe. Significant investments and technological advancements have been made for the development of innovative solutions in order to enhance soil quality. Biochar is a highly attractive solution, as it offers various features. It enhances soil structure, increases water retention and aggregation, decreases acidity, reduces nitrous oxide emissions, improves microbial properties, regulates nitrogen leaching, and improves porosity.
Biochar is also found to be beneficial for composting, since it reduces greenhouse gas emissions and prevents the loss of nutrients in the compost material. It also promotes microbial activity. This accelerates the composting process. These features of biochar are expected to boost its demand during the forecast period.
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The lack of awareness about the application of biochar is a significant factor hampering the biochar market. Biochar is still considered as charcoal, which carries risks in terms of environment pollution. Consumers have to be made aware about the potential of biochar as well as its wide applications.
Technological limitation is a major constraint associated with the production as well as application of biochar. Research and development are currently under progress to check the feasibility of the best technology to achieve maximum productivity at less cost. Thus, lack of awareness and technological limitations are expected to restrain the biochar market during the forecast period.
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Biochar Market: Prominent Regions
In terms of value, Asia Pacific is projected to account for a major share of the global biochar market during the forecast period. This can be ascribed to the rise in the demand for biochar in applications such as agriculture, forestry, electricity generation, and others. Increase in demand for biochar in end-use industries, rise in usage of biochar as feedstock, growth in organic farming, and surge in usage in waste management materials are driving the biochar market in Asia Pacific.
The rapid growth of the biochar market in Europe can be ascribed to strong government initiatives and regulatory policies. Countries such the U.K., Switzerland, and Australia hold high share of the biochar market in Europe. This trend is expected to continue during the forecast period. The biochar market in Europe is anticipated to expand at a rapid pace during the forecast period, as the region is an emerging market for applications such as animal husbandry.
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