Biomass power to grow 9.5% by 2018
State and government assistance will increase biomass power industry revenue 9.5 percent -- a total of $820.3 million -- over the next five years, according to predictions from IBISWorld.
Today's biomass power industry has a low level of market share concentration, partly because very few facilities are capable of truly substantial electrical output, and because it is inexpensive when compared to other forms of energy, according to research from IBISWorld.
State and local government assistance is expected help industry players compete with other energy-generation technologies by lowering the cost of biomass projects in the next five years, IBISWorld contends. The anticipated economic recovery will contribute to more robust demand for electricity generators. Further, with the continued push toward renewable power generation, the majority of states have enacted renewable portfolio standards, requiring local utilities to generate electricity from renewable power as a percentage of their total energy portfolio.
"Increased campaigning for green technology also has influenced industry performance by sparking interest in technologies that replace pollutant-generating energy sources, such as coal and gas," IBISWorld industry analyst Eben Jose said.