According to a new report published by Transparency Market Research, the baggase power generation market will record significant growth owing to the significant investments and initiatives taken by the governments across the world in order to conserve the energy. The report titled, “Baggase Power Generation Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026,” anticipates that the global market will grow remarkably during the forecast period.
The developing economies are facing serious power generation problems with increasing consumption of power in respective countries. Government agencies are investing substantial amounts in new methods of power generation. Sugar cane is a major agricultural crop which is grown commercially in vast majority of countries in the world. Baggase is a major by-product of the sugar industry which is primarily used as a captive boiler fuel and can also be used as a raw material in the paper industry.
Several sugar mill operators have planned cogeneration projects, which will benefit the environment by reducing the greenhouse gases in the atmosphere. Bagasse can play a major role in substituting fossil fuel for future power generation. Baggase can be also be burnt in large quantities to meet the heating requirements within a sugar mill. The baggase power generation market is anticipated to grow at a substantial rate owing to increasing investments in renewable energy sources for power generation.
The Clean Development Mechanism (CDM) of the Kyoto Protocol and other initiatives taken by governmental agencies of respective countries is the major driver attracting investment in this sector. The Kyoto Protocol is an effective tool for the commercial success of power generation using sugar cane waste. The carbon credits generated through the establishment of baggase power generation plants also creates an additional market for this environmental friendly technology. Several countries, especially those devoid of fossil fuel reserves, have planned significant investments in baggase power generation to implement energy conservation measures.
Policy guidelines established by government agencies and incentives provided by them are also major factors which attract investment towards baggase power generation market. In spite of all the above measures, the lack of financing channels is a major factor which acts a restraint in further development of the baggase power generation market in some regions. Lack of power infrastructure in several nations is also a major restraint for the development of baggase power generation market.
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