Global Biofuels market projected to grow by a CAGR of 12.9% during 2006-2015

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Greentech Lead Europe: Global market for Biofuels is projected to grow by a CAGR of 12.9 percent during the period 2006-2015 to reach US$ 61.5 billion by 2015, according to a new research from Research and Markets.

Biofuels have seen a spurt in the US and the EU, with the latter planning to increase its annual production to about 10 percent of its liquid fuels by 2020.

The United States has set up an ambitious target to produce about 8 billion gallons annually by 2012 and about 40 billion gallons by 2022.

Some of the challenges facing the biofuel market include the types of fuels to be used, regulations and regulatory approvals, increased usage of land for cultivating biofuel crops and diversion of food crops for fuel production which is resulting in the increase of food prices.

Recently Navigant Research predicted that Biomass power generation installed capacity to touch 82 GW by 2020.

According to this research, global installed biomass power generation (biopower) capacity will grow gradually over the remainder of this decade, from 58.6 gigawatts (GW) in 2013 to 82 GW in 2020, under a conservative forecast scenario according to Navigant Research.

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