- Gasification Systems
Biochar Market was valued at USD 243.8 million in 2022 and is poised to grow at a CAGR of 12.6% over 2023-2029. Biochar is a type of charcoal that is porous, and rich in carbon created from biomass materials via a process known as pyrolysis by heating biomass, such as organic waste, forestry byproducts, wood chips, and agricultural waste, without the presence of oxygen. The widespread adoption of biochar as a soil supplement is driven by the rising need for sustainable agricultural methods. Higher agricultural yields and healthier plants are the result of biochar's improved soil fertility, increased water retention, and promoted nutrient availability. Furthermore, the ability of biochar to store carbon in the soil presents opportunities in the market for carbon offsets. Investments in biochar initiatives by several countries' governments, businesses, and people who want to offset their carbon emissions to reach sustainability objectives also propel market growth. Moreover, the capacity of biochar to absorb contaminants and nutrients makes it a suitable component for water filtration and treatment systems. The application of biochar in water treatment applications has become a growing trend. But the production of biochar is capital-intensive and energy-consuming, making it relatively expensive compared to traditional soil amendments and fertilizers which hinders the market growth. However, the increase in acceptance of this technology, growing government initiatives, awareness among population, growing agricultural production for increasing population is anticipate to heighten the market growth.
Fastest Growing Market
The market is expected to rise due to increased application of biochar in the agricultural sector. The increase in demand for sustainable and environmentally friendly agricultural solutions as knowledge of the effects of conventional farming methods on the environment has grown. This tendency is in line with biochar since it encourages carbon sequestration, improves soil health, and lessens the demand for synthetic fertilizers. There is evidence that using biochar increases crop yields and raises the standard of agricultural output. In order to increase the productivity and profitability, this has prompted farmers and agricultural businesses to use biochar. Moreover, carbon can be absorbed and held in agricultural soils for long periods of time by adding biochar, which helps with attempts to sequester carbon.
The biochar market valued at USD 243.8 Million in 2022 and is expected to grow at 12.6% CAGR over the forecast period 2023 – 2029.
Airex Energy, Biochar Supreme, Pacific Biochar Corporation, ProActive Agriculture, Phoenix Energy, Carbonis GmbH & Co. KG, Farm2Energy, Oregon Biochar Solutions, CharGrow LLC, Chardust Ltd, Safi Organics, Charline GmbH, Cookswell Jikos and Aries Clean Energy are a few companies operating in biochar market.
The ability of biochar to store carbon in the soil presents opportunities in the market for carbon offsets in biochar market.