Biochar also known as agrichar or black carbon, it is a form of charcoal which enhances the crop growth and remediating contaminated soil. Environmental benefits such as it improves water quality, increase the fertility of soil, and agricultural productivity is expected to be a major factor driving the biochar market growth over the forecast period.
Technology segment includes pyrolysis and gasification, hydrothermal, and others. Gasification is estimated to be one of the major technology in global biochar market. Increasing demand for electricity for various application is expected to drive the market growth. Gasification segment is expected to lose its market share over the forecast period as it does not produce stable biochar which can be used in agriculture for soil enhancement.
Applications segment includes agriculture, water and wastewater treatment, and others. Agriculture application segment is expected to grow over the forecast period. Increasing demand for organic farming owing to rising health consciousness and increasing consumer spending in urban areas is expected boost the demand for biochar. Increasing demand for food crops on account of rising population is anticipated to boost the demand for farming which in turn is expected to impel positive impact on the biochar market.
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Based on the region the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in the Asia Pacific is estimated to be the fastest growing region in terms of revenue. Emerging economies in the region namely China, India, and Indonesia is expected to fuel the market growth in the region. Increasing research and development activities in the region coupled with increasing demand for organic farming is expected to propel the market growth in the region over the forecast period.
Key players operating in the global biochar market include Agri-Tech Producers, LLC, Genesis Industries LLC, Diacarbon Energy Inc., Cool Planet Energy Systems Inc., Vega Biofuels, Inc., Earth Systems Bioenergy, Biochar Products, Inc., Earth Systems PTY. LTD., Waste to Energy Solutions Inc., and Swiss Biochar GmbH.