The global biomass power market size is expected to reach USD 203.61 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.0% over the forecast period. The growing concerns about Greenhouse Gas (GHG) emissions have resulted in favorable policies and regulations for renewable energy, which has been the key factor driving the growth of this market.
Biomass Power Market Report Highlights
- In terms of revenue, the solid biofuel segment accounted for the dominant revenue share in 2021 and is projected to expected further over the forecast period
- Germany dominated the Europe regional market and accounted for the maximum revenue share in 2021
- The high rate of depletion of fossil fuels in the Europe region is creating ample growth opportunities for this market
- The European Union has set a target to fulfill a significant portion of its energy requirements from renewable sources
- The focus of governments of different countries of the region on reducing carbon emissions also creates ample opportunities for the market
- Some of the major strategic initiatives undertaken by vendors in the biomass power market include M&A & R&D activities, overseas business expansions, and strategic collaborations among the market participants
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Biomass is a renewable organic material that comes from plants and animals, is a sustainable alternative to traditional fossil fuels that, when burned, produces bioenergy, which is regarded as a clean fuel for energy generation, that would otherwise be dumped in landfills, openly burned, or left in the woods. It can be burned directly for heating, for industrial process heat, & for generating electricity or converted to renewable liquid & gaseous fuels through various processes. Biomass continues to be an important fuel in many countries, especially for cooking & heating. The use of biomass fuels for transportation and for electricity generation is increasing as a means of avoiding carbon dioxide emissions & rising fossil fuel prices.
The COVID-19 pandemic has hampered the market growth globally owing to the disruptions in the supply chain, which resulted in delays for some projects. The power demand has declined from commercial and industrial end-users in the non-essential category due to the closure of operations during the lockdown.
These factors have resulted in delays in the construction of new biomass power plants and reduced power supply from existing biomass power plants. Solid biofuel has emerged as the dominant feedstock segment in the market owing to its easy availability. Moreover, it is simpler to use than liquid biofuel and biogas in power generation applications. The combustion technology segment accounted for the largest market share in 2021, in terms of revenue. The growth of this segment can be attributed to lower costs of combustion technology than anaerobic digestion and gasification technologies.
Biomass Power Market Insights By Geographical Regions:
Europe has emerged as the major regional market and accounted for a revenue share of more than 37.0%, owing to the presence of supportive policies and plans, coupled with the announcement of the phasing-out of coal-based power plants by the leading European countries, such as the U.K., Germany, and France. North America also accounted for a significant share of the global market revenue. The demand for biomass power across North America is primarily driven by the U.S. and Canada. On the other hand, the market in Asia Pacific is estimated to register the fastest growth rate over the forecast period.
Industry Analysis By Major Producers:
The global market is highly competitive due to the presence of major companies. The industry faces a complex supply chain interface where the industry participants need to interact with local and regional players to ensure a continuous supply of biomass feedstocks, conversion, transportation, and delivery of the valuable fuels to the end-user segment. Some of the prominent players in the global biomass power market include:
- Mitsubishi Heavy Industries, Ltd.
- Suez
- Xcel Energy Inc.
- Ramboll Group A/S
- Babcock & Wilcox Enterprises, Inc.
- Orsted A/S
- Ameresco
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Biomass Power Market Segmentation
Grand View Research has segmented the global biomass power market based on technology, feedstock, and region:
Technology Outlook
- Combustion
- Gasification
- Anaerobic Digestion
Feedstock Outlook
- Solid Biofuel
- Liquid Biofuel
- Biogas
Regional Outlook
- North America
- U.S.; Canada; Mexico
- Europe
- Germany; Italy; U.K.
- Asia Pacific
- China; India; Thailand
- Central & South America
- Brazil
- Middle East & Africa
Research Methodology
We employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. We utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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