Global Biomass Power Generation Market 2022-2028

Global Biomass Power Generation Market 2022-2028

Global biomass power generation market was valued at $58.3 billion and is projected to grow at a CAGR of 7.3% during the forecast period (2022-2028). Biomass refers to biodegradable organic materials which are non-fossilized and originate from biological sources resulting from animals, plants, and micro-organisms. Biomass contains wastes, residues, and by-products from woods, agriculture industries as well as biodegradable organic fractions of municipal & industrial wastes. Biomass is used as a source of energy input for electricity generation, provision of heat, and as a fuel in the transportation sector.

Biomass power generation distinct from the other alternative sources and can also provide baseload power which is likely to foster additional growth in the biomass power generation market. It is the clean sources of renewable energy that form an important part of the solution to economic, environmental, climate, and security challenges stood by the effective utilization of fossil fuels. Biomass used for power generation with a low-carbon and sustainable alternative to fossil fuels, allows the local communities to use domestic biomass resources. The utilization of biomass resources for power and energy generation forms a significant part of the strategic advantages of various government institutions. These initiatives aim to re-organize the national energy economies and augment the share of renewable energy in the whole power generation mix.

Segmental Outlook

The global biomass power generation market has been segmented on the basis of feedstock, technology, and end-user. On the basis of feedstock, the industry has been segmented into sild biofuel, liquid biofuel, and biogas. On this basis of technology, the biomass power generation market has been segmented into anaerobic digestion, combustion, and gasification. Further on the basis of end-user, the market is segmented into household, industrial sector, government sector, and others.

Solid biomass which includes crop waste, sawdust, and wood dominated the market in 2020. These feedstocks are either used directly or processed into charcoal and briquettes for power generation, cooking, and heating purposes. Liquid biofuels include ethanol produced from grain and biodiesel produced from trans esterified vegetable oils blended with diesel. While biogas segment is projected to exhibit a considerable growth rate during the forecast period.

Regional Outlooks

Geographically, the study of the global biomass power generation market covers the analysis of four major regions including North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and the Rest of the World. Countries in Europe and North America boast favorable controlling framework outlines and government support which boosts the development as well as the use of biomass for power generation. Incentives, funding programs, grants, investment subsidies, and tax benefits play a major role in increasing the biomass power generation market in countries such as the UK, the US, and Germany. Developing economies such as Indonesia, Poland India, China, and Australia have also been suggesting government legislations to fuel investments in biomass power generation.

Market Players Outlook

Moreover, the report covers the analysis of various players operating in the market. Some of the key players covered in the report include Drax Group PLC, Ameresco Inc., Alstom SA, Forth Energy Ltd., Helius Energy PLC, Enviva LP, and The Babcock & Wilcox Co. In order to survive in the market, these players adopt different marketing strategies such as a merger, acquisitions, product launch, and geographical expansion.