Biomass Power Market Forecasts to 2028 – Global Analysis By Feedstock (Solid Biofuel, Liquid Biofuel and Other Feedstocks), Technology (Combustion, Gasification and Other Technologies), End User (Industrial, Commercial, Residential & Other End User) and B

Biomass Power Market Forecasts to 2028 – Global Analysis By Feedstock (Solid Biofuel, Liquid Biofuel and Other Feedstocks), Technology (Combustion, Gasification and Other Technologies), End User (Industrial, Commercial, Residential & Other End User) and By Geography

According to Stratistics MRC, the Global Biomass Power Market is accounted for $70.30 billion in 2022 and is expected to reach $154.32 billion by 2028 growing at a CAGR of 14% during the forecast period. Biomass power is energy generated or produced by living or non living organisms. The most common biomass materials used for energy are plants, such as corn and soy etc. The energy from these organisms can be burned to create heat or converted into electricity. This biogas is used to produce energy by various processes such as thermal conversion, gasification, bio fuel, bio char etc. These biomass is rich in hydrogen, carbon etc. Biomass is an integral part of earth’s carbon cycle. The carbon cycle is the process by which carbon is exchanged between all layers of the earth. Hence the above factors are boosting in the market growth.

According to the BP Statistical Review of World Energy 2022, the United States produced 643 thousand barrels of oil equivalent of bio fuel per day, i.e., an increase of about 7.1% when compared to the previous year's value.

Market Dynamics:

Driver:

Rapid adoption of biomass power generation

Biomass power generation is increasingly being adopted across the globe to meet policy targets for reliable, affordable, and secure supply of energy in order to promote economic development and improve electricity access, in addition rapid industrialization in developing and emerging economies such as China, India, and Brazil is fuelling the demand for energy. Utilization of biomass resources for power generation forms an important part of the strategic initiatives by various governments and institutions. These initiatives aim to reorganize the national energy economies and augment the share of renewable energy in the overall power generation mix which is motivating the market growth.

Restraint:

Presence of alternative renewable energy source

Renewable sources of energy such as solar and wind energy have evolved as better alternatives due to vigorous research and development and giant capital investments. These alternative sources have lead to remarkable power generation and require less operational costs than biomass power. Furthermore, the incapacity of solar and wind energy to provide continuous power has been overcome with the evolution of battery energy storage systems, thus the lower costs and increasing adoption of solar and wind energy hinders the growth of the biomass power market.

Opportunity:

Regulatory framework and government support

The supporting Regulatory framework and government grants and funding programs that provide investment subsidies and tax benefits play a key role in encouraging power generating companies and utilities to switch to environment-friendly biomass for power generation. Moreover, biomass can compete with conservative power sources with the availability of low cost agricultural or forestry wastes and residues. Even in the regions where feedstock is expensive, the cost of electricity from biomass is still more competitive than that from coal-fired generation, making biomass ideal for off-grid power supply are likely to fuel the global biomass power generation market.

Threat:

Seasonal Nature of Biomass Power

Seasonal nature of biomass feedstock, along with transportation and storage problems, create severe challenges for plant operators. The accessibility of biomass feedstock depends upon the climatic conditions of the region they grow in and the cultivation period. Additionally, the cost of biomass feedstock is subject to climatic conditions and availability. Furthermore, the wet disposition of biomass makes transportation and storage a costly affair. Moreover, in order to avoid shortage and make certain availability throughout the year, biomass plant operators need to stock up the biomass feedstock, which requires specific storage facilities to prevent an increase in moisture content.

Covid-19 Impact

The corona virus pandemic has a negative impact on the market for biomass power generation. The development of the global biomass power generating market was greatly impacted by strict lockdowns, suspended commercial and industrial operations, and limitations placed by certain governments because of large-scale transmission capacities. Biogas and derivatives market participants are overcome the crisis by concentrating on efficient strategies. Hence pandemic has hampered the growth of the biomass power market.

The solid bio fuel segment is expected to be the largest during the forecast period

The solid bio fuel segment is estimated to have a lucrative growth, due to its biological origin which may be used as fuel for heat production or electricity generation. In energy statistics, solid bio fuels is a product aggregate equal to the sum of charcoal, fuel wood, wood residues and by-products, black liquor, biogases, animal waste, other vegetal materials and residuals and renewable fraction of industrial waste. They provide advantages of emission of non-toxic materials which reduces the risk of cancer and breathing problems in human beings. Moreover, they are friendly to the environment because they reduce the risk of global warming thus, propelling the market growth.

The combustion segment is expected to have the highest CAGR during the forecast period

The combustion segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its benefits of protecting animal and human health by reducing pathogens. Convert nutrients in manure into a form that is more accessible for plants to use compared to raw manure. This can increase crop productivity and yield. Recycle nutrients on the farm, creating an economically and environmentally sustainable food production system. Moreover, it reduces greenhouse gas emissions by capturing methane gas that may otherwise have been lost to the atmosphere and by displacing fossil fuel energy use thereby enhancing the growth of the market.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owing to the recent discovery of shale gas reserves in the region has resulted in gas-based power generation, which is gaining higher growth over coal-based power generation in the region in the past decade. Installers and system providers usually hold stock of major equipment in inventory. The North America locale is significantly reliant upon coal for power age. The new disclosure of shale gas holds in the area has brought about gas-based power age, which is acquiring higher development over coal-based power age thereby accelerating the market growth.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to their aim be carbon-neutral by 2050. The European Union’s commitments as part of the Paris agreement, biomass feedstock are directly combusted in a furnace with air, to convert water into steam. The produced steam is used to drive a steam turbine to generate electricity. The new project commissioned in was done in locations, such as Florida, Georgia, California, and Hawaii. Furthermore, over 384 MW of biomass power projects are under different development phases in the country. These factors are anticipated to boost the market growth in the country over the forecast period.

Key players in the market

Some of the key players profiled in the Biomass Power Market include Babcock & Wilcox Company, Ameresco, Alstom SA, Engie, Indus Green Bio Energy Pvt. Ltd, NTPC, Oulun Energia Oy, Acciona, Helius Energy Plc, DONG Energy A/S, Fourth Partner Energy, Alstom SA, MGT Power Ltd., Vattenfall AB and Drax Group plc.

Key Developments:

In Nov 2022, Babcock & Wilcox Announces Agreement to Study Development of Biomass-to-Hydrogen Project in South Korea Using BrightLoop™ Technology for a hydrogen generation facility using biomass fuel in South Korea.

In Nov 2022, Ameresco Announces the Acquisition of Wind Farm in West County Cork, Ireland, his three-turbine site is designed to deliver a total combined capacity of 5MW of clean energy.

In Dec 2020, Babcock & Wilcox and Chart Industries to Collaborate on Hydrogen Innovation Utilizing B&W’s BrightLoopTM Technology utilizing Chart’s integrated hydrogen liquefaction and cryogenic carbon capture equipment and expertise. Together, this solution provides economic generation of low-carbon hydrogen and supplies cost-effective, transportable forms of liquid hydrogen and carbon dioxide.

Feedstock’s Covered:
• Solid Biofuel
• Liquid Biofuel
• Biogas
• Other Feedstock’s

Technologies Covered:
• Combustion
• Gasification
• Anaerobic Digestion
• Other Technologies

End Users Covered:
• Industrial
• Commercial
• Residential
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements