Asia-Pacific Biomass Power Market Growth Prospects 2024-2032

Asia-Pacific Biomass Power Market Growth Prospects 2024-2032

According to Triton’s research report, the biomass power market in the Asia-Pacific is estimated to expand in terms of revenue at a CAGR of 6.70% over the forecast years 2024-2032.

The biomass power market in the Asia-Pacific region is witnessing significant growth due to increasing energy demand, abundant availability of biomass resources, and supportive government policies promoting renewable energy. Rapid industrialization, urbanization, and economic development are driving the need for sustainable and reliable energy sources. Biomass power is being adopted across various sectors to reduce greenhouse gas emissions, enhance energy security, and support rural development. Advances in biomass conversion technologies and investments in infrastructure are expected to further propel the biomass power market’s expansion in the coming years.

The countries examined in this region include China, Japan, India, South Korea, ASEAN Countries, Australia & New Zealand, and Rest of Asia-Pacific.

China holds the largest market share, achieving around $13339.66 million in 2023.

China’s biomass energy sector has seen significant growth, as its installed biomass power capacity reached 44.14 GW in 2023.

The country’s biomass resources are abundant, with around 3.5 billion metric tons of raw biomass materials produced annually, including agricultural waste, forestry residues, and organic waste from urban areas. Of this, about 500 million tons are currently used for energy production.

With an extensive agricultural sector producing large quantities of residues and forestry waste, it offers a rich feedstock for biomass power generation. Thus, China aims to expand its biomass capacity further, targeting 50 GW by 2030, thereby leading to the expansion of biomass power plants in the coming years.

Biomass Power Market Forecast for India

India is gaining prominent traction in the biomass power market, with the government’s focus on renewable energy and rural development projects. The National Biofuel Policy promotes the production and utilization of biofuels derived from non-food feedstocks, including agricultural waste. The country’s large agricultural sector produces vast amounts of biomass waste, such as bagasse, rice husks, and cotton stalks, which can be efficiently converted into energy. Government incentives, including financial support through capital subsidies and preferential tariffs, further encourage investments in biomass power projects.

The biomass power market is segmented by feedstock, technology, and application. Based on feedstock, it is further classified into liquid biomass, biogas, solid biomass, and municipal solid waste. Liquid biomass, derived from organic materials such as vegetable oils, animal fats, and bioethanol, serves as a versatile feedstock in the biomass power market. It is primarily used to generate heat and electricity, often in decentralized power systems. Its adaptability to existing energy infrastructure makes it a practical choice for transitioning to renewable energy sources.

Contender Analysis in the Biomass Power Market

Mitsubishi Heavy Industries Ltd (MHI), a Japanese multinational engineering and electronics company, plays a significant role in the biomass power market. Its portfolio includes biomass power systems such as boilers and turbines designed for biomass fuels, Integrated Gasification Combined Cycle (IGCC) systems, and environmental solutions for emissions control and waste treatment. Additionally, MHI offers Engineering, Procurement, and Construction (EPC) services for biomass power plants.

Recently, the company completed a 50MW Woody biomass power plant in Hyuga, Miyazaki Prefecture, to support the localities with advanced power generation technology.

Other key contenders in the market include General Electric Company, Raízen Sa, Ramboll Group AS, Hitachi Zosen Corporation, Ørsted A/S, etc.