Europe Biomass Power Market Growth Prospects 2024-2032

Europe Biomass Power Market Growth Prospects 2024-2032

According to Triton’s analysis, the Europe biomass power market is projected to rise at a CAGR of 6.68% in revenue over the forecast years 2024-2032.

The biomass power market in Europe is experiencing robust growth driven by stringent environmental regulations, ambitious renewable energy targets, and strong governmental support. Biomass power is increasingly being adopted across various sectors to reduce greenhouse gas emissions and transition towards a sustainable energy future. The region’s abundant availability of biomass feedstock, including agricultural residues, forestry by-products, and organic waste, supports the expansion of biomass power generation facilities. Hence, Europe’s focus on innovation, sustainability, and circular economy principles is expected to continue driving the biomass power market expansion.

The countries explored in this region are Germany, United Kingdom, France, Italy, Spain, and Rest of Europe.

Germany holds the largest market share, achieving around $7150.06 million in 2023.

According to IEA Bioenergy, Germany is at the forefront of bioenergy deployment, with institutions like DBFZ (Deutsches Biomasse Forschungszentrum) playing a crucial role in sustainable biomass energy research and deployment of biogas and biomethane.

In fact, in 2022, biomass contributed to 7.7 percent of the country’s energy mix, wherein more than 14,922 biomass power plants are deployed in the nation.

Hence, biomass power plays a crucial role in this transition, contributing to Germany’s goal of achieving a renewable energy share of 65% by 2030, which will significantly influence the reviewed market.

Biomass Power Market Forecast for the United Kingdom

The United Kingdom is also at the forefront of innovation in Bioenergy with Carbon Capture and Storage (BECCS) technology, aiming to achieve negative emissions through government-supported projects. Government initiatives, such as the Contracts for Difference scheme, provide financial incentives for low-carbon electricity generation, boosting the adoption of biomass power. Clearly, the UK plays a pivotal role in the European biomass power market, driven by its ambitious goal of achieving net-zero greenhouse gas emissions by 2050.

The biomass power market is segmented based on application, feedstock, and technology. The technology segment comprises gasification, co-firing & Combined Heat and Power (CHP), combustion, anaerobic digestion, and Landfill Gas (LFG). Anaerobic digestion involves transforming organic waste such as agricultural residues, food scraps, and wastewater into biogas through microbial activity in oxygen-free environments. The process also produces nutrient-rich digestate, which can be used as a natural fertilizer, supporting circular economies. Anaerobic digestion is also gaining traction due to its dual role in sustainable energy production and effective waste management.

Contender Analysis in the Biomass Power Market

Drax Group plc is a leading force in the European biomass power market, particularly in the United Kingdom, where it operates the nation’s largest renewable power generation facility powered predominantly by biomass. With a strong commitment to advancing a zero-carbon, cost-effective energy future, Drax continues to drive innovation in sustainable energy solutions.

In 2023, Drax furthered its investment in Bioenergy with Carbon Capture and Storage (BECCS) technology at its North Yorkshire power station. This groundbreaking project aims to capture millions of tonnes of CO₂ annually.

Other contenders in the studied market are Siemens Energy AG, Veolia Environnement SA, Suez SA, Valmet OYJ, and Xcel Energy Inc.