Biomass power market is experiencing steady growth, fueled by increasing concerns about climate change and the depletion of fossil fuels. In 2022, the market size stood at US$ 30.75 billion, and it is projected to reach US$ 39.3 billion by 2029, expanding at a CAGR of 3.5% during the forecast period.
To Know more about this report (Description, TOC and List of Tables and Figures) — Biomass Power Market
This growth is driven by several factors, including:
- Government policies: Many countries are implementing supportive policies, such as feed-in tariffs and renewable energy credits, to incentivize the use of biomass for power generation.
- Environmental concerns: Biomass, unlike fossil fuels, is a renewable and carbon-neutral energy source. Its adoption helps reduce greenhouse gas emissions and air pollution.
- Growing energy demand: With the global population increasing, the demand for electricity is also rising. Biomass offers a reliable and sustainable option to meet this demand.
Key Players:
- DONG Energy A/S
- Babcock & Wilcox Company
- Forth Energy Ltd.
- Ameresco Inc.
- Drax Group plc Co.
- Enviva LP
- MGT Ltd.
- Alstom SA
- Helius Energy Plc.
- Vattenfall AB
Drivers and Opportunities:
- Technological advancements: Innovations in biomass conversion technologies, such as gasification and pyrolysis, are improving efficiency and reducing emissions.
- Diversification of feedstocks: The utilization of diverse feedstocks, such as waste wood, agricultural residues, and municipal solid waste, is expanding the market potential.
- Integration with other renewable energy sources: Biomass can be combined with wind and solar power to create a more stable and reliable renewable energy system.
Segmentation by Type:
- Urban Residue
- Biogas
- Agriculture & Forest Residues
- Energy Crop
- Woody Biomass
- Landfill Gas Feedstock
Segmentation by Application:
- Paper Industry
- Forest Industry
- Panel Board Makers
- Pulp Industry
Segmentation by Region:
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Overall, the biomass power market is poised for continued growth in the coming years. With supportive government policies, technological advancements, and a growing focus on sustainability, biomass is emerging as a viable and attractive option for electricity generation.
However, concerns about sustainability practices and feedstock availability need to be addressed to ensure the long-term growth of the market.
