The biomass power market comprises of technologies and equipment utilized for generating electricity from various types of biomass resources such as woody biomass, non-woody biomass, biogas and municipal solid waste. Biomass power is considered advantageous over other power sources owing to its lower capital costs, ability to use waste resources and lesser reliance on intermittent renewable resources. Solid biomass, biogas and municipal solid waste sources are commonly utilized in combustion systems for generating process heat and electricity.
The Global Biomass Power Market is estimated to be valued at US$ 198.30 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the biomass power market are Mitsubishi Heavy Industries, Ltd., Suez, Xcel Energy Inc., Ramboll Group A/S, Babcock & Wilcox Enterprises, Inc., Orsted A/S, Ameresco, General Electric, Veolia, Vattenfall, Dalkia EnviTec Biogas AG, Weltec Biopower GMBH, Drax Group PLC (UK), Enviva LP, Sodra, MVV Energie AG, Helius Energy PLC, Alstom SA, and Vattenfall AB. The rising demand for sustainable energy sources across various industries and sectors has led to increased utilization of biomass resources for power generation. Various technological advancements such as advanced combustion systems, gasification processes and co-firing with other fuels have enhanced the viability of biomass power.
Market Trends
The increasing focus on reducing dependency on fossil fuels and developing indigenous renewable energy sources is a key trend bolstering the biomass Biomass Power Market Size . Several countries are formulating supportive policies and incentives to encourage the deployment of biomass-based power projects. Advanced technologies allowing flexible conversion of various biomass feedstocks into energy are also gaining traction.
Market Opportunities
Growing investment in renewable capacity addition in Asia Pacific and Latin America creates significant opportunities for biomass power equipment and technology providers. Further, the abundance of agriculture and forest residues in these regions provides opportunities for development of decentralized biomass power projects. Initiatives promoting waste-to-energy also present new markets for technologies enabling power production from municipal solid waste and biomass wastes.
Impact of COVID-19 on Biomass Power Market Growth
The COVID-19 pandemic has impacted the growth of the Biomass Power Market Analysis Lockdowns and movement restrictions across many regions led to the closure of manufacturing facilities and construction sites temporarily. This reduced electricity demand from the industrial and commercial sectors significantly. Moreover, supply chain disruptions caused delays in new biomass power project development and commissioning. Fuel availability for existing projects was also constrained due to logistical challenges.
However, post-COVID some geographies have seen a gradual recovery in industrial and commercial activities boosting electricity demand. Many countries also view the biomass power sector as essential to meet renewable energy targets and transition away from fossil fuels. Hence governments are providing incentives and subsidies for new projects. Technology upgrades of existing plants are also being encouraged to improve their efficiency and output. Sustainable biomass sources especially agricultural and forestry waste are being promoted. If the supply chain recovers fully, the biomass power industry is expected to bounce back and see steady growth in the coming years.
Europe is currently the largest and most concentrated region for the Biomass Power Market in terms of value. Countries like Germany, UK, Italy, France have traditionally relied on biomass for meeting their baseload renewable power needs. Supportive policies, high electricity costs and access to ample domestic waste resources have boosted the sector. Scandinavian nations also generate a significant share of their power from various biomass fuels. Going forward, Europe is projected to remain a major market driven by its climate targets and transition to a circular bioeconomy.
The Asia Pacific region has emerged as the fastest growing market for biomass power globally. Countries like India, Japan, South Korea and China are placing strong emphasis on replacing coal with renewable and waste-based fuel sources. Abundant agricultural residues, forestry waste and potential for cogeneration make biomass an attractive option. Government measures to attract private sector investments and technology transfers are also benefiting the sector. If the growth momentum sustains, Asia Pacific will play a leading role in the biomass power industry in the coming decade.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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