The global biomass power generation market report predicts a promising outlook for revenue growth of the market over the upcoming years. Government support will be crucial.
Market Analysis in Brief
Biomass that comprises biological residue, wastes, forest products and by-products, and agricultural wastes, is typically a mass of biodegradable organic materials. Besides industry verticals, municipal bodies also represent a few of the largest sources of biomass generation and thus constitute an important segment of the biomass power generation market. The report prominently covers wood and agricultural wastes, by-products of food processing industry, industrial and waste residues, as well as the municipal solid waste (MSW) under its assessment of the biomass power generation industry.
With the world accelerating its journey toward an environment-friendly, carbon-neutral, sustainable means of power generation as a powerful alternative to conventional fossil fuel, demand for biomass power generation will witness a consistent hike. A growing perception about biomass regarding its potential application in transportation industry will also drive the growth of biomass power generation market.
Key Report Findings
Spike in Biomass Consumption by Local Communities
Increasing employment of biomass in power generation as it provides end users with a sustainable, low-carbon fossil fuel alternative is expected to primarily drive revenue to global biomass power generation market. Several economies have been witnessing noticeable consumption of biomass resources by the respective local communities. Moreover, biomass resources are projected to experience mounting demand further in the light of a growing number of government-led strategic initiatives.
The participation of environmental institutions in the global sustainability drive has also been increasing that also involves recognition of the national energy economies. This leads to an expanding share of renewable energy in the entire power generation mix, in turn favoring the growth of biomass power generation market. Soaring popularity of clean energy sources further complement market expansion.
Growing Perception as an Ideal Power Supply
When it comes to electricity and heat generation, biomass can be a potentially viable source of energy input. Growing consideration by the transportation industry also indicates a sizeable stream of business opportunities in the transport sector. Research points to a rising perception of biomass as a preferable off-grid power supply as it accompanies the cost benefit. The initial capital costs, and feedstock determine the final cost of electricity generated from biomass-powered plants and it has been found that this cost is way more competitive than that of the conventional power sources. The costs remain competitive whether the basic feedstock is cheaper, or expensive.
Overview of Key Segments
Combustion Technology Leads, Solid Biofuel Preferred
Based on the technology used for power generation, the biomass power generation market is segmented as gasification, combustion, and anaerobic digestion. Among these, combustion remains the sought-after technology segment and this trend will most likely prevail throughout the period of projection.
On the other hand, feedstock-wise analysis of the market reveals primacy of the solid biofuel segment over the other two, i.e., biogas, and liquid biofuel. Although competitive costs, and easy availability of solid biofuels uphold their preference, liquid biofuels have been pacing up over the recent past.
Based on the feedstock, woody biomass remains the sought-after feedstock for biomass power generation. Following this segment, the forest and agriculture residues are expected to represent the second leading biomass feedstock. The other key segments of the category include urban residues, biogas and energy crops, and landfill gas feedstock.
Growth Opportunities Across Regions
Europe at the Forefront
In an effort to raise the contribution of renewables in the overall energy mix, many nations including China, Germany, India, France, and the UK have been actively committed to their renewable energy targets. With more carbon-neutral nations in the making, the world is more likely to witness a progressive outlook for the biomass power generation market.
Regional analysis of the market primarily reveals predominance of Europe in the overall renewables sector, thereby the biomass space as well. Research attributes the long-term carbon-neutral strategy of the UN, and the first-ever European Climate Law (2020) over the climate-neutrality goal 2050 to remain the most significant collective force driving Europe’s dominance in global biomass power generation market.
North America Lucrative
Supportive role of governments, especially across the major economies like the UK, Germany, and the US will remain vital to the market build-up in developed nations. Canada will also be an important market for biomass. The tax benefits, investment subsidies, funds, and favorable regulatory structure continue to contribute successfully toward the growth of biomass power generation market in the spearheading regions of Europe, as well as North America.
While governments make it a priority to encourage the power generating companies and utilities to embrace biomass for power generation, swelling investments further elevate the impact on the market. Asia Pacific is poised to hold a significant business opportunity in future and research finds investments on the rise especially in Australia, India, Indonesia, and Poland.
Competition Landscape Analysis – Biomass Power Generation Market
Some of the leaders in worldwide biomass power generation industry that would be covered in the report for strategic profiling and analysis include Ameresco, Inc., The Babcock & Wilcox Company, Alstom SA, Helius Energy Plc, Drax Group plc, DONG Energy A/S, Fourth Partner Energy, Enviva LP, Vattenfall AB, MGT Power Ltd.
Regional Classification of the Global Combine Harvester Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Biomass Power Generation Market
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