Pune, India, Jan. 24, 2022 (GLOBE NEWSWIRE) -- The global Biomass market size was valued at USD 53.5 Billion in 2021 and is anticipated to grow at a CAGR of 6.3% during the forecast period, according to a recent market study by Quince Market Insights. Biomass is a renewable organic material that comes from animals and plants. It can be converted to renewable liquid and gaseous fuels or burned directly for the heating process.
Biomass serves as a sustainable and low-carbon alternative to fossil fuels. New developments are aiming at using more biomass fuels which are set to drive the global biomass market growth. Also, rising needs to regulate the emission of greenhouse gases (GHG) are also a factor rising the demands for global biomass market.
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However, inadequate biomass management, rise in feedstock costs, and lack of knowledge for utilizing biomass for producing energy among emerging economies are restraining the growth of global biomass market.
The demand is increasing for an environment-friendly renewable source of energy due to improve public health as well as reduce global warming are introductory new opportunities for the key market players operating in the global biomass market.
Mainly, biomass fuels were burned on inefficient open traditional stoves or fires. For some cases, the demand for biomass fuels far offsets sustainable supply which can make land degradation, desertification, or deforestation. These factors are liming the global biomass market in their growth.
Impact of COVID-19 on Global Biomass Market
The global pandemic has had a significant impact across the globe. The spread of the infectious virus has led governments across the world to impose strict measures to control the spread by doing regional and national restrictions, lockdowns on international travel as well as practicing social distance.
The continuous lockdown had a major impact on the energy sector and biomass energy is one of them which had faced a reduction in their demand. As most of the biomass energy arises from the forestry sector which brings residues from processing and harvesting.
Further, the stoppage in the supply chain sector all the activities for biomass energy market stopped during the pandemic situation. But by the opening of activities with the government guidelines, the market will be going to raise its demand during the forecast period.
Global Biomass Market, by Application
Based on application, the market is bifurcated into cooking, space heating/cooling, heat processing, electricity generation, and others. Among these, the heat processing segment is one of the largest markets for global biomass in 2021 and is expected to remain the largest market during the coming forecasted period.
Factors attributing to the growth of the heat processing segment is because mostly biomass is used for heating. In a direct burning system, biomass is burned to create hot gas, which can either be fed into a boiler for generating hot water/stream or be used directly to provide heat or. These factors are driving the global biomass market growth by heat processing segment.
Global Biomass Market, by Source
Based on source, the global biomass market is segmented into wood pellets, crop residue, energy crops, municipal solid waste (MSW), and others (peat, sawdust). Wood pellets capture the largest market share for global biomass in 2021 and are expected to remain the largest during the forecast period.
Factors contributing to the growth of wood pallets are because wood pallets are cost-effective as they are economically competitive with electric heat and home fossil fuel options. Wood pellets are a sustainable source of fuel, and burning wood pellets is carbon-neutral. These advantage factors are driving the wood pellets segment for global biomass market.
Global Biomass Market, by Technology
Based on technology, the global biomass market is segmented into combustion, anaerobic digestion, gasification, co-firing & CHP, and landfill gas (LFG). The combustion segment is one of the largest markets for global biomass in 2021 and is expected to remain largest during the forecast period.
Factors attributing the growth of combustion segment is due to biomass combustion offers a relatively cheap fuel source, provides self-sufficiency even during blackouts, and also cuts dependence on fossil fuels. These advantages are boosting the combustion segment for global biomass market.
Global Biomass Market, by End User
Based on end user, the global biomass market is segmented into industrial, institutional, and domestic. Industrial segment is one of the largest markets for global biomass in 2021 for global biomass and is anticipated to remain largest during the forecast period also due to various uses.
Such as the industrial sector use biomass for space heating, electricity generation, hot water heating, and construction of timber are uplifting the industrial segment for global biomass market.
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Global Biomass Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Europe is one of the largest markets for global biomass in 2021 for global biomass and is expected to remain the largest market till the forecast period 2030.
Factors attributing the growth of the European market for biomass because the production of energy from solid biomass has improved remarkably over the past two decades and peaked in 2017. Germany is the largest producer of biomass energy with France is the only other country with having an output in excess of ten million tons of oil equivalent. These applications are boosting the global biomass market.
Recent Developments in the Global Biomass Market
- September 2021 – According to the Malaysian Industry-Government Group for High Technology (MIGHT) ‘Biomass to energy’ (BTE) can help Malaysia in meeting green energy goals. The project organized by the EMOG Strategic Group and MIGHT using the method can reduce greenhouse gases (GHG) and meet sustainable development goals (SDG), as well as to provide job opportunities to university graduates.
- September 2021 – The Drax Group decided to become the primary big European power company to combine biomass power with carbon storage and capture in its quest to be carbon negative by 2030. University of British Columbia conveys that the province’s recent wildfires presses, the need for dead wood and debris to be removed from forest, to potentially converted into wood pellets.
Some Key Findings of the Global Biomass Market Report Include:
- The analysis includes a global biomass market study, expansions, and forecasts, along with a country-specific analysis.
- An in-depth analysis of the global biomass market comprises segment application, source, technology, end user, and regions with an analysis of trend-based insights and factors.
- Product offering details on competitive benchmarking and evolution approach adopted by the industry players, along with their investments in the last five years in the global market have been provided in the report.
- The market research includes a study of the provinces, boundaries, drivers, prospects, guidelines, challenges, and procedures that are propelling the global biomass market.
- The study also offers complex measures of potential market effect during the forecast period and an in-depth overview of the leading companies operating in the global market.
- External as well as internal variables that are expected to have a positive or negative effect on companies have been evaluated, which will offer the decision-makers a strong futuristic view of the industry.
- The research also helps understand the dynamics of the biomass market structure by analyzing market segments and by projecting the size of the market.
- The report helps to understand the effects of COVID-19 pandemic on biomass market.
- Some major industry players functional in the global biomass market are: Mitsubishi Heavy Industries, Ltd., Suez, Xcel Energy Inc., Ramboll Group A/S, Babcock & Wilcox Enterprises, Inc., Ameresco, Veolia, Vattenfall AB, and Ørsted A/S.
For more information on this topic please visit our website report titled, “Biomass Market, by Application (Space Heating/Cooling, Cooking, Heat Processing, Electricity Generation, and Others), Source (Wood Pellets, Crop Residue, Energy Crop, Municipal Sol), Technology (Combustion, Anaerobic Digestion, Gasification, Co-firing & CHP, and Landfill Gas {LFG}), End User (Industrial, Institutional, and Domestic), and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) —” in-depth analysis along with the table of contents (ToC).
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