Newark, May 30, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global biomass power generation market is expected to grow from USD 46.98 billion in 2021 to USD 84.78 billion by 2030, at a CAGR of 6.78% during the forecast period 2022-2030.
Depleting fossil fuels over the last few decades due to their overexploitation has led to a supply crunch exacerbated by the crisis in the middle east at frequent intervals. The previously mentioned factors have led to increased international energy prices, which are eventually passed on to the end consumer. Along with being in short supply and non-renewable, fossil fuels are also polluting, impacting people's health around the world. These combined reasons make clean and renewable sources of energy like biomass the ideal solution for power generation. The rising awareness about the benefits of biomass power generation will drive the market in the forecast period. Favorable government policies that provide credit and subsidies for installing biomass power plants will offer lucrative opportunities to the market players. However, the adoption of biomass has been slow due to the high installation costs accompanying it, which may hamper its growth. Also, the inefficiencies in biomass power generation can restrict the market's growth. With technological advancements and innovations, installation costs and inefficacies can be reduced to over the restrictions on the development of the global biomass power generation market.
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Competitive Strategy
To enhance their market position in the global biomass power generation market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• According to a report provided by the Ministry of New and Renewable Energy, the Indian Renewable Energy Development Agency (IREDA) offers loans to construct biomass power plants and other biogas cogeneration projects. Such initiatives would promote the expansion of the biomass power market by providing accessible investment options for new projects.
Market Growth & Trends
Increased concern about climate change caused by overexploitation of fossil fuels and their non-renewable nature have resulted in government laws and policies directed towards scaling up alternative renewable sources of energy like biomass, driving the market for biomass power generation. The increased awareness about the two-fold benefit of biomass, namely, reduction in overall garbage on earth and the production of clean energy, will also significantly contribute to the development of the global biomass power generation market. The urgent need to reduce carbon emissions to mitigate the devastating impacts of climate change and save the planet for future generations has become critical. . Thereby, the use of biomass to produce energy is encouraged to reduce carbon footprints. Also, the growing awareness and adoption of biomass power generation will contribute significantly to the growth of the global biomass power generation market during the forecast period. According to the IPCC report released at the COP26, it is noted that it is nearly impossible to limit the global temperature rise to 1.5 °C if immediate actions are not taken to reduce the carbon footprints on a worldwide scale starting immediately. The report mentions the significant polluters, namely, the United States, EU, China, and India, emphasizing their essential role in saving the planet. The burning of fossil fuels for energy production is the primary and most significant contributor to greenhouse gas emissions responsible for climate change. These countries have pledged to achieve net-zero emissions by 2050-70. Alternative sources of renewable and clean energy will aid in meeting the rising energy consumption if the clean energy promises/pledges are to be achieved. Therefore, power generation from biomass will witness rising adoption in the future, contributing to the development of the global biomass power generation market.
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Key Findings
• In 2021, the solid biomass segment dominated the market with the largest market share of 58% and market revenue of 27.24 billion.
The feedstock segment is divided into woody biomass, municipal solid waste, solid biomass, biogas, urban residue, liquid biomass, energy crops, agriculture and forest residue, & others. In 2021, the solid biomass segment dominated the market with the largest market share of 58% and market revenue of 27.24 billion.
• The combustion segment is expected to grow at the fastest CAGR of 7.51% over the forecast period.
The technology segment is divided into anaerobic digestion, combustion, gasification, pyrolysis, landfill gas, & others. Over the forecast period, the combustion segment is expected to grow at the fastest CAGR of 7.51%.
• In 2021, the industrial segment accounted for the largest share of the market, with 49% and market revenue of 23.02 billion.
The application segment is divided into commercial, industrial, and residential. In 2021, the industrial segment accounted for the largest share of the market, with 49% and market revenue of 23.02 billion.
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Regional Segment Analysis of the Biomass Power Generation Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global biomass power generation market, with a market share of around 34% and 15.97 billion of market revenue in 2021. However, The Asia Pacific region is expected to grow the fastest during the forecast period. The biomass power generation market in the Asia Pacific has been expanding rapidly. With the growing international pressure on the developing countries of the Asia-Pacific like China and India about climate change and net emissions, there has been an increase in government subsidies to increase production capacity and encourage innovations in the biomass power generation industry.
Key players operating in the global biomass power generation market are:
• E. ON SE
• Ameresco Inc.
• Babcock & Wilcox Enterprises Inc.
• John Wood Group PLC
• Weltec Biopower GmbH
• EnviTec Biogas AG
• Engie
• Oulun Energia Oy
• ACCIONA
• Indus Green Bio Energy Pvt. Ltd.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global biomass power generation market based on the below-mentioned segments:
Global Biomass Power Generation Market by Feedstock:
• Woody Biomass
• Municipal Solid Waste
• Solid Biomass
• Biogas
• Urban Residue
• Liquid Biomass
• Energy Crops
• Agriculture and Forest Residue
• Others
Global Biomass Power Generation Market by Technology:
• Anaerobic Digestion
• Combustion
• Gasification
• Pyrolysis
• Landfill Gas
• Others
Global Biomass Power Generation Market by Application:
• Commercial
• Industrial
• Residential
About the report:
The global biomass power generation market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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