LONDON, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s Biomass Electricity Global Market Report 2023, the global biomass electricity market is on an upward trajectory, with the latest data indicating a robust growth from $41.44 billion in 2022 to an estimated $45.17 billion in 2023, representing a remarkable compound annual growth rate (CAGR) of 9.0%. This biomass electricity market growth trend is set to continue, with forecasts suggesting that the market will further expand to reach an impressive $61.32 billion by 2027, at a CAGR of 7.9%.
One of the key drivers propelling the biomass electricity market is the increasing support from governments worldwide through subsidies and policies. With mounting concerns about climate change and the escalating levels of greenhouse gases resulting from the combustion of fossil fuels like coal and oil, governments are actively promoting sustainable power generation.
For instance, India's Ministry of New and Renewable Energy, through its National Biogas and Manure Management Programme (NBMMP), provides subsidies for the establishment of family-type biogas plants, primarily targeting rural and semi-urban households. This program, implemented by various agencies, offers subsidies of up to Rs. 17,000 ($230) for setting up biogas plants, contributing to the growth of sustainable energy solutions.
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Major players in the biomass electricity market, including Enviva, Pinnacle Renewable Energy Group, Pacific BioEnergy Corporation, Acciona Sa, Dong Energy A/S, Ameresco Inc., E.On SE, Graanul Invest Group, RWE Innogy, Lignetics, Orsted A/S, Oulun Energia Oy, NTPC, Skive Fiernvarme, and Babcock & Wilcox Enterprises Inc., are actively innovating to produce electric power through hybrid biogas plants. These plants combine biogas with other renewable energy sources such as solar energy, reducing operating costs and waste management efforts.
As an example of this trend, in 2020, Green Genius, a renewable energy company, launched a new biogas power plant in Belarus. Apart from generating green electricity, these biogas power plants are capable of eliminating odors from farms and converting organic waste into liquid odorless fertilizer. Green Genius is expanding its sustainable energy projects, including solar and biogas, in Lithuania, Poland, Ukraine, Belarus, Spain, and Italy.
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In 2022, Western Europe emerged as the largest region in the biomass electricity market, followed closely by the Asia-Pacific region.
The biomass electricity market is segmented based on feedstock, end-users, and technology, encompassing Solid Biomass, Biogas, Municipal Solid Waste, Liquid Biomass, Households, Industrial Sector, Government Sector, and others, with technology categories including Anaerobic Digestion, Combustion, Co-Firing, Gasification, and Landfill Gas.
Biomass Electricity Global Market Report 2023 by The Business Research Company provides insights on the biomass electricity market size, biomass electricity market segments, biomass electricity market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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