Global Biomass Power Market To Be Driven By Rising Demand For Power And Favourable Government Regulations Worldwide In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Biomass Power Market Size, Share, Analysis, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Biomass Power Market, assessing the market based on its segments like source, end use and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Biomass Power Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020 ): USD 54.2 billion
- Forecast CAGR (2023-2028): 8.6%
- Forecast Market Size (2026): USD 89.0 billion
The global biomass power market witnessed decent growth in the historical period, due to abundant availability of biomass and other raw material used as biomass, propelled by increase in awareness and demand for cleaner energy.
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Biomass Power Industry Definition and Major Segments
Biomass gasification is the process of converting solid fuels (biomass) including wood, wood waste, and agricultural leftovers into a combustible gas mixture known as producer gas or syngas. This is accomplished through a series of thermo-chemical reactions using heat, pressure, and partial combustion, which occur when the air supply (O2) is insufficient to complete the biomass combustion process. Its market is further divided into segments such as:
Based on source of biomass, the market is classified into:
- Solid Biomass
- Municipal Waste
- Liquid Biomass
Based on end-use sector, the market is segmented into:
- Industrial Sector
- Transportation Sector
The regional market for Biomass Power includes:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Biomass Power Market Trends
Globally, Europe held the largest market share due to favourable environmental policies adopted across the area to maximise bioenergy potential in nations such as Finland, France, Sweden, and Germany. North America is expected to grow significantly over the next several years, with the United States leading the way in terms of revenue.
Because of the great availability and diverse feedstock base of biomass in emerging economies such as China and India, Asia Pacific is expected to be the fastest-growing region from 2020 to 2027. Furthermore, biogas digesters are substantially subsidized in several parts of the region. This would be act as an incentive for consumers to opt for biofuel and thus, propel the market in the forecast period.
Biomass generates bioenergy, which is utilised in a variety of end-use markets to reduce reliance on fossil fuels, reduce greenhouse gas (GHG) emissions, and increase energy supply security. Furthermore, the drop in coal usage, along with the increased use of wood biomass for distributed energy generation, is expected to have a favourable impact on the industry landscape. Also, increased power consumption across various end-use sectors is likely to contribute to the growth of the worldwide biomass power market throughout the forecast period.
However, high capital needs and operating costs associated with biomass power generation are likely to hinder market expansion throughout the forecast period. However, favourable government laws encouraging thermal power plants to switch from coal to cleaner fuels such as biomass are projected to play a massive role regarding the market’s growth in the forecast period.
Key Market Players
The major players in the global market are Essent, Electrabel, Babcock & Wilcox Vølund A/S, Drax Group plc, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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