Global Biomass Power Generation Market Overview
The key driver impacting the biomass power generation market is the rising demand for energy & power lead to a rise in biomass power generation globally. For instance, As per the WBA Global Bioenergy Statistics report, bioenergy is one of the largest renewable energy sources globally and accounts for more than 2/3rd of the renewable energy mix. In the overall energy scenario, bioenergy accounts for 13 – 14% of the total energy consumption. The International Energy Agency 2019 report estimations show that bioenergy electricity generation augmented by around 5%, just below the 6% annual rate needed through 2030 to reach the Sustainable Development Scenario (SDS) level. Moreover, the reduction in coal utilization and growing usage of wood biomass for distributed electricity generation contributes to biomass power generation market demand in the coming years.
According to Value Market Research, the global biomass power generation market size was valued at about USD 55 billion in 2020 and is estimated to expand at a CAGR of around 10% during the forecast period 2021 to 2027.
The favorable government policies regarding renewable energy power generation will likely augment the need for biomass power generation in the forecast period. For instance, in the U.S., numerous federal government grants, tax credits, and loan programs are provided for getting licensed renewable energy technologies and projects. For example, Modified Accelerated Cost-Recovery System (MACRS), Renewable Electricity Production Tax Credit (PTC), and the Residential Energy Credit, etc. However, the lack of biomass power technology commercialization is expected to obstruct the market in the long run. In addition, the high capital requirements & operating costs are impeding market growth. Nevertheless, current industry trends such as growing demand and regulations to reduce greenhouse emissions might provide massive market opportunities to the market's key players.
The Biomass power generation market is widespread, with many local and international players. The market leaders follow diverse strategies like acquisitions, extending product portfolio, contracts, product innovations, amalgamation to strengthen their market share globally. The key players in the report are Mitsubishi Heavy Industries, Ltd., Xcel Energy Inc., Suez, Babcock & Wilcox Enterprises, Ramboll Group A/S, Ameresco, Veolia, Vattenfall Ab.
In this research report, the biomass power generation market is segmented by technology, feedstock, and region.
Analysis by Technology:
By technology, the report is segmented into combustion, anaerobic digestion, and gasification. The combustion segment dominates with the highest market share of 80% in the forecast period. It is because direct biomass combustion technology has moderately non-complex operations, lower cost, and higher reliability than other advanced biomass power technologies thereby contributes to the growth of combustion in the forecast period.
Analysis by Feedstock:
By feedstock, the report is segmented into solid biofuel, liquid biofuel, and biogas. The solid biofuel segment is dominating, with the highest market share of 82% in the forecast period. It is due to the solid mass such as crop waste, sawdust, and wood, which are either utilized directly or processed into charcoal and briquettes for power generation, cooking, and heating purposes which contribute to the growth of solid biofuel in the forecast period.
Analysis by Region:
In the regional outlook of the global biomass power generation market, the Europe region dominates with the largest market share of 35% in 2020. It is due to the existence of countries, such as France, Finland, Sweden, and Germany that have plentiful accessibility of large forestry industries and forest residues, which will offer vigorous growth to the regional market over the forecast period. Moreover, the favorable environmental regulations implemented across the region to increase the bioenergy potential in several countries will create tremendous market growth across Europe.
Market Segmentation covered in the Report:
- Anaerobic Digestion
- Solid Biofuel
- Liquid Biofuel
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.