Biomass Power Industry Overview
The global biomass power market size is expected to reach USD 203.61 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.0% over the forecast period. The growing concerns about Greenhouse Gas (GHG) emissions have resulted in favorable policies and regulations for renewable energy, which has been the key factor driving the growth of this market.
The COVID-19 pandemic has hampered the market growth globally owing to the disruptions in the supply chain, which resulted in delays for some projects. The power demand has declined from commercial and industrial end-users in the non-essential category due to the closure of operations during the lockdown.
Biomass Power Market Segmentation
Grand View Research has segmented the global biomass power market based on technology, feedstock, and region:
Based on the Technology Insights, the market is segmented into Combustion, Gasification, and Anaerobic Digestion
- In terms of revenue, the combustion segment dominated the market in 2021 and accounted for the maximum share of more than 88.0% of the global revenue. The trend is expected to continue in the future with the segment registering a steady growth rate over the forecast period.
- The combustion technology has a non-complex operation and operates at a lesser cost compared to other advanced biomass power technologies. This is expected to drive the demand for combustion technology in the market over other available technologies.
- Biomass power can be used for power generation, lighting, heating, and cooking gas applications. These factors are expected to boost the growth of the anaerobic digestion technology segment over the forecast period. However, the gasification technology segment is estimated to register the fastest CAGR over the forecast period.
Based on the Feedstock Insights, the market is segmented into Solid Biofuel, Liquid Biofuel, and Biogas
- In terms of revenue, the solid biofuel segment accounted for the maximum revenue share of 85.5% in 2021. The segment will expand further at a steady CAGR retaining its leading position throughout the forecast period.
- The liquid biofuel segment is projected to record the fastest growth rate during the forecast period.
- The biogas segment accounted for the second-largest market share, in terms of revenue, in 2021 owing to its higher calorific value and ability to be produced and utilized in remote areas.
- The segment is expected to grow at a steady growth rate during the forecast period. Biogas is majorly composed of methane and carbon dioxide, which is produced by the process of anaerobic digestion and it can be also produced through the thermal process of solid biofuel.
Biomass Power Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global market is highly competitive due to the presence of major companies. The industry faces a complex supply chain interface where the industry participants need to interact with local and regional players to ensure a continuous supply of biomass feedstocks, conversion, transportation, and delivery of the valuable fuels to the end-user segment. Moreover, the market participants are emphasizing intensive research and development activities to further commercialize the various types of biomass power generation technologies.
Some prominent players in the global Biomass Power market include:
- Mitsubishi Heavy Industries, Ltd.
- Suez
- Xcel Energy Inc.
- Ramboll Group A/S
- Babcock & Wilcox Enterprises, Inc.
- Ørsted A/S
- Ameresco
- General Electric
- Veolia
- Vattenfall
Order a free sample PDF of the Biomass Power Market Intelligence Study, published by Grand View Research.
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