Global biomass power generation market is expected to grow due to the advancements in biomass power generation techniques during the forecast period of 2024-2028.
According to TechSci Research report,“Biomass Power Generation Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the global biomass power generation market is anticipated to register 4.97% CAGR during the forecast period. During the projected period, the worldwide biomass power generating market will be driven by the rising need for environmentally friendly and sustainable sources of energy generation. Biomass power generation is becoming more widely used in significant emerging nations worldwide. A dependable, economical, and secure source of electricity generation is biogas.
It has been applied to advance economic growth and expand access to electricity. The main players in the global biomass power generation market are concentrating on innovation to expand their business potential. Since biomass produces no carbon emissions, it decreases the reliance on fossil fuels for energy production. Additionally, by offering tax incentives, loan guarantees, and other forms of support, governments around the world are boosting their investments in biomass power generation.
There are many governments initiative to boost the market. For instance, an agreement was signed between MoPNG and companies or institutions to build 5,000 CBG plants by 2024 with a total capacity of 15 tons of CBG per year as part of the biofuels policy to promote ethanol blending in vehicle fuel. Owing to this agreement the global biomass power generation market is further anticipated to expand in the forecast period of 2024-2028.
Global biomass power generation market is segmented based on technology, feedstock, end-user, fuel type, and region. Based on technology, the market is divided into combustion, pyrolysis, gasification, anaerobic digestion, landfill gas (LFG), and others. Based on feedstock, the market is divided into urban residue, municipal solid waste (MSW), agricultural and forest residue, energy crops, woody biomass, and others. Based on end-user, the market is divided into industrial, residential & commercial, utilities. Based on fuel type, the market is divided into solid, liquid, gaseous. Based on region, the market is further bifurcated into North America, Asia Pacific, Europe, South America, and Middle East & Africa.
Based on technology, the combustion segment dominated the market. The trend is expected to continue in the future with the segment registering a steady growth rate over the forecast period. In comparison to other sophisticated biomass power technologies, the combustion technology operates more economically and is simpler. This is anticipated to increase the market demand for combustion technology over competing technologies.
Based on feedstock, municipal solid waste (MSW) will dominate the market in the forecast period. Throughout the forecast period, the category will continue to grow at a constant CAGR and maintain its dominant position. Municipal solid waste is being used more widely than liquid biofuels.
Based on end-user, industrial segment will dominate the market in the forecast period. The industrial sector is one of the largest consumers of electricity in the world. In fact, it accounts for about 30% of global electricity consumption. The global economy is growing, and this is leading to an increase in industrial activity. As a result, there is a growing demand for electricity to power factories, machines, and other equipment. Due to which the industrial segment is growing rapidly.
Based on region, Asia Pacific will dominate the market in the forecast period. In growing and expanding economies like China and India, urbanisation and fast industrialisation are gaining traction due to which the demand for power generation is high in these areas.
“Future energy consumption will rise because of rising industrialisation, development, and population growth. However, as fossil fuels produces greenhouse gas emissions, the risks related to climate change are also rising,” said Karan Chechi, Research Director with TechSci Research.
“The globe’s increasing need for energy and concern for the environment will jointly drive the growth of the biomass generating market because biomass power generation will help the world meet its dual objectives of rising energy consumption and environmental protection.
“Additionally, governments throughout the world are implementing laws that are supportive of biomass power generation to promote it to meet energy needs, reduce emissions, save money, and the environment by reducing reliance on fossil fuels.”
Key market players in the global biomass power generation market are:
- Mitsubishi Power Ltd.
- Suez SA, Xcel Energy Inc.
- Ramboll Group A/S
- Babcock & Wilcox Enterprises, Inc.
- Orsted A/S
- Ameresco Inc
- General Electric Company
- Veolia Environnement S.A.
- Vattenfall AB
TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries.
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1 Comment
Shraddha13
Thank you for sharing! To explore further
Replyhttps://www.360iresearch.com/library/intelligence/biomass-power-generation