New York, United States , July 03, 2023 (GLOBE NEWSWIRE) -- The Global Biomass Power Generation Market Size is to grow from USD 68.24 billion in 2022 to USD 110.10 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.9% during the forecast period.
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Biomass power generation involves converting organic materials like agricultural residues, wood, and energy crops into usable energy. These materials are combusted in specialized power plants, producing heat that generates steam to drive turbines and produce electricity. Biomass power generation offers environmental benefits by reducing greenhouse gas emissions and utilizing waste materials. It provides a reliable and dispatchable source of renewable energy, contributing to sustainable development. Additionally, biomass power generation can be combined with heat and power systems to maximize efficiency. Overall, biomass power generation plays a crucial role in diversifying the energy mix, promoting sustainability, and reducing dependence on fossil fuels.
Report Coverage
This research report categorizes the market for biomass power generation market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the biomass power generation market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the biomass power generation market.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on, “Global Biomass Power Generation Market Size, Share, and COVID-19 Impact Analysis, By Technology (Combustion, Gasification, and Anaerobic Digestion), By Feedstock (Solid Biofuel, Liquid Biofuel, and Biogas), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032". Get Detailed Report Description Here:
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The combustion segment is expected to grow at a CAGR of around 4.1% during the forecast period.
Based on the technology, the global biomass power generation market is segmented into combustion, gasification, and anaerobic digestion. The combustion segment is anticipated to witness significant growth in the forecast period in the biomass power generation market. Several factors contribute to this expected expansion because combustion technology is a well-established and widely adopted method for converting biomass into energy. It offers high efficiency, reliability, and compatibility with existing power plants. Moreover, advancements in combustion systems, including improved combustion efficiency and emissions control, are driving market growth. Additionally, the availability of a diverse range of biomass feedstock and the established infrastructure for combustion-based power plants further support the growth of this segment. As governments and industries continue to prioritize renewable energy sources, the combustion segment is expected to play a vital role in meeting the rising demand for biomass power generation.
The biogas segment is expected to grow at a CAGR of around 4.5% during the forecast period.
Based on the feedstock, the global biomass power generation market is segmented into solid biofuel, liquid biofuel, and biogas. The biogas segment is projected to experience significant growth in the forecast period within the biomass power generation market. Biogas, produced through the anaerobic digestion of organic waste materials, offers a sustainable and renewable source of energy. It is an attractive option for power generation due to its lower carbon emissions and potential for utilizing various organic feedstocks, including agricultural waste, food waste, and sewage sludge. Additionally, advancements in biogas technology, such as improved digestion processes and biogas purification techniques, are driving market growth. The increasing focus on waste management and circular economy initiatives further supports the growth potential of the biogas segment.
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North America is predicted to grow at a significant CAGR of around 5.2% over the projected period.
Based on region, North America is anticipated to experience significant growth in the forecast period in the biomass power generation market. Several factors contribute to this expected expansion, due to there is a growing emphasis on renewable energy sources and reducing greenhouse gas emissions in the region. Biomass power generation offers a viable solution to meet these goals. Additionally, supportive government policies, such as renewable portfolio standards and tax incentives, are driving investment in biomass projects. Moreover, North America has abundant biomass resources, including agricultural residues, forestry waste, and dedicated energy crops, ensuring a stable feedstock supply. Technological advancements and the establishment of new biomass power plants are further propelling the growth of the market in North America.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global biomass power generation market include Mitsubishi Heavy Industries, Ltd., Suez, Xcel Energy Inc., Ramboll Group A/S, Babcock & Wilcox Enterprises, Inc., Orsted A/S, Ameresco, General Electric, Veolia, and Vattenfall.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global biomass power generation market based on the below-mentioned segments:
Biomass Power Generation Market, By Technology
- Combustion
- Gasification
- Anaerobic Digestion
Biomass Power Generation Market, By Feedstock
- Solid Biofuel
- Liquid Biofuel
- Biogas
Biomass Power Generation Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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