Chicago, May 23, 2024 (GLOBE NEWSWIRE) -- The global Solid Biomass Feedstock Market size is expected to grow from USD 26.6 billion in 2024 to USD 36.2 billion by 2029, at a CAGR of 6.3% according to a new report by MarketsandMarkets™. Solid biomass feedstock refers to organic materials which are in solid state sourced from different sources such as agriculture, forestry, and organic waste, which can be utilized for energy production via combustion, gasification, or other conversion methods. These resources, are renewable and easily accessible, rendering them crucial for generating heat, electricity, and biofuels. Solid biomass feedstock serves as a cornerstone in the shift toward sustainable energy systems, providing a carbon-neutral substitute for fossil fuels and mitigating greenhouse gas emissions.
The growing emphasis on environmental sustainability, rising adoption of biofuels accelerates the growth of the solid biomass feedstock market. The rising environmental concerns, increasing focus on renewable energy, and the growing demand for alternative to fossil fuels is driving the growth of the solid biomass feedstock market. The solid biomass feedstock market is expected to grow due to the implementation of stringent emission laws. Moreover, the increasing need to reduce the dependence on fossil fuels and focus on renewable energy for power generation is projected to drive the market during the forecast period.
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Solid Biomass Feedstock Market Scope:
| Report Coverage | Details |
| Market Size | USD 36.2 billion by 2029 |
| Growth Rate | 6.3% of CAGR |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2024-2029 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Solid Biomass Feedstock Market by source, type, application, end user, and region. |
| Geographies Covered | Asia Pacific, Europe, North America, Middle East & Africa, and South America. |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing emphasis on waste management |
| Key Market Drivers | Growing demand for biofuels |
The biofuels is expected to be the second fastest growing segment in the solid biomass feedstock market
The solid biomass feedstock market segments based on application into four segments: electricity, heat, biofuel, and biomethane. The biofuel is expected to be the second fastest growing segment during the forecast period. Government policies and incentive schemes drives the growth of biofuels. For example, India's Ministry of Petroleum and Natural Gas released its "National Policy on Biofuels," which was subsequently amended in June 2022. The primary goal of the policy is to decrease the reliance on imported petroleum products by promoting the domestic production of biofuels.
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Solid Biomass Feedstock Market Dynamics:
Drivers:
- Growing environmental concerns
- Growing demand for biofuels
Restraints:
- Complexities associated with pre-treatment of solid biomass feedstock
- High costs associated with feedstock
Opportunities:
- Growing emphasis on waste management
- High depletion rate of fossil fuels
Challenges:
- Challenges associated with logistics and supply chain management
Asia Pacific is expected to be the largest region in the Solid Biomass Feedstock Industry
Asia Pacific is expected to be the largest region in the solid biomass feedstock market between 2024–2029. Asia Pacific has been leading the market. Urbanization and population growth have resulted in the need for higher energy demand, which has propelled the solid biomass feedstock across the region. Asia Pacific countries like India, Vietnam, and Indonesia rely on agriculture as a significant component of their economies. India ranks as one of the world's largest energy consumers, heavily reliant on fossil fuels, with a significant portion sourced through imports. The shift towards clean energy drives the growth of the solid biomass feedstock market in the region. The regional market is experiencing growth due to the presence of solid biomass feedstock providers like Supreme Industries (India), Shree Industries (India) and JP Green Fuels (India) also contribute to the market's development by creating opportunities for bioenergy projects.
Key Market Players:
Some of the major players in the Solid Biomass Feedstock Companies are Enviva Inc. (US), Lignetics, Inc. (US), Drax Group plc (UK), Segezha Group (UK), and Stora Enso (Finland).
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