Global Biomass Power Generation Market Insights Forecasts to 2032
- The Biomass Power generation Market Size was valued at USD 68.24 Billion in 2022.
- The Market is growing at a CAGR of 4.9% from 2023 to 2032
- The Worldwide biomass power generation market is expected to reach USD 110.10 Billion by 2032
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The Global Biomass Power Generation Market is expected to reach USD 110.10 Billion by 2032, at a CAGR of 4.9% during the forecast period 2022 to 2032.
Biomass power generation involves the conversion of organic materials, such as agricultural residues, wood, and dedicated energy crops, into usable energy. It is a renewable energy source that harnesses the energy stored in plant and animal matter. Biomass is combusted, typically in specialized power plants, to produce heat, which is then used to generate steam and drive turbines to produce electricity. This process can also be coupled with combined heat and power (CHP) systems to maximize energy efficiency. Biomass power generation offers several environmental benefits, including reduced greenhouse gas emissions and the utilization of waste materials. Additionally, it provides a reliable and dispatchable source of renewable energy, helping to diversify the energy mix and contribute to sustainable development.
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.
Global Biomass Power Generation Market Report Coverage
|Market Size in 2022:||USD 68.24 Billion|
|Forecast Period 2022-2032 CAGR:||4.9%|
|2032 Value Projection:||USD 110.10 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||100|
|Segments covered:||By Technology, By Feedstock, By Region and COVID-19 Impact Analysis|
|Companies Covered:||Mitsubishi Heavy Industries, Ltd., Suez, Xcel Energy Inc., Ramboll Group A/S, Babcock & Wilcox Enterprises, Inc., Orsted A/S, Ameresco, General Electric, Veolia, Vattenfall, and others.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The biomass power generation market is driven by various factors, due to the increasing global demand for renewable energy sources is a major driver. Biomass power generation offers a sustainable and reliable energy solution, reducing reliance on fossil fuels and mitigating climate change. Additionally, supportive government policies and incentives, such as feed-in tariffs and renewable energy targets, are propelling market growth. The availability of abundant biomass resources, including agricultural waste, forest residues, and dedicated energy crops, also drives the market. Furthermore, advancements in biomass conversion technologies, such as improved combustion systems and biomass gasification, enhance the efficiency and cost-effectiveness of biomass power generation. Rising environmental consciousness and the need for decentralized energy solutions further contribute to the growth of the biomass power generation market.
The biomass power generation market faces certain restraints that can impact its growth. One significant restraint is the availability and sustainability of biomass feedstock. The demand for biomass resources can compete with other industries such as agriculture and forestry, leading to potential conflicts. Additionally, transportation and logistics challenges in sourcing and delivering biomass to power plants can increase costs. Technological limitations, such as the need for efficient biomass conversion and handling systems, can also pose challenges. Furthermore, biomass power generation may face regulatory hurdles and public perception issues related to air emissions and land use. These restraints highlight the importance of addressing feedstock availability, technological advancements, and sustainable practices in order to overcome barriers to market growth.
- In 2022, the combustion segment accounted for around 74.1% market share
On the basis of the technology, the global biomass power generation market is segmented into combustion, gasification, and anaerobic digestion. The combustion segment has emerged as the leader, holding the largest market share in the biomass power generation industry. There are several factors contributing to the dominance of this segment such as combustion technology is a well-established and mature method for converting biomass into energy. It involves the direct burning of biomass in specialized power plants to generate heat, which is then utilized to produce steam and drive turbines for electricity generation. This combustion-based approach offers high efficiency and reliability, making it a preferred choice for large-scale biomass power projects. Additionally, combustion systems can accommodate a wide range of biomass feedstock, including agricultural residues, wood chips, and energy crops, making it versatile in terms of resource utilization. Moreover, the combustion segment benefits from established infrastructure and operational expertise, ensuring smooth and consistent power generation. However, it's important to note that advancements in alternative biomass conversion technologies, such as gasification and pyrolysis, are gradually gaining traction and may impact the market share of the combustion segment in the future.
- In 2022, the solid biofuel segment dominated with more than 72.6% market share
Based on the type of feedstock, the global biomass power generation market is segmented into solid biofuel, liquid biofuel, and biogas. The solid biofuel segment has emerged as the leader, holding the largest market share in the biomass power generation industry. Several factors contribute to the dominance of this segment, the solid biofuels, such as wood pellets, wood chips, and agricultural residues, offer several advantages for biomass power generation. They are readily available, easy to handle, and have a high energy density, making them suitable for large-scale power plants. Additionally, solid biofuels have established supply chains and infrastructure in place, ensuring a consistent and reliable feedstock supply. The well-developed market for solid biofuels also allows for efficient sourcing, transportation, and storage of biomass materials. Furthermore, solid biofuels are compatible with conventional combustion technologies, making them an attractive choice for existing power plants. The segment also benefits from established regulations and standards for solid biofuel production and usage. However, it's important to note that the emergence of other biomass conversion technologies, such as gasification and pyrolysis, may impact the market share of the solid biofuel segment in the future as these technologies offer alternative pathways for biomass utilization.
Regional Segment Analysis of the Biomass Power Generation Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Europe held the largest market share with more than 35.7% in 2022.
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Based on region, Europe has emerged as a dominant player in the biomass power generation market, holding the largest market share. Several factors contribute to Europe's leadership position in this industry. The region has implemented ambitious renewable energy targets and stringent climate change mitigation policies, driving the adoption of biomass power generation. Countries like Germany, the United Kingdom, and Sweden have established robust support mechanisms, such as feed-in tariffs and renewable energy subsidies, to incentivize biomass power projects. Furthermore, Europe has a well-developed biomass supply chain, with abundant sources of feedstock, including agricultural residues, forest biomass, and dedicated energy crops. The region also boasts advanced biomass conversion technologies and a mature energy infrastructure, facilitating efficient and reliable power generation. Moreover, Europe's commitment to sustainability and environmental stewardship aligns with the principles of biomass power generation, further contributing to its market dominance.
- In November 2022, ENGIE inked a deal with Alier, a paper recycle expert, to develop and commission a new thermal energy generating plant from sustainable forest management in the Rosellos facility, which specialises in making paper for the construction and packaging sectors (Lleida).
The report offers the appropriate analysis of the key organizations/companies involved within the global biomass power generation 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.
List of Companies:
- Mitsubishi Heavy Industries, Ltd.
- Xcel Energy Inc.
- Ramboll Group A/S
- Babcock & Wilcox Enterprises, Inc.
- Orsted A/S
- General Electric
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture Capitalists
- Value-Added Resellers (VARs)
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
- Anaerobic Digestion
Biomass Power Generation Market, By Feedstock
- Solid Biofuel
- Liquid Biofuel
Biomass Power Generation Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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