Based on the SNS Insider report, the Biomass Power Generation Market reached a valuation of USD 89.6 billion in 2022 and is projected to expand to USD 111.75 billion by 2030
(YourDigitalWall Editorial):- Texas City, Texas Oct 10, 2023 (Issuewire.com) – Market Scope & Overview
Based on the SNS Insider report, the Biomass Power Generation Market reached a valuation of USD 89.6 billion in 2022 and is projected to expand to USD 111.75 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 2.8% during the forecast period spanning from 2023 to 2030.
Biomass power generation is a renewable energy process that harnesses the energy stored in organic materials, such as plant and animal waste, wood, and agricultural residues, to produce electricity and heat. It’s a sustainable and environmentally friendly alternative to fossil fuel-based energy sources, as it reduces greenhouse gas emissions and helps mitigate climate change. Biomass power generation can stimulate local economies by creating jobs in farming, forestry, and plant operations. It can also reduce dependence on imported fossil fuels.
The biomass power generation market has experienced significant growth in recent years, driven by a combination of factors that reflect the growing recognition of biomass as a sustainable and renewable energy source. Many countries have implemented renewable energy targets and policies to reduce greenhouse gas emissions and combat climate change. Biomass power generation qualifies as a renewable energy source in these frameworks, leading to increased investment and development in this sector. Advances in biomass combustion and gasification technologies have improved the efficiency and cost-effectiveness of biomass power generation. These innovations have made biomass a more competitive option in the energy market. Biomass power projects, including feedstock harvesting, transportation, and plant operation, create jobs in local communities. This socio-economic benefit often garners support from policymakers and the public. As consumer awareness of environmental issues grows, there is an increasing demand for clean and sustainable energy sources. Biomass power generation satisfies this demand and attracts environmentally conscious consumers.
Key Players included are:
- Babcock & Wilcox Enterprises Inc.
- ON SE
- General Electric Co.
- John Wood Group Plc
- Thermax Ltd.
- Valmet Oyj
- Acciona SA
- Ameresco Inc
- Andritz AG
- Vattenfall AB
- Other key players
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Impact of Recession
The impact of an ongoing recession on the biomass power generation market is complex and multifaceted. While it can present challenges such as reduced investment and lower energy prices, it can also create opportunities for innovation, policy support, and market consolidation. The long-term outlook for the market will depend on a combination of economic, technological, and policy factors. Economic downturns can lead to market consolidation as weaker players exit the market or are acquired by stronger companies. This can lead to a more stable and competitive market in the long run.
Market Segmentation and Sub-segmentation included are:
- Anaerobic Digestion
- Agricultural Waste
- Forest Waste
- Animal Waste
- Municipal waste
The combustion segment’s dominance can be attributed to the vast availability of biomass resources. Biomass, which includes organic materials like wood, crop residues, and animal waste, is abundant and can be sustainably sourced. This abundance ensures a consistent and reliable fuel source for biomass power plants operating on combustion technology. The agricultural waste segment’s over-the-basic power generation market dominance can be attributed to its ability to utilize a readily available resource–agricultural residue. Crop residues, such as rice husks, corn stalks, and sugarcane bagasse, are abundant and often underutilized. Biomass power plants that focus on agricultural waste help address the problem of residue disposal while generating clean energy.
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Regional Status & Analysis
In North America, the biomass power generation market has been influenced by renewable energy mandates and incentives. The growth of the market is primarily driven by abundant agricultural residues and forest biomass. However, competition with other renewable energy sources like wind and solar can impact growth. Asia Pacifc’s market is growing rapidly due to environmental concerns and energy security. The government’s policies support the development of biomass projects, focusing on agricultural and forestry residues.
The future prospects for the market are promising, driven by a combination of environmental concerns, renewable energy targets, and technological advancements. Ongoing research and development efforts in biomass conversion technologies are making the process more efficient and cost-effective. Innovations in gasification, pyrolysis, and co-firing techniques are improving the overall efficiency and reducing emissions associated with biomass power plants. These advancements are likely to attract more investments and enhance the competitiveness of biomass power.
Frequently Asked Questions
- What is the projected outlook for biomass power generation market growth?
- The global market is projected to expand to USD 111.75 billion by 2030, exhibiting a CAGR of 2.8% during the forecast period spanning from 2023 to 2030.
- What are the major factors influencing the biomass power generation market?
- The growth of the market is driven by a combination of environmental concerns, policy support, technological advancements, and economic benefits.
- Who are the leading players in the biomass power generation market?
- Babcock & Wilcox Enterprises Inc., Ameresco Inc., Andritz AG, John Wood Group Plc, Thermax Ltd., E.ON SE, General Electric Co., Valmet Oyj, Acciona SA, Vattenfall AB.
Table of Contents
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia War
4.3. Impact of Ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Biomass Power Generation Market Segmentation, By Technology
9. Biomass Power Generation Market Segmentation, By Feedstock
10. Biomass Power Generation Market Segmentation, By Fuel
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. USE Cases and Best Practices
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