Biomass Power Market – Global Analysis and Forecast (2024-2032)

Description

Biomass Power Market Synopsis:

Biomass Power Market Size Was Valued at USD 133.96 Billion in 2023, and is Projected to Reach USD 234.13 Billion by 2032, Growing at a CAGR of 6.4% From 2024-2032.

The biomass energy market focuses on the production and sale of electricity through the combustion of biomass sources such as wood, agricultural waste, and municipal solid waste. Biomass plants generate steam to drive electric turbines. Its growth is driven by its potential as a renewable source and investment in alternative energy.

The Biomass Power Market is healthy because the number of people and companies in demand for renewable energy and trying to find ways to reduce the use of fossil fuels is growing. The government bureaucracies of developed and developing countries are supporting biomass power technology and subsidizing upfront costs through spending on subsidies, tax credits, and remunerations under feed-in tariff system. This has encouraged more investment in biomass power plants as well as other machinery needed in the energy sector, particularly by those regions that are serious with reduced carbon emission. All biomass resources can produce combined heat and power (CHP) systems or separate power systems; hence, utilities and industries accept biomass.

The existence of conversion technologies for biomass such as, gasification; pyrolysis and anaerobic digestion has further expanded the market. These are effective methods of generation of energy and better use of the feeds including wastes. With increasing concerns about climate change, biomass power can be released as a stable, sustainable, efficient source of power that meet sustainable development goal. All the same, the question such as feedstock availability, supply chain distribution and costs are still among the most constraints preventing market expansion.

Biomass Power Market Trend Analysis

Adoption of Advanced Biomass Conversion Technologies

The Biomass Power Market is the rising desire for efficiency improvement as well as environmental suitability of biomass conversion technologies which involves using the of gasification and anaerobic digestion technologies. These technologies involve more efficient energy regain and less discharge than it holds the conventional combustion process.

One of them is biomass conversion into syngas for instance, gasification involves taking biomass and turning it into syngas which can be used in the production of electricity or heat or even for biofuels. On the other hand, Anaerobic digestion processes are used to stabilize organic waste and produce Biogas and nutrient rich by-products called digestate. Such technologies enable not only the enhancement of power generation, but also the handling with waste, and that makes those interesting for industries and municipalities interested in bettering the setting sustainability indicators

Expansion in Emerging Economies

A strong contribution towards biomass power market is that the emerging economies is a great growth opportunity. Research shows that development of industries and towns in Asia-Pacific, Latin America and Africa amongst other regions has led to energy demand. Many of these countries have a problem of meeting the energy demand while at the same time catering for the environment thus biomass power.

These governments are planting favorable policies to encourage consumption of renewable energy sources, are granting subsidies and providing part-funding for renewable energy projects to meet the energy needs of their peoples with shorter carbon emissions. These conditions are accompanied by the availability of agricultural and forestry residues that may be used to establish biomass power projects in these areas, thus providing the right market conditions for growth.

Biomass Power Market Segment Analysis:

Biomass Power Market is Segmented on the basis of Feedstock, Technology, and Region

By Feedstock, the Solid biofuel segment is expected to dominate the market during the forecast period

Analysing the three main types of biomass power such as solid biofuel, liquid biofuel, and gaseous biofuel, experts found that the solid biofuel segment shall remain the most important segment into the biomass power market of the future because of availability, lower price, and the possibility of using in a great number of energy systems. Main types of solid biofuels; wood pellet, crop residue and afforestation farming residues and other similar materials that find their uses in industrial boiler, power plants and heating facilities etc. They are also renewable sources of energy and they emit very low levels of greenhouse gases when compared to coal and other fossil Using Australia as a renewable source of energy is a way forward since the fuel quality and combusted efficiency can also be controlled just as is happening to the pellet segment.

By Technology, the Combustion segment is expected to held the largest share

The Combustion segment will also remain the primary shareholder in the biomass power market as the most-used approach towards converting biomass to energy. Boiler systems include; Stoker boilers, Fluidized bed boilers, and Co firing units, these are relatively cheap to install and can burn all types of biomasses. Combustion is also chosen for large scale generation of power because it is easier in the process and also can be scaled up easily. Also, enhanced technologies in emission control in the flue gas treatment and ash handling equipment’s of combustion systems enhance more environmental efficiency in the combustion systems and economic sustainability hence in the marketplace.

Biomass Power Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

North America which was the largest consumer of biomass power now and in the future will continue to expand on biomass power capacity because of the increasing promotion of renewable energy by the government and industries. The two major continents which have dominated the generation of biomass power are the US and Canada since they have plenty of forestry and agricultural waste for power production. The regional policies like the renewable portfolio standard (RPS) and carbon price mechanism, at the national the level and state level respectively have been pressuring the region to show more interest in biomass power projects. Biomass power has also been applied to enhance the renewable energy plan, together with the help of utilities, though it does not affect the stability of the grid.

The drive towards sustainability and low greenhouse emissions has produced another dimension to advance the biomass power market within the area. The new entrants in the form of gasification and combined heat and power systems have also thrown technical and economic viability factors for biomass power projects. In addition, he growing trend of the bioenergy with carbon capture and storage (BECCS) that can be an effective solution for the negative emission also marks the North American region to occupy a leading place in the market.

Active Key Players in the Biomass Power Market

Abengoa (Spain)

Ameresco, Inc. (USA)

Andritz AG (Austria)

Babcock & Wilcox Enterprises, Inc. (USA)

Bioenergy DevCo (USA)

Drax Group plc (UK)

ENGIE SA (France)

General Electric (USA)

John Wood Group PLC (UK)

Mitsubishi Heavy Industries, Ltd. (Japan)

Orsted A/S (Denmark)

Siemens Energy AG (Germany)

Sumitomo SHI FW (Japan)

Vattenfall AB (Sweden)

Veolia Environnement S.A. (France)

Other Active Players