According to Market Research Future (MRFR), The global biomass power market size is estimated to reach USD 55.84 billion, with a CAGR of 6.22% from 2019 to 2025 (forecast period). The report contains a comprehensive understanding of the global situation, the economic situation, and the COVID-19 analysis of the overall industry.
Biomass is an organic matter and the primary substitute for the production of conventional fossil fuels used for power generation and heating. Biomass adoption has been on the rise over the last few years, and this phenomenon has become very common with global acceptance. Biomass Power Market has emerged as a global source of energy. Biomass power is carbon-neutral electricity generated from renewable organic waste, including by-products from sugarcane crops, the timber industry, oil-rich algae, woody plants, agricultural residues, and industrial waste. Biomass power is produced by burning biomass substances in a combustor or furnace.
One of the factors affecting the global biomass power market’s growth is the growing need to control greenhouse gas (GHG) emissions. As per the PBL Netherlands Environmental Assessment Agency 2017 report, greenhouse gas emissions have continued to rise marginally faster than CO2 emissions, namely by 1.5% (2014), 1.2% (2015), and 1.0% (2016).
In addition, the global biomass power market is expected to expand at a high rate during the assessment period due to favorable government policies. As per the Ministry of New and Renewable Energy Report released by the Government of India, the Indian Renewable Energy Development Agency (IREDA) is providing a loan to set up biomass power plants and other biogas cogeneration projects. This will boost the biomass power market because it would increase investment prospects for new projects.
Moreover, increasing demand for environmentally friendly renewable energy sources will serve as an opportunity for the biomass power market. This is due to the use of renewable energy will help mitigate global warming and boost public health. However, inadequate management of biomass and lack of knowledge among emerging economies may hinder market development.
Furthermore, the global biomass power market is predicted to see significant growth during the forecast period due to the availability of feedstock. As per the International Energy Agency (IEA) Bioenergy Annual Report 2017, pure CO2 or CO2-containing gas is used as a feedstock for production of fuels, chemicals, and materials. This will contribute to the development of the biomass power industry, as the use of such waste would not lead to pesticide and fertilizer emissions, soil erosion, or water use.
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The global market for biomass power has been segmented based on feedstock, application, and region.
Based on region, the global biomass power market has been segmented into Asia Pacific, North America, South America, Europe, and the Middle East & Africa.
North America is projected to lead the global market. This is due to favorable government regulations on biomass power, new investments, and better infrastructure in the region.
Europe is projected to show substantial growth during the forecast period due to increased government support for the generation of biomass power. Germany and the United Kingdom are projected to see significant industrial growth in biomass power generation owing to factors such as funding programs, investment subsidies, incentives, and tax benefits.
The Asia Pacific is expected to show substantial growth due to the ample availability of natural resources in the region. Developing markets, like India and Indonesia, are promising substantial growth due to proposed government legislation to encourage investment in the biomass power sector.
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Prominent players in the biomass power industry, such as Babcock & Wilcox Enterprises Inc. (US), Dalkia (France), and EnviTec Biogas AG (Germany), are actively engaged in signing contracts and agreements with utilities and industries to supply biomass powers. In addition, EnviTec Biogas AG signed a cooperation agreement with PT Herfinta Farm & Plantation and Calfield SDN BHD for the construction of a biogas plant in Indonesia in 2017. This agreement has helped reduce the amount of artificial fertilizers used in plantations and increase the biomass power sector’s opportunities to develop in the Indonesian palm oil industry.
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