The global biomass power market is expected to witness exponential growth during the forecast period: MRFR

Pune, India, May 2021, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Biomass Power Market.

Market Research Future published a Cooked Research Report on the global biomass power market that contains information from 2022 to 2030. The global biomass power market is expected to progress with 5.8% CAGR from 2022 to 2030.

Taste the market data and market information presented through more than 100 market data tables and figures spread in 150 pages of the project report. Avail the in-depth table of content & market synopsis on “Global Biomass Power MarketInformation from 2022 to 2030."

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Biomass Power Market Research Report

Biomass power produces electricity from chemical energy that is contained in organic matter. Various types of biomass are suitable for power production, including wood waste, energy crops, and agriculture residues. It is a type of power generated from renewable organic waste that would otherwise be burned or left as fodder in forest fires. In biomass power plants, the feedstock is burned to produce steam that helps turn the turbine to generate electricity, which provides heat to homes and industries.

There has been a rise in the demand for biomass powerin North America and Asia-Pacific.The market in Asia-Pacificis one of the largest markets for biomass power in the world. Countries in Asia-Pacific are developing at a very fast rate in terms of manufacturing output and services offered. However, the growth has also increased the emission rates, and countries such as China and India are among the highest carbondioxide producer in the world. Some of the major factors expected to drive the growth of the biomass power market in Asia-Pacific include the growing demand for reduced carbon emissions and the increasing need for clean energy generation. Such factors are expected to drive the growth of the biomass power market in Asia-Pacific during the forecast period.

The global biomass power market is estimated to witness 5.8% CAGR during the period from 2022 to 2030: MRFR

The global market for biomass power is segmented based on feedstock, technology, end use, and region.

By feedstock, the global market has been segmented intowoody biomass, agricultural residues, forest residues, biogas, landfill and sewage gas, energy crops, industrial & municipal waste. The woody biomass segment is the largest segment among the biomass sources for biomass power and is expected to remain the largest during the study period. Woody biomass is an energy source derived from trees. Woody biomass is classified as sawmill residues and construction scrap wood. Woody biomass is used for the conversion of biomass electricity). The energy produced from biomass is also good for the climate, especially while applying sustainable forest management practices and efficient use of biomass to produce electricity, such as using CHP plants or bio-refineries. The agriculture residues segment is expected to be the second-largest segment during the forecast period

By technology, the global market has been segmented into anaerobic digestion, combustion, gasification and co-firing.Combustion held the largest share of the market in 2019.Combined heat and power (CHP) is the technology used for the conversion of biomass into power. In this technology, there is the simultaneous generation of multiple forms of renewable energy (usually mechanical and thermal) from biomass resources in a single, integrated system.About 90% of the energy potential contained in the fuel is converted on average into electricity through CHP systems as it employs both electricity and heat for the generation of power.

By end use, the global market has been segmented into industrial, commercial, and residential. Thecommercial segment is expected to hold the largest share during the forecast period. The commercial segment involvesusing renewable energy sources to power commercial buildings, such as office spaces, showrooms, movie theatres, and food courts. Large multinational companies such as Google LLC and Apple Inc. are now looking to completely rely on renewable sources of energy for powering most of their electrical systems and electronics commercial buildings, which is expected to result in the growth of the commercial segment during the study period. For instance, on 31st March 2021, Apple Inc. announced that 110 of its manufacturing suppliers, including those in India, would be moving to “100 percent renewable energy" to produce Apple’s products. The company also stated that its partners have nearly 8 gigawatts of planned clean energy set to come online by 2030.

By region, the market is segmented into Europe, Asia-Pacific, North America, the Middle East & Africa, and South America. Asia-Pacific dominates the global biomass power market.Countries in Asia-Pacific are developing at a very fast rate in terms of manufacturing output and services offered. However, the growth has also increased the emission rates, and countries such as China and India are among the highest carbondioxide producer in the world. Some of the major factors expected to drive the growth of the biomass power market in Asia-Pacific include the growing demand for reduced carbon emissions and the increasing need for energy efficiency. Such factors are expected to drive the growth of the biomass power market in Asia-Pacific during the forecast period.

The important players operating in the global biomass power marketare Babcock & Wilcox Enterprises, Inc. (US),Mitsubishi Heavy Industries, Ltd. (Japan), Suez (France), Orsted A/S (Denmark), Amerseco Inc (US), Licella Holdings Ltd (Australia), Xcel Energy Inc (US), VEOLIA (France), Vattenfall AB (Sweden), and Ramboll Group A/S (US).

This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global biomass powermarket, including high-growth regions and/or countries and political and economic environments. The project report further provides both historical market values and pricing & cost analysis.