Biomass Power Market Analysis
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
It is projected that the Biomass Power Market will be Worth USD 2,10,512.4 Million. The market will also register a CAGR of 5.8% during the forecast period 2022-2030. Biomass Power Market was valued at USD 54.1 billion in 2020.
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Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global biomass power market based on application and feedstock.
By feedstock, the global biomass power market is segmented into biogas and energy crops, agriculture residues, woody biomass, and others. Of these, the woody biomass segment is predicted to lead the market over the forecast period for rapid industrialization, rising need for energy, and emerging economies.
By application, the global biomass power market is segmented into commercial and industrial, and residential. Of these, the industrial segment will dominate the market over the forecast period for the cost-effective nature of biomass power generation.
Regional Analysis
By region, the global biomass power market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, South America, and the Middle East and Africa (MEA). Of these, North America will have the lions share in the market over the forecast period. Favorable government regulations for biomass power, proper infrastructure, new investments getting subsidies from the government, US being the key revenue contributor, and growing trend of biomass electricity generation offers valuable waste disposal services, are adding to the global biomass power market growth in the region.
In Europe, the global biomass power market is predicted to have second-largest share over the forecast period. Increasing government support for biomass power generation, funding programs, incentives and tax benefits, investment subsidies, the UK and Germany seeing substantial industrial development for biomass power generation, favorable environmental regulations implemented all over the region for maximizing the bioenergy potential in different countries, and countries like Germany, Sweden, France, and Finland having abundant availability of forest residues and large forestry industries are adding to the global biomass power market growth in the region.
In the APAC region, the global biomass power market is predicted to have admirable growth over the forecast period. Abundant availability of natural resources, the presence of emerging economies like Indonesia and India, proposed government legislations to boost investments in the biomass power sector, Indonesia and India proposing government initiatives, wide feedstock base of biomass across India and China, and heavy subsidy of biogas digesters in certain parts of the region are adding to the global biomass power market growth in the region.
The global biomass power market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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Key Players
The notable players profiled in the global biomass power market report include Vattenfall AB (Sweden), Alstom SA (France), Helius Energy PLC (US), MVV Energie AG (Germany), Sodra (Sweden), Ørsted A/S (Denmark), Enviva LP (US), Drax Group PLC (UK), Ameresco (US), Weltec Biopower GMBH (Germany), EnviTec Biogas AG (Germany), Dalkia (France), and Babcock Wilcox Enterprises Inc. (US), among others.
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