Market Size –
The biomass power generation market size has grown strongly in recent years. It will grow from $55.79 billion in 2023 to $59.72 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to government policies and incentives, energy security concerns, environmental regulations, technological advancements, waste management initiatives.
The biomass power generation market size is expected to see strong growth in the next few years. It will grow to $74.89 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to renewable energy targets, circular economy initiatives, economic incentives and subsidies, advancements in biomass conversion technologies, increasing demand for sustainable energy solutions. Major trends in the forecast period include expansion of co-firing practices, integration of energy storage solutions, growth of distributed biomass power generation, emergence of biomass co-products, adoption of advanced control and automation systems.
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Scope Of Biomass Power Generation Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Biomass Power Generation Market Overview
Market Drivers –
Government initiatives for biomass power generation are expected to propel the growth of the biomass power generation market. Government initiatives refer to planned actions, programs, or policies undertaken by a government to address specific issues, achieve goals, or respond to the needs of its citizens. Governments from major countries offer financial incentives, such as grants, subsidies, or tax credits, to encourage the establishment and operation of biomass power plants. These incentives help reduce the financial burden on investors and make biomass projects more economically viable. For instance, in November 2021, the Australian Renewable Energy Agency, an Australia-based government agency, invested in bioenergy projects with a total project value of over $1.2 billion. The Australian Government’s Powering Australia plan aims to create jobs, reduce pressure on energy bills, and reduce emissions by boosting renewable energy. Therefore, government initiatives for biomass power generation drive the biomass power generation market.
Market Trends –
Major companies operating in the biomass power generation market are adopting a strategic partnership approach to gain a competitive edge in the market. Partnerships in biomass power generation can yield numerous benefits, contributing to the success and sustainability of projects in this biomass power generation energy sector. For instance, in April 2023, Marubeni Corporation, a Japan-based trading company, partnered with Taisei Corporation, a Japan-based real estate development company. With this partnership, both companies have begun constructing the Ishikari Area Biomass Power Plant in Ishikari City, Hokkaido, expected to produce 9,950 kW of power. Furthermore, in December 2023, Air Burners, a US-based company specializing in manufacturing air curtain burner systems for biomass waste disposal, partnered with Rolls-Royce, a UK-based luxury automobile maker, and Volvo, a Swedish-based automotive company. With this strategic collaboration with Volvo and Rolls Royce, Air Burners developed BioCharger, a portable machine that turns biomass waste into energy. It is designed to efficiently convert biomass waste into energy, providing off-grid power solutions for various applications.
The biomass power generation market covered in this report is segmented –
1) By Feedstock: Woody Biomass, Agriculture and Forest Residues, Biogas and Energy Crops, Urban Residues, Landfill Gas (LFG) Feedstock
2) By Technology: Anaerobic Digestion, Combustion, Gasification, Co-firing and CHP, Landfill Gas (LFG)
3) By End-User: Commercial, Industrial, Residential
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Regional Insights –
Europe was the largest region in the biomass power generation market in 2023. The regions covered in the biomass power generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the biomass power generation market are E.ON SE, ENGIE SA, Siemens AG, General Electric Company, Veolia Environnement SA, Mitsubishi Heavy Industries Ltd., ALSTOM Holdings, Dalkia by EDF Group, Drax Group PLC, Rockwell Automation Inc., MVV Energie AG, John Wood Group, Valmet Corporation, Alfa Laval, Aker Solutions, MEIDENSHA CORPORATION, Ameresco Inc., Ramboll Group A/S, Babcock & Wilcox Enterprises Inc., EnviTec Biogas AG, Vattenfall AB, WELTEC BIOPOWER GmbH, KASAG Swiss AG, Beltran Technologies Inc., Volue
Table of Contents
1. Executive Summary
2. Biomass Power Generation Market Characteristics
3. Biomass Power Generation Market Trends And Strategies
4. Biomass Power Generation Market – Macro Economic Scenario
5. Global Biomass Power Generation Market Size and Growth
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31. Biomass Power Generation Market Other Major And Innovative Companies
32. Global Biomass Power Generation Market Competitive Benchmarking
33. Global Biomass Power Generation Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Biomass Power Generation Market
35. Biomass Power Generation Market Future Outlook and Potential Analysis
36.Appendix
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