Overview and Scope
Biomass electricity generation involves converting organic materials such as wood, agricultural residues, or organic waste into electricity. This renewable energy method includes burning biomass to produce steam, which then powers turbines connected to generators, generating electricity. It helps reduce greenhouse gas emissions and dependence on fossil fuels while using organic materials that can be sustainably replenished.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The biomass power generation market report table of contents includes:
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
…..
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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