-- As per the report published by The Brainy Insights, the global biomass power generation market is expected to grow from USD 46.98 billion in 2021 to USD 84.78 billion by 2030, at a CAGR of 6.78% during the forecast period 2022-2030. North American region emerged as the largest market for the global biomass power generation market, with a 34% share of the market revenue in 2021. North America currently dominates the biomass power generation market due to increased demand for biomass power generation to replace conventional power generation sources. Asia-Pacific is expected to rise in the forecast period due to the government’s adoption of new schemes and subsidies to encourage the adoption of biomass power generation.
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The biomass power generation market refers to the industry involved in the production of electricity using biomass as a fuel source. Biomass refers to organic materials derived from plants and animals, such as wood, crop residues, agricultural waste, dedicated energy crops, and organic municipal solid waste. Biomass power generation involves converting these biomass feedstocks into heat or electricity through various processes, including combustion, gasification, and anaerobic digestion.
Key Drivers of the Biomass Power Generation Market:
- Renewable Energy Policies: Governments worldwide have implemented renewable energy targets and incentives to reduce greenhouse gas emissions and promote sustainable energy sources. Biomass power generation is considered a renewable energy option and can help countries meet their clean energy goals.
- Energy Security and Independence: Biomass power generation can contribute to energy security by diversifying the energy mix and reducing dependence on fossil fuels. It provides a locally available and sustainable energy source, reducing reliance on imported energy resources.
- Waste Management and Circular Economy: Biomass power generation can utilize agricultural waste, forestry residues, and organic waste materials, contributing to efficient waste management practices and promoting a circular economy by converting waste into valuable energy.
- Rural Development and Job Creation: Biomass power generation projects often involve local sourcing of biomass feedstocks, which can create employment opportunities in rural areas, particularly in agriculture and forestry sectors. It can also stimulate regional economic development.
- Carbon Neutrality and Climate Change Mitigation: Biomass power generation has the potential to reduce carbon emissions compared to fossil fuel-based power generation. Biomass feedstocks are considered carbon-neutral because the carbon dioxide released during combustion is offset by the carbon absorbed during the growth of biomass feedstock plants.
Leading companies in the industry include E. ON SE, Ameresco Inc., Babcock & Wilcox Enterprises Inc., John Wood Group PLC, Weltec Biopower GmbH, EnviTec Biogas AG, Engie, Oulun Energia Oy, ACCIONA, and Indus Green Bio Energy Pvt. Ltd, among others, offers more significant opportunities and is continuously focused on new product developments and venture capital investments to obtain market share.
The feedstock segment is divided into woody biomass, municipal solid waste, solid biomass, biogas, urban residue, liquid biomass, energy crops, agriculture and forest residue, & others. The solid biomass segment dominated the market with a market share of around 58% in 2021. The technology segment is divided into anaerobic digestion, combustion, gasification, pyrolysis, landfill gas, & others. Over the forecast period, the combustion segment is expected to grow at the fastest CAGR of 7.51%. The application segment is divided into commercial, industrial, and residential. In 2021, the industrial segment dominated the market, accounting for around 49% of global revenue. The extensive capital and setup required for biomass power generation can be taken up by big-end industries, unlike the residential sector, which is the dominant segment in the biomass power generation market.
According to the IPCC report released at the COP26, it is noted that it is nearly impossible to limit the global temperature rise to 1.5 °C if immediate actions are not taken to reduce the carbon footprints on a worldwide scale starting immediately. The report mentions the significant polluters, namely, the United States, EU, China, and India, emphasizing their significant role in saving the planet. The burning of fossil fuels for energy production is the primary and most important contributor to greenhouse gas emissions responsible for climate change. These countries have pledged to achieve net-zero emissions by 2050-70. Renewable and clean energy must be utilized to meet the rising energy consumption of the population if these promises/pledges are to be achieved. Therefore, power generation from biomass will witness rising adoption in the future, contributing to the development of the global biomass power generation market.
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