Biomass Power Market to Touch USD 55.84 Billion at 14% CAGR by 2027

Favorable Government Regulations to Bolster Biomass Power Market Growth 

North America to Have Lions Share in Biomass Power Market 

Market Analysis 

The global biomass power market to touch USD 55.84 billion at a 14% CAGR during the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. Biomass power, simply put, is a renewable energy source that is derived from animals and plants. It is helpful in the photosynthesis process, wood processing and wood wastes, wood waste collection, yard, food, agricultural crops and waste materials to use it as fuel biomass offers much-needed relief against power shortage, and owing to this the biomass power projects would generate employment in rural areas. 

Various factors are fuelling the global biomass power market growth. As per the recent MRFR market estimates, such factors include the growing need to control the greenhouse gases emission, favorable government policies, growing need for an eco-friendly renewable source of energy, favorable government regulations that encourage thermal power stations to switch to cleaner fuels like biomass from coal, decline in coal usage and the growing use of wood biomass for distributed electricity production. 

On the contrary, lack of awareness among emerging economies, impact of the COVID-19 pandemic, and improper management of biomass may limit the global biomass power market growth over the forecast period. 

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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. 

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. 

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.

Industry Updates 

May 2021- Cooperative in Croatia is supplying biomass power plant with olive tree waste.  

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Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.

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