Biomass Power Generation Market is Expected to be Dominated by the Combustion Segment Through 2028
Global biomass power generation market is expected to
grow due to the advancements in biomass power generation techniques during the forecast
period of 2024-2028.
According to
TechSci Research report, “Biomass Power Generation
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”,
the global biomass power generation market is anticipated to register 4.97% CAGR during the forecast period. During the projected period, the worldwide
biomass power generating market will be driven by the rising need for environmentally
friendly and sustainable sources of energy generation. Biomass power generation
is becoming more widely used in significant emerging nations worldwide. A
dependable, economical, and secure source of electricity generation is biogas.
It has been applied to advance economic growth and expand access to
electricity. The main players in the global biomass power generation market are
concentrating on innovation to expand their business potential. Since biomass produces
no carbon emissions, it decreases the reliance on fossil fuels for energy
production. Additionally, by offering tax incentives, loan guarantees, and
other forms of support, governments around the world are boosting their
investments in biomass power generation.
There are many
governments initiative to boost the market. For instance, an agreement was
signed between MoPNG and companies or institutions to build 5,000 CBG plants by
2024 with a total capacity of 15 tons of CBG per year as part of the biofuels
policy to promote ethanol blending in vehicle fuel. Owing to this agreement the
global biomass power generation market is further anticipated to expand in the
forecast period of 2024-2028.
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Market Data Figures spread through XX Pages and an in-depth TOC on "Global
Biomass Power Generation Market”
Global biomass
power generation market is segmented based on technology, feedstock, end-user,
fuel type, and region. Based on technology, the market is divided into
combustion, pyrolysis, gasification, anaerobic digestion, landfill gas (LFG),
and others. Based on feedstock, the market is divided into urban residue,
municipal solid waste (MSW), agricultural and forest residue, energy crops,
woody biomass, and others. Based on end-user, the market is divided into
industrial, residential & commercial, utilities. Based on fuel type, the
market is divided into solid, liquid, gaseous. Based on region, the market is
further bifurcated into North America, Asia Pacific, Europe, South America, and
Middle East & Africa.
Based on technology, the combustion segment
dominated the market. The trend is expected to continue in the future with the
segment registering a steady growth rate over the forecast period. In
comparison to other sophisticated biomass power technologies, the combustion
technology operates more economically and is simpler. This is anticipated to
increase the market demand for combustion technology over competing
technologies.
Based on feedstock, municipal solid waste (MSW)
will dominate the market in the forecast period. Throughout the forecast
period, the category will continue to grow at a constant CAGR and maintain its
dominant position. Municipal solid waste is being used more widely than liquid
biofuels.
Based on end-user, industrial segment will
dominate the market in the forecast period. The industrial sector is one of the
largest consumers of electricity in the world. In fact, it accounts for about
30% of global electricity consumption. The global economy is growing, and this
is leading to an increase in industrial activity. As a result, there is a
growing demand for electricity to power factories, machines, and other
equipment. Due to which the industrial segment is growing rapidly.
Based on region, Asia Pacific will dominate
the market in the forecast period. In growing and expanding economies like
China and India, urbanization and fast industrialization are gaining traction due
to which the demand for power generation is high in these areas.
Key market players
in the global biomass power generation market are:
- Mitsubishi Power Ltd.
- Suez SA, Xcel Energy Inc.
- Ramboll Group A/S
- Babcock & Wilcox Enterprises, Inc.
- Orsted A/S
- Ameresco Inc
- General Electric Company
- Veolia Environnement S.A.
- Vattenfall AB
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“Future
energy consumption will rise because of rising industrialization,
development, and population growth. However, as fossil fuels produces greenhouse
gas emissions, the risks related to climate change are also rising. The globe's
increasing need for energy and concern for the environment will jointly drive
the growth of the biomass generating market because biomass power generation
will help the world meet its dual objectives of rising energy consumption and
environmental protection. Additionally, governments throughout the world are
implementing laws that are supportive of biomass power generation to promote it
to meet energy needs, reduce emissions, save money, and the environment by
reducing reliance on fossil fuels”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Biomass Power
Generation Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018–2028 Segmented
By Technology (Combustion, Pyrolysis, Gasification, Anaerobic Digestion,
Landfill gas (LFG), and Others), By Feedstock (Urban Residue, Municipal Solid
Waste (MSW), Agricultural and Forest Residue, Energy Crops, Woody biomass, and
Others), By End-User (Industrial, Residential & Commercial, and Utilities),
By Fuel (Solid, Liquid, and Gaseous), By Region and Competition” has
evaluated the future growth potential of biomass power generation market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global biomass power generation market.
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