Northbrook, IL 60062 -- (SBWire) -- 07/20/2023 --According to a research report, the global biomass power generation market is projected to reach USD 105.7 billion by 2028 from an estimated USD 91.3 billion in 2023, at a CAGR of 3.0% during the forecast period.
The biomass power generation delivers electricity from power plants to homes and businesses nationwide. The growing demand for renewable electricity, implementation of strict pollution control laws, and rising consumer preference for cleaner fuels have contributed to the market growth in the region. In accordance with the global trend toward biomass as a clean energy transition fuel, investments are growing in new biomass power generation technologies for large-scale power generation and transportation fuels.
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The Agriculture Waste, by feedstock, is expected to grow at the second highest CAGR during the forecast period.
Based on feedstock, the biomass power generation market has been split into agriculture waste, forest waste, municipal waste and animal waste. Agriculture waste is expected to grow at the second highest CAGR during the forecast period. Agricultural biomass has the potential to be a precursor material for the production of sustainable energy. The energy content of biomass varies according to crop species. Rice straw, for example, has an energy content of about 3015 kcal/kg, whereas hay has an energy content of about 3738 kcal/kg. Companies such as Babcock & Wilcox (US), Xcel Energy Inc. (US), and Chanderpur Group (India) utilize agricultural waste to generate electricity.
The solid fuel segment, by fuel, is expected to be the largest segment during the forecast period
This report segments the biomass power generation market based on fuel into three segments: Solid fuel, liquid fuel and gaseous fuel. The solid fuel segment is expected to be the largest segment during the forecast period. Solid fuels are generally woody biomass, which are directly burnt for the generation of electricity. Abundant availability of woody biomass and clean substitution to fossil fuels are major drivers for growth of solid fuel in biomass power generation.
Asia Pacific is expected to be the largest region in the biomass power generation market
Asia Pacific is expected to be the largest biomass power generation market during the forecast period. In Asia Pacific several countries planned pilot projects and carrying out full-scale development of commercial-scale biomass power plants to amplify bioenergy deployments in the region. This has increased investments toward new projects, research studies, and new installations of biopower plants in the Asia Pacific, especially in China and India. These factors are expected to fuel the growth of the biomass power generation market in the region.
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Key Market Player
Some of the major players in the biomass power generation market are ENGIE (France), Xcel Energy Inc. (US), Babcock & Wilcox Enterprises, Inc. (US), EPH (Czechia) and Ørsted A/S (Denmark). The major strategies adopted by these players include acquisitions, sales contracts, agreements, alliances, partnerships, and expansions.
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Rising at 3.0% CAGR, Biomass Power Generation Market Will Continue Registering Positive Growth Between 2023 and 2028
The Biomass Power Generation Market in projected to grow from USD 91.3 billion in 2023 to USD105.7 billion by 2028, it is expected to grow at a CAGR of 3.0 % during forecast period.