Biomass Power Market Overview, Cost Structure Analysis, Growth Opportunities and Forecast to 2027

Overview:

A demand for better living opportunities is on the rise. Biomass power is a potential solution which can reduce the carbon footprint considerably and provide a better atmosphere for living. This can reduce air pollution noticeably by lowering the amount of greenhouse gases produced and at the same time, can implement a cost-effective structure from which the users can profit manifold. In industrial processes and transportation, biomass power is slowly gaining traction by replacing more traditional diesel in the operational process. These factors can actually play in favor of the global biomass power market and help it grow with a moderate CAGR during the forecast period (2016-2027), asserts Market Research Future (MRFR) in a holistic report on the subject.

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However, a weak supply chain can restrain the market growth. But it is still outpacing the traditional source such as diesel and is gaining accolades from several countries.

Segmentation:

The Biomass Power market can be segmented by type and application.

Type-wise, the market includes wood, alcohol fuel, and biomass gas. The wood segment is currently leading the market as in many countries such as the U.K. and Germany, waste wood is often considered as a source of power. However, biomass gas needs special treatment before it can be used as it’s harmful properties can adversely affect nature.

Application-based segmentation includes residential, commercial and industrial. Industries are adopting this mode of power owing to its cost-effective nature.

Regional Analysis:

Geographically, the global biomass power market covers North America, South America (LATAM), Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA).

North America is expected to dominate the global market as the government regulations are in favor of biomass power. Also, new investments are getting subsidies from the government. The region also boasts off proper infrastructure that can assist in the growth of the market.

Europe is enjoying similar kind of market parameters owing to which the market is gaining considerable ground in the region. Germany and the U.K. offer special incentives and tax benefits to make it a more lucrative field.

The APAC is showing considerable promise with countries such as India and Indonesia proposing government initiatives. The abundant natural resources of the regions are also proving essential for the regional market expansion.

Industry Trend:

Drax, a company based out of the U.K., has recently announced its collaboration with Siemens in a bid to upgrade its turbine so that it can increase its biomass generating capacity. The company is converting its old facility and supply chain and is replacing it with infrastructure for sustainable biomass.

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European Investment Bank is planning to finance a new biomass-fueled plant in Spain’s La Coruna region of Curtis and Tuxeiro. The plant can bank on the surrounding 100km forest for its natural resources and will have a capacity to generate power of around 50MW.

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This release was published on openPR.