Growth Trends and Latent Adjacency in Biomass Power Market

Biomass Power Market Overview:

The Biomass Power Market is expected to be worth USD 108.64 billion by 2027. During the forecast period, the market will also grow at a CAGR of 14%. In 2020, it was estimated to be worth USD 54.1 billion.

Furthermore, cutting-edge technologies such as pollution control and combustion engineering have advanced to the point where any emissions from biomass combustion in industrial facilities are no longer a concern. The market was impacted by a decline in demand, resulting in less fossil fuel use and more renewable use in the generation stack during COVID. Rising demand for energy and power and increased demand for clean energy will boost the market growth. In the forecast period, market growth will be hampered by high operating costs and rising capital costs in economically developing countries.

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During the forecast period, the global biomass power generation market will be driven by increasing demand for environmentally friendly and sustainable power generation sources. Biomass energy generation is becoming more popular in major developing countries worldwide. Biogas is a dependable, cost-effective, and secure energy source. It has been used to promote economic development and improve access to electricity. Key players in the global biomass power generation market are focusing on innovation to increase revenue opportunities in the global market. Biomass is a carbon-neutral energy source that reduces reliance on fossil fuels. Governments worldwide are increasing investments in biomass power generation by offering tax breaks, loan guarantees, and other incentives.

FAQ's:

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Recent developments:

In April 2022,

Greencoat Capital announced on April 28 that funds managed by the company had purchased the Margam Green Energy Plant, a 41.8 megawatt (MW) waste wood-fired biomass plant in the United Kingdom, from Glennmont Partners.
LX International Corp, a trading subsidiary of South Korea's LX Group, recently announced the acquisition of a significant stake in a current biomass power plant operator. It occurred as it worked to expand its renewable energy business.
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Market Segmentation:

Biomass gasification converts solid fuels (biomass) like wood, wood waste, and agricultural residues into a combustible gas mixture known as producer gas or syngas. This is accomplished through a series of thermo-chemical reactions involving heat, pressure, and partial combustion, which occur when the air supply (O2) is insufficient to complete the biomass combustion process.

By technology:

Gasification
Combustion
Anaerobic Digestion
Others

By feedstock:

Biogas
Solid
Liquid

By end use:

Transportation
Combustion
Others
Regional analysis:

The global biomass power market is divided into five major regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The Asia-Pacific biomass power market is expected to account for the largest share of the global biomass power market. Asia-Pacific is one of the world's largest markets for biomass power. Due to the region's rising per capita disposable income and growing population, there is an increased demand for energy. Furthermore, the rapidly growing economies in this region are also the world's top polluters. due to the abundance of naturally available resources in the region, Asia-Pacific is expected to grow significantly. Because of proposed government legislation to increase investment in the biomass power sector, emerging economies such as India and Indonesia promise significant growth.

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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.

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