Favorable Government Policies & Regulations to Drive Global Biomass Power Market Growth

As per Inkwood Research, the Global Biomass Power Market is estimated to record a CAGR of 6.30% in terms of revenue and 6.26% in terms of volume during the forecasted years 2022-2030.
"Browse 70 market Data Tables and 50 Figures spread over 215 Pages, along with an in-depth TOC on the Global Biomass Power Market Forecast 2022-2030."

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Biomass power offers significant consumer as well as environmental benefits. These include improving forest health and forest air quality, in addition to providing baseload as well as dependable electricity to complement intermittent sources of power.

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Favorable Government Policies & Regulations to Augment Market Growth
Countries like Canada, the United States, France, China, Germany, the United Kingdom, India, and others, have encouraged the development of clean energy technology, aligning with their long-term national objectives. In this regard, leading European Union nations have also stated their goal of transitioning to a low-carbon economy over the upcoming years. As per this plan, European Union countries are aiming to gradually phase out the production of coal-based electricity. In the process, they are also looking towards biomass power as a substitute to supply base load power. As a result, favorable government policies, as well as regulations, are set to play a pivotal role in fueling the global market's growth.

Industrial Segment Dominated the End-User Category in 2021
In the industrial sector, the majority of biopower plants utilize direct-fired combustion systems. Moreover, they also incinerate biomass directly in order to produce high-pressure steam that drives a turbine generator to produce electricity. The spent or extracted steam from the power plant is also used to heat buildings or for manufacturing processes. Furthermore, in 2021, biomass provided about 4,835 trillion British thermal units (TBtu), equating to approximately 4.8 quadrillions of Btu and 5% of the total United States primary energy consumption. Out of this, nearly 2,316 TBtu were from biofuels, primarily ethanol, and 431 TBtu were from the biomass in sewage and municipal solid wastes, agricultural byproducts, and animal manure. In addition, 2,087 TBtu were from wood and wood-derived biomass.

North America to be the Fastest-Growing Region in terms of Revenue
The increase in environmental concerns has resulted in North American nations concentrating on renewable energy. Aligning with this, favorable policies and regulations have been drafted by Canada, the United States, and Mexico to support renewable power sources, including wind, solar, and biomass. Some regions in the United States, such as New York, Florida, and California, have also established renewable energy targets for installed capacity. Therefore, the abundant availability of biomass feedstock in North America, coupled with favorable policies and regulations, is anticipated to drive the biomass power market growth during the forecast period.
The competition in the global biomass power market ranges from moderate to high. Some of the leading companies operating in the market include Mitsubishi Corporation, General Electric Company, Suez Environment Company, etc.

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