Press release
Biomass Power Generation Market Industry Outlook, Future Trends, Insights, Quality Analysis, and Sustainable Growth Strategies for the Period of 2023-2029 | ENGIE (France), Babcock & Wilcox Enterprises, Inc. (US), Xcel Energy Inc. (US), EPH (Czechia) and
Biomass Power Generation Market by Technology (Combustion, Gasification, Anaerobic Digestion, Pyrolysis), Feedstock (Agricultural Waste, Forest Waste, Animal Waste, Municipal Waste), Fuel (Solid, Liquid, Gaseous) and Region - Global Forecast to 2028Download FREE Sample Report @ https://www.reportsnreports.com/contacts/requestsample.aspx?name=6948085
The biomass power generation market is dominated by a few major players that have a wide regional presence. The leading players in the biomass power generation market are ENGIE (France), Babcock & Wilcox Enterprises, Inc. (US), Xcel Energy Inc. (US), EPH (Czechia) and Ørsted A/S (Denmark).
"The biomass power generation market is projected to grow at a CAGR of 3.0% from 2023 to 2028"
The global biomass power generation market is estimated to grow from USD 91.3 Billion in 2023 to USD 105.7 Billion by 2028; it is expected to record a CAGR of 3.0% during the forecast period. Increase in the energy demand for in-house electricity generation from industrial sector which drives the biomass power generation market.
"Forest Waste: The largest segment of the biomass power generation market, by feedstock "
Based on feedstock, the biomass power generation market has been split into four types: Agriculture Waste, Forest Waste, Animal Waste and Municipal Waste. The forest waste were estimated to have the largest share of the biomass power generation market in 2022. Forest biomass waste is the by-product of forest harvesting, which includes wood chips, bark, sawdust, and timber slash. Forest waste has been used largely for power generation. As per estimates, China uses 50% of the forest biomass among the available energy resources to generate power and biofuel.
"Gasification segment is expected to emerge as the second-largest segment based on technology"
By technology, the biomass power generation market has been segmented into combustion, pyrolysis, gasification and anaerobic digestion. Gasification are expected to be the second largest share of the biomass power generation market in 2022. Gasification is becoming increasingly competitive in terms of cost, with the price of combustion and pyrolysis dropping significantly in recent years. They offer an opportunity for countries to reduce their reliance on improve energy security.
"By fuel, the Solid Fuel segment is expected to be the fastest growing market during the forecast period."
Based on Solid fuel, the biomass power generation market is segmented into solid fuel, liquid fuel and gaseous fuel. The Solid fuel segment is expected to be the fastest-growing segment during the forecast period. Woody biomass is mostly the preferred solid fuel for power generation. The US Department of Energy studied the impact of both fossil fuels and biomass solid fuels on global warming during the life cycle of a power generation facility.
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Electrification of rural areas and Investments in upgrading and expanding transmission and distribution infrastructure are some of the main factors driving the biomass power generation market. Factors such as high installation costs and lack of common standards for electrification in some countries still restrain the market. Increased government mandates for upgrading electrical infrastructure and reducing power losses provide opportunities for the biomass power generation market to grow. Even though delays in electrical transmission projects are major challenges faced by countries under biomass power plant development.
Research Coverage:
The report defines, describes, and forecasts the global biomass power generation market, by component, power source, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the biomass power generation market.
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