Biomass Power Generation Market worth $105.7 billion | Asia Pacific booming followed by the Middle East and Africa, and Europe

According to a new market 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. Factors such as the need of electrification in rural areas and investments in renewable energy projects are driving the growth of the biomass power generations market.

Key Market Players

The biomass power generation market is served by many international players with global operational presence and local players with a strong domestic supply network. ENGIE (France), Xcel Energy Inc. (US), Babcock & Wilcox Enterprises, Inc. (US), EPH (Czechia), and Ørsted A/S (Denmark) are the market leaders in the global biomass power generation market. These companies use strategies such as contracts, agreements, partnerships, acquisitions, and expansions to increase their market share.

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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.

Key Stakeholders

Analytics Vendors
Communication Vendors
Consulting Companies In The Energy And Power Sector
Electric Utilities
Energy & Power Sector Consulting Companies
Energy Regulators
Government & Research Organizations
Government Utility Providers
Independent Power Producers

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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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