Press release
Biomass Power Generation Market Expected to Achieve 6.9% CAGR by 2029: Growth Forecast Insights
Biomass Power Generation Market
How Large Will the Biomass Power Generation Market Size By 2025?
In recent years, the biomass power generation market has seen significant expansion. The market size is expected to escalate from $59.72 billion in 2024 to a substantial $63.97 billion in 2025, with a compound annual growth rate (CAGR) of 7.1%. The robust growth witnessed in the historic period is a confluence of factors including government policies and incentives, concerns over energy security, technological progress, environmental legislations, and waste management initiatives.
How Big Is the Biomass Power Generation Market Size Expected to Grow by 2029?
The market size for biomass power generation is projected to experience robust expansion in the coming years, reaching a valuation of $83.56 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 6.9%. This significant growth during the forecast period is linked to the establishment of renewable energy objectives, the implementation of circular economical frameworks, the provision of economic benefits and subsidies, improvements in biomass conversion technology, and the escalating demand for environment-friendly energy alternatives. Key trends within this forecast period encompass the broadening of co-firing practices, the assimilation of energy storage solutions, the development of decentralized biomass power generation, the introduction of biomass by-products and the incorporation of cutting-edge control and automation systems.
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Which Key Market Drivers Powering Biomass Power Generation Market Expansion and Growth?
The expansion of the biomass power generation market is anticipated to be stimulated by governmental actions aimed at promoting biomass power generation. Government initiatives encompass planned measures, schemes, or policies put in place by authorities to address specific issues, realize objectives, or cater to its citizens' needs. Governments of major nations offer financial benefits such as grants, subsidies, or tax breaks to support the establishment and running of biomass power plants. These aids mitigate financial pressure on investors and render biomass projects more economically feasible. For instance, the June 2023 update of the IEA Government Energy Spending Tracker, as recounted by the International Energy Agency - an autonomous intergovernmental organization based in France, elucidates that authorities have dedicated USD 1.34 trillion towards clean energy investments. This marks an approximate increase of 25% from 2021 to 2023, outpacing the growth of investments in fossil fuels within the same time frame. Consequently, government initiatives for biomass power generation stimulate the growth of the biomass power generation market.
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Which Fast-Growing Trends Are Poised to Disrupt the Biomass Power Generation Market?
Leading entities in the biomass power generation market are leveraging strategic alliances to secure a competitive market advantage. Such collaborations in the biomass power generation sector can offer various rewards, ensuring the success and sustainability of projects within the energy sector. To illustrate, Marubeni Corporation, a commerce firm based in Japan, forged a strategic partnership with Taisei Corporation, another Japanese real estate development firm, in April 2023. This alliance has sparked the construction of the Ishikari Area Biomass Power Plant in Ishikari City, Hokkaido, which is projected to generate about 9,950 kW of power. In another development from December 2023, Air Burners, a US-based firm known for manufacturing air curtain burner systems for biomass waste elimination, joined forces with Rolls-Royce, a renowned luxury car manufacturer from the UK, and Volvo, an automobile company based in Sweden. This strategic union with Rolls Royce and Volvo has resulted in the creation of the BioCharger by Air Burners, a portable device that converts biomass waste into energy. This innovatively designed machine efficiently transforms biomass waste into energy, offering off-the-grid power solutions for several uses.
What Are the Emerging Segments in the Biomass Power Generation Market?
The biomass power generation market covered in this report is segmented -
1) By Feedstock: Woody Biomass, Agriculture And Forest Residues, Biogas And Energy Crops, Urban Residues, Landfill Gas (LFG) Feedstock
2) By Technology: Anaerobic Digestion, Combustion, Gasification, Co-firing And CHP, Landfill Gas (LFG)
3) By End-User: Commercial, Industrial, Residential
Subsegments:
1) By Woody Biomass: Wood Chips, Wood Pellets, Sawdust, Wood Logs, Bark
2) By Agriculture And Forest Residues: Crop Residues, Forest Residues, Agricultural Waste
3) By Biogas And Energy Crops: Biogas, Energy Crops
4) By Urban Residues: Municipal Solid Waste (MSW), Yard Waste, Paper Waste, Food Waste
5) By Landfill Gas (LFG) Feedstock: Methane from Landfill Gas
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Who Are the Global Leaders in the Biomass Power Generation Market?
Major companies operating in the biomass power generation market are E.ON SE, ENGIE SA, Siemens AG, General Electric Company, Veolia Environnement SA, Mitsubishi Heavy Industries Ltd., ALSTOM Holdings, Dalkia by EDF Group, Drax Group PLC, Rockwell Automation Inc., MVV Energie AG, John Wood Group, Valmet Corporation, Alfa Laval, Aker Solutions, MEIDENSHA CORPORATION, Ameresco Inc., Ramboll Group A/S, Babcock & Wilcox Enterprises Inc., EnviTec Biogas AG, Vattenfall AB, WELTEC BIOPOWER GmbH, KASAG Swiss AG, Beltran Technologies Inc., Volue
Which are the Top Profitable Regional Markets for the Biomass Power Generation Industry?
Europe was the largest region in the biomass power generation market in 2024. The regions covered in the biomass power generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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