Biomass power market is experiencing steady growth, fueled by increasing concerns about climate change and the depletion of fossil fuels. In 2022, the market size stood at US$ 30.75 billion, and it is projected to reach US$ 39.3 billion by 2029, expanding at a CAGR of 3.5% during the forecast period.

To Know more about this report (Description, TOC and List of Tables and Figures) — Biomass Power Market

This growth is driven by several factors, including:

• Government policies: Many countries are implementing supportive policies, such as feed-in tariffs and renewable energy credits, to incentivize the use of biomass for power generation.
• Environmental concerns: Biomass, unlike fossil fuels, is a renewable and carbon-neutral energy source. Its adoption helps reduce greenhouse gas emissions and air pollution.
• Growing energy demand: With the global population increasing, the demand for electricity is also rising. Biomass offers a reliable and sustainable option to meet this demand.

Key Players:

• DONG Energy A/S
• Babcock & Wilcox Company
• Forth Energy Ltd.
• Ameresco Inc.
• Drax Group plc Co.
• Enviva LP
• MGT Ltd.
• Alstom SA
• Helius Energy Plc.
• Vattenfall AB

Drivers and Opportunities:

1. Technological advancements: Innovations in biomass conversion technologies, such as gasification and pyrolysis, are improving efficiency and reducing emissions.
2. Diversification of feedstocks: The utilization of diverse feedstocks, such as waste wood, agricultural residues, and municipal solid waste, is expanding the market potential.
3. Integration with other renewable energy sources: Biomass can be combined with wind and solar power to create a more stable and reliable renewable energy system.

Segmentation by Type:

• Urban Residue
• Biogas
• Agriculture & Forest Residues
• Energy Crop
• Woody Biomass
• Landfill Gas Feedstock

Segmentation by Application:

• Paper Industry
• Forest Industry
• Panel Board Makers
• Pulp Industry

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Overall, the biomass power market is poised for continued growth in the coming years. With supportive government policies, technological advancements, and a growing focus on sustainability, biomass is emerging as a viable and attractive option for electricity generation.

However, concerns about sustainability practices and feedstock availability need to be addressed to ensure the long-term growth of the market.