Biomass Power Market Is Projected To Exhibit A Compound Annual Growth Rate (CAGR) Of 6.0% From 2022 To 2030

 Biomass Power Industry Overview

The global biomass power market size was valued at USD 121,340.76 million in 2021 and is projected to exhibit a compound annual growth rate (CAGR) of 6.0% from 2022 to 2030. The market has been witnessed growth with the rise in environmental concerns, which has forced various countries to increase the share of renewable energy in their power mix. Countries, such as India, China, Germany, the U.K., and France, have announced renewable energy targets and are aiming at becoming carbon-neutral nations in the future. Moreover, rising adoption owing to favorable policies and regulations drives the market.

Furthermore, the European Union countries are looking for a coal phase-out, which is expected to boost the demand for biomass power. In addition, in countries, such as India, the U.S., and China, co-firing of coal-based power plants is done with biomass feedstock to limit carbon emissions from the plants. These factors will boost the growth of the market in the forecast period. The U.S. witnessed biomass power capacity addition of 177 MW in 2019 through 14 projects. The new project commissioned in 2019 was done in locations, such as Florida, Georgia, California, and Hawaii. Furthermore, over 384 MW of biomass power projects are under different development phases in the country. These factors are anticipated to boost the market growth in the country over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Biomass Power market

The U.S. and Canada dominate the North America regional market. The North America region is majorly dependent on coal for power generation. The recent discovery of shale gas reserves in the region has resulted in gas-based power generation, which is gaining higher growth over coal-based power generation in the region in the past decade.Installers and system providers usually hold stock of major equipment in inventory. However, manufacturers faced bottlenecks and shortages owing to limited production in countries during the COVID-19 crisis. Furthermore, upcoming biomass power projects witnessed delays in commissioning due to the disruption in the supply chain and halt of on-site construction activities caused by the imposition of lockdowns in severely affected areas.



Browse through Grand View Research's Renewable Energy Industry Research Reports.

  • Green Hydrogen Market - The global green hydrogen market size was valued at USD 3.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 39.5% from 2022 to 2030. Green hydrogen is produced by the electrolysis of water for which electric power is utilized which is generated by renewable energy sources such as wind energy or solar energy.

 

  • Solar Energy Systems Market - The global solar energy systems market size was valued at USD 160.3 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 15.7% from 2022 to 2030. The growing demand for sustainable energy production sources to replace the conventional sources of energy is expected to boost the industry growth over the forecast period.

 

Biomass Power Market Segmentation

Grand View Research has segmented the global biomass power market based on technology, feedstock, and region:

Biomass Power Technology Outlook (Volume, Million MWh; Revenue, USD Million, 2019 - 2030)

  • Combustion
  • Gasification
  • Anaerobic Digestion

Biomass Power Feedstock Outlook (Volume, Million MWh; Revenue, USD Million, 2019 - 2030)

  • Solid Biofuel
  • Liquid Biofuel
  • Biogas

Biomass Power Regional Outlook (Volume, Million MWh; Revenue, USD Million, 2019 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa


Key Companies profiled:

Some of the prominent players in the global biomass power market include:

  • Mitsubishi Heavy Industries, Ltd.
  • Suez
  • Xcel Energy Inc.
  • Ramboll Group A/S
  • Babcock & Wilcox Enterprises, Inc.
  • Orsted A/S
  • Ameresco
  • General Electric
  • Veolia
  • Vattenfall

 

Order a free sample PDF of the Biomass Power Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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