Biomass Power Market Size Worth $98.0 Billion By 2027 | CAGR
SAN FRANCISCO, Sept. 2, 2020 /PRNewswire/ -- The global biomass power market size is expected to reach USD 98.0 billion by 2027, ascending at a CAGR of 9.2% over the forecast period, according to a new report by Grand View Research, Inc. Factors, such as supportive government regulations, funding programs, incentives, and tax benefits encouraging renewable biomass power generation, are likely to strengthen the market growth over the forecast period.
Key suggestions from the report:
- Combustion technology accounted for a dominant market position in 2019 owing to its relatively lower technology cost, higher reliability, and ease of operations when compared to other advanced technologies
- The gasification technology segment is projected to register the fastest CAGR over the forecast period owing to the ability of this technology to produce a high calorific gas from renewable biomass resources
- Solid biofuel occupied the largest feedstock market share in 2019 owing to its abundant availability in the form of wood, sawdust, crop waste, and others
- Biogas feedstock is estimated to have a significant growth owing to its wide application base
- Europe led the global market in 2019 owing to the implementation of environmental regulations regarding renewable energy generation along with the presence of large forestry industries in countries, such as Sweden, Germany, Finland, and France
- Asia Pacific is set to attain the fastest growth over the forecast period owing to the abundant availability and wide feedstock base of biomass across developing economies, such as China and India.
Read 90 page research report with ToC on "Biomass Power Market Size, Share & Trends Analysis Report By Feedstock (Solid, Liquid Biofuels), By Technology (Combustion, Gasification), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/biomass-power-market
Bioenergy, generated from biomass, is deployed across several end-use segments to reduce Greenhouse Gas (GHG) emissions, improve the security of energy supply, and minimize the dependence on fossil fuels. However, significant efforts are made on the sustainable production of biomass that otherwise could cause negative socio-economic and environmental impact, thereby hampering the market growth.
Controlled management of large amounts of animal and plant residue is another major factor driving the growth of this market in developing economies of Asia Pacific, such as China and India. Moreover, the gas produced from biomass anaerobic digestion is used for lighting, cooking, or power generation purposes across these economies. For instance, the Chinese government heavily invests and promotes the usage of biogas digesters.
The industry is marked by a complex supply chain interaction. The industry players tie-up with regional and local players to ensure a constant supply of biomass feedstock. The transportation of biomass, its conversion into valuable fuel, and delivery to the end-use markets are other areas of concern for companies operating in the market. Intensive R&D activities aiming to commercialize the biomass power generation technologies are expected to further propel the market growth.
Grand View Research has segmented the global biomass power market on the basis of technology, feedstock, and region:
- Biomass Power Technology Outlook (Revenue, USD Million, 2016 - 2027)
- Anaerobic Digestion
- Biomass Power Feedstock Outlook (Revenue, USD Million, 2016 - 2027)
- Solid Biofuel
- Liquid Biofuel
- Biomass Power Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Central & South America
- Middle East & Africa
- List of Key Players of Biomass Power Market
- Mitsubishi Heavy Industries, Ltd.
- Xcel Energy Inc.
- Ramboll Group A/S
- Babcock & Wilcox Enterprises.
Find more research reports on Renewable Energy Industry, by Grand View Research:
- Fuel Ethanol Market – The global fuel ethanol market size was estimated at USD 64.52 billion in 2016. The rising requirements for minimizing carbon emissions from gasoline in the automotive & transportation industry is likely to boost the usage of ethanol as a bio based additive over the next couple of years.
- Biodiesel Market – The global biodiesel market size was estimated at USD 28.04 billion in 2016. Growing demand for biodiesel to replace traditional fossil fuel in automotive and power generation applications is expected to drive industry growth.
- Biogas Market – The global biogas market size was valued at USD 55.1 billion in 2019 and is anticipated to expand at a CAGR of 4.48% over the forecast period.
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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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