Global Biomass Power Generation Market: Increasing Industrialization, Emergence of Sustainable Energy Solutions to Invigorate Growth, notes TMR
The global market for biomass power generation is fragmented on account of the presence of a large number of players, finds Transparency Market Research (TMR) in a new study. A large number of market players are adopting business strategies such as product innovations, partnerships, and acquisitions to make their foothold stronger in the market.
For instance, in April 2017, Mitsubishi Corporation Power Systems, Inc. joined hands with The Kansai Electric Power Co., Inc. (KEPCO) to set up a biomass power generation project in Japan. The project aims at reducing the overall carbon emissions by switching from the use of crude oil or heavy oil to woody biomass.
According to TMR, the global market for biomass power generation is expected to reach US$50.52 bn by the end of 2022, expanding steadily at a CAGR of 6.4% between 2014 and 2022.
Untapped Potential of Asia Pacific Offers Substantial Opportunities
By geography, the global market for biomass power generation is segmented into the Middle East and Africa, Europe, Latin America, Asia Pacific, and North America. North America is expected to lead the global market for biomass power generation due to the presence of favorable regulatory frameworks and government encouragement. Asia Pacific also holds significant growth potential.
By type of feedstock, the global market for biomass power generation has been segmented into agriculture and forest residues, woody biomass, urban residues, landfill gas feedstock, and biogas and energy crops. Of these, the woody biomass segment is expected to lead the market thanks to its eco-friendly and cost-effective advantages.
Environmental Benefits and Government Support Drive Demand
The use of biomass in power generation not only ensures reduction of greenhouse gas emissions, it also reduces the cost of energy production. Increased visibility, cleaner air, and better public health are some other advantages of biomass power generation. Governments of several countries such as the U.K., the U.S., Australia, India, Indonesia, Poland, and Germany are either offering grants and incentives or proposing legislations supporting the use of biomass power generation. Because biomass power generation involves the use of natural and human waste such as oil-rich algae, sawdust, woody plants, organic industrial and municipal waste, sugarcane crops, timber industry, and agricultural residue, there is a significant decline in environmental hazards including air pollution.
The increasing awareness associated with the protection of environment has been a key growth driver of the global market for biomass power generation. Elimination of the need for conventional sources of energy such as diesel has also been promoting growth. Increasing applications such as transportation and industrial processes are also likely to boost the market. Rapid pace of industrialization and urbanization in the emerging economies has led to an increasing adoption of this more reliable, affordable, and easily accessible supply of energy.
Nonetheless, the growth of the market can get inhibited by factors such as low level of awareness about biomass power generation and presence of a weak supply chain. However, the low costs of forestry and agricultural waste can make biomass power generation a strong contender to conventional power generation. Even in nations where feedstock is costly, coal-fired power generation is still costlier than biomass power generation. Therefore, the increased inclination towards off-grid power supply will render biomass a viable alternative, creating opportunities.
The information presented in this review is based on a Transparency Market Research report, titled, “Biomass Power Generation Market (Feedstock - Woody Biomass, Agriculture & Forest Residues, Biogas & Energy Crops, Urban Residues, and Landfill Gas Feedstock; and Technology - Anaerobic Digestion, Combustion, Gasification, Co-firing & CHP, and Landfill Gas (LFG)) - Global & U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022”.
Key segments of the Biomass Power Generation Market
Global Biomass Power Generation Market, by Feedstock
- Woody Biomass
- Agriculture & Forest Residues
- Biogas & Energy Crops
- Urban Residues
- Landfill Gas Feedstock
Global Biomass Power Generation Market, by Technology
- Anaerobic Digestion
- Co-firing & CHP
- Landfill Gas (LFG)
Global Biomass Power Generation Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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