BIOMASS POWER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The Biomass Power Market is estimated to be valued at USD 139.06 Bn in 2024 and exhibit a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031. Biomass power utilizes organic matter from plants and animals as a renewable source of energy. The use of biomass for power generation is gaining interest as an environmentally sustainable alternative to fossil fuels. Biomass power helps reduce reliance on non-renewable energy sources while lowering carbon emissions through the use of waste biomass that would otherwise decompose and release greenhouse gases into the atmosphere. Power plants burn biomass materials such as wood waste, agricultural residues and organic municipal solid waste to produce steam that drives turbines for electricity generation. Some biomass power facilities also employ gasification and pyrolysis technologies to convert biomass into a renewable synthetic gas or bio-oil for combustion. With growing global concerns around climate change, many countries are promoting the development of biomass power as a carbon-neutral renewable energy option.

 Market Dynamics:

The global biomass power market growth is driven by supportive government policies and incentives for renewable energy adoption. Many nations have set mandatory renewable purchase obligations and carbon reduction targets which is fueling investments in biomass power projects. Rising environmental awareness among consumers and industries is also positively impacting the market growth. However, high initial capital costs for biomass power plants and intermittency of biomass fuel supply remain key challenges. On the opportunity side, advancements in biomass gasification and energy storage technologies are expected to make biomass power generation more efficient and cost-competitive with conventional energy sources. Untapped biomass resources from agriculture and forestry waste in developing countries also provide significant prospects for market expansion.

 Key Features of the Study:

• This report provides an in-depth analysis of the global biomass power market and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global biomass power market based on the following parameters company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study 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, Dalkia EnviTec Biogas AG, Weltec Biopower GMBH, Drax Group PLC (UK), Enviva LP, Sodra, MVV Energie AG, Helius Energy PLC, Alstom SA, Vattenfall AB
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global biomass power market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global biomass power market.

Detailed Segmentation-

• By Feedstock:
  • Solid Biofuel
  • Liquid Biofuel
  • Biogas
• By Technology:
  • Combustion
  • Gasification
  • Anaerobic Digestion
• By Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
  • Mitsubishi Heavy Industries, Ltd.
  • Suez
  • Xcel Energy Inc.
  • Ramboll Group A/S
  • Babcock & Wilcox Enterprises, Inc.
  • Orsted A/S
  • Ameresco
  • General Electric
  • Veolia
  • Vattenfall
  • Dalkia EnviTec Biogas AG
  • Weltec Biopower GMBH
  • Drax Group PLC (UK)
  • Enviva LP
  • Sodra
  • MVV Energie AG
  • Helius Energy PLC
  • Alstom SA
  • Vattenfall AB