Biomass Power Generation Market Size to be Worth USD 85.3 billion by 2031, with Notable CAGR of 6%| Transparency Market Research, Inc.
Increasing global energy needs and focus on renewable sources drive steady growth in biomass power generation adoption.
Wilmington, Delaware, United States, Dec. 22, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global biomass power generation market is estimated to flourish at a CAGR of 6% from 2021 to 2031. Transparency Market Research projects that the overall sales revenue for biomass power generation is estimated to reach US$ 85.3 billion by the end of the forecast period.
Biomass power aligns with circular economy principles, emphasizing resource efficiency and waste valorization. Strategies integrating biomass waste into energy production foster economic viability and sustainability, driving market expansion. Emerging markets witness a shift towards localized biomass solutions. Small-scale projects and community-driven initiatives utilize locally available biomass resources, promoting energy autonomy and resilience.
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The evolution of biorefineries optimizes biomass use, producing not only energy but also high-value co-products like biofuels, biochemicals, and biomaterials. Diversification boosts revenue streams and market competitiveness. Innovative approaches explore diverse biomass feedstock beyond traditional sources. Agricultural residues, organic waste, and algae are gaining traction, diversifying feedstock availability and reducing dependency on specific sources.
Integration of digital technologies like IoT sensors and data analytics optimizes biomass plant operations. Predictive maintenance, process optimization, and efficiency enhancement emerge as critical strategies for market players.
Biomass Power Generation Market: Competitive Landscape
The biomass power generation market is witnessing a dynamic competitive landscape driven by technological innovations, regulatory frameworks, and sustainability imperatives. Key players such as Drax Group plc, Enviva, and ENGIE lead with extensive biomass power plants, emphasizing renewable energy portfolios.
Emerging contenders like Aalborg Energie Technik and Babcock & Wilcox Enterprises contribute innovative combustion and gasification technologies. Government support and incentives bolster market entry for companies like Mitsubishi Hitachi Power Systems, fostering global expansion.
Partnerships and strategic collaborations between firms, including GE and Valmet, signify a trend towards scalable biomass solutions. This landscape, shaped by innovation and collaborations, propels the market towards a greener energy future. Some prominent manufacturers are as follows:
- Alstom SA
- Ameresco, Inc.
- DONG Energy A/S
- Drax Group plc
- Fourth Partner Energy
- Helius Energy Plc
- Enviva LP
- MGT Power Ltd.
- The Babcock & Wilcox Company
- Vattenfall AB
Key Findings of the Market Report
- Woody biomass stands as the leading feedstock segment, providing abundant and sustainable resources for biomass power generation globally.
- Combustion technology leads the biomass power generation market, offering efficient energy production through controlled burning of organic materials.
- Europe leads the biomass power generation market with robust investments, advanced technology, and stringent sustainability goals driving renewable energy initiatives.
Biomass Power Generation Market Growth Drivers & Trends
- Favorable policies worldwide incentivize biomass power adoption, encouraging market growth and investments in renewable energy infrastructure.
- Innovations in biomass conversion technologies enhance efficiency, reducing carbon footprint and operational costs, boosting market expansion.
- Increasing focus on green energy solutions and reducing carbon emissions propels the demand for biomass power generation globally.
- Biomass offers a reliable and diversified energy source, mitigating dependence on fossil fuels and ensuring a more resilient energy mix.
- Partnerships between key industry players and governments drive research, development, and scaling of biomass power solutions, fostering market expansion and innovation.
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Global Biomass Power Generation Market: Regional Profile
- North America boasts a robust biomass power landscape, led by the United States and Canada. Abundant feedstock availability and supportive policies drive the market. Leading players like Enviva and Drax Group plc dominate, leveraging technological advancements in biomass conversion.
- In Europe, countries like Germany, the United Kingdom, and Denmark spearhead biomass power initiatives, capitalizing on sustainability goals. Drax Group plc and Ørsted lead the European market with substantial investments in biomass facilities, aligning with the continent’s ambitious renewable energy targets.
- Asia Pacific showcases rapid growth potential, primarily in China, India, and Japan. Increasing energy demands coupled with environmental concerns drive biomass power adoption. Companies like Mitsubishi Hitachi Power Systems and Sumitomo SHI FW contribute innovative solutions, addressing the region’s energy diversification goals.
- DONG Energy A/S pioneers sustainable energy solutions, specializing in offshore wind farms and green energy production. With a global presence, they lead in renewable technology advancements, offering clean power solutions for a greener future, emphasizing environmental responsibility and innovation.
- Drax Group plc is a leading sustainable power generation company committed to decarbonizing the energy sector. Renowned for biomass and clean energy production, Drax focuses on delivering reliable, low-carbon electricity while advancing carbon capture technology for a more sustainable tomorrow.
- Fourth Partner Energy is a premier renewable energy solutions provider, excelling in solar power solutions for diverse sectors. With expertise in solar rooftops, carports, and ground-mounted systems, they empower businesses with sustainable energy options, driving efficiency and environmental consciousness in the energy landscape.
Biomass Power Generation Market: Key Segments
- Woody Biomass
- Agriculture & Forest Residues
- Biogas & Energy Crops
- Urban Residues
- Landfill Gas (LFG) Feedstock
- Anaerobic Digestion
- Co-firing & CHP
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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