Global Biomass Power Generation Market Size Booming to Touch USD 78.27 Billion by 2029

Published | 09 August 2023

Global biomass power generation market is flourishing because of the growing use of renewable sources of energy, high demand from biomass from power generation companies, and increasing adoption of advancements in biomass conversion technologies.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global biomass power generation market size at USD 54.36 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global biomass power generation market size to grow at a significant CAGR of 6.26% reaching a value of USD 78.27 billion by 2029. Major growth drivers for the global biomass power generation market include an increasing environmental awareness, prompting numerous countries to prioritize the integration of renewable energy sources into their power generation portfolios. India, China, Germany, the United Kingdom, and France have taken significant steps by setting renewable energy targets and aspiring to achieve carbon neutrality in the coming years. This surge in environmental awareness, coupled with supportive policies and regulations, has driven the growth of the renewable energy market. The commitment to reducing carbon emissions and transitioning to sustainable energy sources is fostering a favorable environment for renewable energy adoption across various industries and regions. European Union nations are actively pursuing a coal phase-out strategy, which is expected to drive the demand for biomass power. Similarly, India, the United States, and China are implementing co-firing practices, combining biomass feedstock with coal-based power plants to reduce carbon emissions. These initiatives are expected to significantly contribute to the market's growth during the forecast period. However, mismanagement of biomass and lack of awareness among developing economies are anticipated to restrain the overall market growth during the period in analysis.

Global Biomass Power Generation Market – Overview

The global biomass power generation market refers to the production of electricity or heat through the utilization of organic materials derived from plants, animals, and various forms of organic waste. Biomass power generation involves the conversion of biomass feedstock, such as agricultural residues, forestry by-products, dedicated energy crops, and biodegradable waste, into energy through processes like combustion, gasification, or anaerobic digestion. This renewable energy source provides an alternative to fossil fuels and helps reduce greenhouse gas emissions. The global biomass power generation market encompasses various technologies, infrastructure, and systems aimed at harnessing the energy potential of biomass resources to meet the growing demand for clean and sustainable energy worldwide.

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Impact of COVID-19 on Global Biomass Power Generation Market

COVID-19 pandemic had both positive and negative impacts on the global biomass power generation market. On the positive side, the increased focus on renewable energy and sustainable practices has further emphasized the importance of biomass power generation. Governments and policymakers have recognized the significance of resilient and clean energy systems, leading to supportive policies and investments in the sector. However, the pandemic has also disrupted supply chains, delayed project timelines, and caused financial uncertainties, affecting the overall market growth. The industry has faced challenges in terms of biomass availability, construction activities, and project financing. The successful containment of the pandemic and the implementation of supportive measures by governments and stakeholders play a crucial role in determining the recovery and growth of the biomass power generation market.

Global Biomass Power Generation Market – By Technology

By technology, the global biomass power generation market is divided into Combustion, Gasification, Anaerobic Digestion, and Pyrolysis segments. The combustion segment held the highest share in the global biomass power generation market in 2022. The combustion technology has been widely adopted and is well-established for converting biomass feedstock into energy. This method involves the direct burning of biomass in boilers or furnaces, which generates steam to drive turbines for electricity generation. The simplicity and efficiency of combustion-based systems make them a preferred choice in biomass power generation. Notably, combustion technology offers versatility as it can utilize various biomass feedstocks, including agricultural residues, forestry waste, and dedicated energy crops. The availability and abundance of these feedstocks contribute to the dominance of the combustion segment. Also, advancements in combustion technology have led to improved efficiency and environmental performance of biomass power plants, making them economically and environmentally viable solutions.

Competitive Landscape

Major players operating in the global biomass power generation market include John Wood Group Plc, E.ON SE, Acciona SA, Vattenfall, General Electric Co., Babcock & Wilcox Enterprises Inc, Andritz AG, Valmet Oyj, Ameresco Inc, Thermax Ltd, Mitsubishi Heavy Industries, Ltd, Veolia, Suez, Xcel Energy Inc., and Ramboll Group A/S. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Biomass Power Generation Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Biomass Power Generation Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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