The biomass power market comprises technologies that generate electricity from various types of biomass including agricultural & forest residues, biogas & energy crops. Burning biomass for power generation emits lesser greenhouse gases compared to fossil fuels. It is a renewable source of energy that can replace coal in thermal power plants. The global biomass power industry has witnessed significant growth over the past few years owing to robust support from various governments worldwide in the form of tax incentives, renewable purchase obligations and feed-in-tariffs.
Key technologies employed in the Biomass Power Market Size include combustion, gasification, pyrolysis and anaerobic digestion. Combustion-based power plants directly burn biomass in a boiler to produce steam that drives a turbine coupled to a generator. Gasification converts biomass into a combustible gas in a high temperature, low oxygen environment which can then fuel internal combustion engines, gas turbines or boilers for cogeneration.
The Global biomass power market is estimated to be valued at US$ 198.30 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the biomass power market are 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, and Vattenfall AB. The growing demand for cleaner sources of energy is driving the expansion of the biomass power industry. Various governments are introducing subsidies and incentives to increase the share of renewable sources including biomass in their overall energy mix which is fueling the growth of the market globally.
With growing emphasis on reducing dependence on fossil fuels, the demand for biomass power is increasing steadily. Biomass Power Market Analysis emits 60-90% lower greenhouse gases compared to coal. It is one of the most flexible renewable energy sources that can generate power according to demand and has potential for large scale power generation to substitute coal. The ability of biomass power to utilize varied feedstock including agro and forest waste as well as energy crops makes its fuel supply stable and consistent.
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