Biomass Power Generation Market to Reach $124.5 Billion, Globally, by 2033 at 3.2% CAGR: Allied Market Research

The growing interest in carbon sequestration via biomass methods, such as afforestation and sustainable forestry, focuses on capturing carbon dioxide from the atmosphere and storing it within vegetation and soil. Through photosynthesis, trees and plants absorb carbon dioxide, converting it into biomass (including wood, leaves, and roots), effectively storing carbon as long as the vegetation remains undisturbed.


Wilmington, Delaware, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Biomass Power Generation Market by Feedstock (Forest Waste, Agriculture Waste, Animal Waste and Municipal Waste), Fuel (Solid, Liquid and Gaseous), Technology (Gasification, Combustion, Anaerobic Digestion and Pyrolysis): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the biomass power generation market was valued at $91.3 billion in 2023, and is estimated to reach $124.5 billion by 2033, growing at a CAGR of 3.2% from 2024 to 2033.

Download PDF Brochure: https://www.alliedmarketresearch.com/request-sample/A08334

Prime determinants of growth

The global biomass power generation market is experiencing growth due to increase in demand for stable baseload or dispatchable power systems. However, high initial setup costs for biomass power plants is expected to hamper the market. Moreover, innovations in biomass conversion technologies, such as gasification and anaerobic digestion are expected to offer lucrative opportunities in the market during the forecast period.

Report coverage & details:

Report CoverageDetails
Forecast Period2024–2033
Base Year2023
Market Size in 2023$91.3 billion
Market Size in 2033$124.5 billion
CAGR3.2%
No. of Pages in Report300
Segments CoveredFeedstock, Fuel, Technology, and Region
Drivers
  • Advances in biomass conversion technologies
  • Surge in use of biomass as a renewable energy source to reduce greenhouse gas emissions.
Opportunity
  • Increase in demand for Combined heat and power (CHP) systems using biomass
Restraint
  • Seasonal variability of biomass feedstocks


The agriculture waste segment is expected to remain the largest type throughout the forecast period

By feedstock, harnessing agricultural waste for biomass power generation offers a compelling solution to these challenges. By converting these residues into energy, biomass power plants can produce electricity, heat, or biofuels. The process typically involves combustion, gasification, or anaerobic digestion, depending on the feedstock and desired end product.

Procure Complete Report (300 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/biomass-power-generation-market

The solid segment dominated the market throughout the forecast period

By fuel, biomass power generation utilizing solid biomass holds significant promise as a sustainable alternative to fossil fuels, contributing to renewable energy targets globally. Solid biomass refers to organic materials derived from plants and animals that are used directly as fuel or converted into biofuels. This biomass can include wood, agricultural residues, forestry residues, and dedicated energy crops like switchgrass or miscanthus. Harnessing solid biomass for power generation involves several processes, each crucial to its efficiency, environmental impact, and economic feasibility.

The combustion segment is expected to lead throughout the forecast period

By technology, biomass combustion involves burning organic materials directly to generate heat, which can be used to produce steam to drive turbines and generate electricity. Crop residues such as straw and husks, as well as wood waste, are commonly used in combustion-based biomass power plants. This method is straightforward and well-established but requires careful management to minimize emissions and ensure efficient energy conversion.

Asia-Pacific to maintain its dominance by 2033

Region wise, biomass power generation in the Asia-Pacific region has seen significant growth and adoption in recent years, driven by various factors including environmental concerns, energy security, and economic development. This renewable energy source utilizes organic materials such as agricultural residues, wood waste, and municipal solid waste to produce electricity and heat, making it a versatile and sustainable option for many countries in the region.

China has emerged as a leader in biomass power generation in Asia-Pacific. The country's vast agricultural sector provides ample feedstock for biomass plants, including crop residues like rice husks and straw. India is another prominent player in the biomass power sector. With a large agricultural base and significant biomass resources, India has leveraged these advantages to expand its renewable energy portfolio. Biomass power plants in India utilize a variety of feedstocks, including agricultural residues, forestry residues, and organic municipal waste.

For Purchase Inquiry: https://www.alliedmarketresearch.com/biomass-power-generation-market/purchase-options

Players: -

  • Drax Global
  • ENGIE
  • Babcock & Wilcox Enterprises, Inc
  • Xcel Energy Inc.
  • Ørsted A/S
  • Ameresco
  • Vattenfall AB
  • MITSUBISHI HEAVY INDUSTRIES, LTD.
  • Sumitomo Corporation
  • Hurst Boiler & Welding Co, Inc

The report provides a detailed analysis of these key players in the global biomass power generation market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Trending Reports in Energy & Power Industry:

Biomass Heating Plant Market Global Opportunity Analysis and Industry Forecast, 2024-2033

Biomass Market Analysis and Industry Forecast, 2024-2033

Biomass Briquette Fuel Market Opportunity Analysis and Forecast, 2024-2033

Biomass Gasification Market Analysis and Industry Forecast, 2021-2031

Biopower Market Opportunity Analysis and Forecast, 2021-2031

Clean Energy Infrastructure Market Size, Share, Trend Analysis Report, 2024-2033

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Blog: https://www.alliedmarketresearch.com/resource-center/trends-and-outlook/energy-and-power

Follow Us on | Facebook | LinkedIn | YouTube