Biomass Power Market – 2019 Global Industry Forecast To 2023 is latest report on Biomass Power Industry published by Market Research Future. According to report Global Biomass Power Market is expected to rise at 6.22% CAGR during forecast period of 2019 to 2023. The Market for Biomass Power is segmented by Feedstock (Woody biomass, Agriculture residues, Biogas & Energy Crops, and Others), by Application (Residential and Commercial & Industrial), and by Region.
Key Companies in Biomass Power Industry analyzed in report at:
A2A, Biomass power Operations Corporation, Dalkia, EnviTec Biomass gas AG, MVV Energie SG, Schmack Biomass gas GmbH, and Weltec Biomass Power GmbH.
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Biomass Power Market Highlights:
Biomass consists of waste material from animal and plants. Biomass is generally burned to produce electricity and is a renewable source of energy. Even though burning biomass leads to carbon emissions, the ascension observed in the global biomass power market is accredited to the drastic shift from the use of conventional sources of energy such as petrol, diesel, coal, and natural gas, to renewable energy sources.
Biomass power is usually generated through burning waste from horticulture, farming, animal farming, food processing, or human waste. A significant shift from coal to biomass is seen in major coal power stations. This has enabled a successful conversion of generation plants and infrastructure into renewable energy production houses. This shift is hence creating many lucrative opportunities for players in the non-renewable energy production ecosystem to shift operations smoothly. The latest MRFR analysis suggests that the global biomass power market is set to garner a revenue valuation of USD 55.84 billion by the end of the review period, at 6.22% CAGR.
Market Segmentation
The global biomass power market is studied for several segments carried out by feedstock, application, and region. Based on feedstock, the global biomass power market is segmented into agriculture residues, woody biomass, and biogas & energy crops. The woody biomass is expected to spearhead the global biomass power market. Attributable factors include growing demand for energy in various developing countries and rapid industrialization. Further, wood is considered as a potential source of energy in various European countries, which is fostering the segmental growth.
Based on application, the global biomass power market is segmented into commercial, industrial, and residential. Among these, the industrial segment is expected to dominate the global biomass power market. This can be owed to the cost-effective nature of biomass power generation, which is driving higher adoption of the same by organizations prevalent in the industrial sector.
Detailed Regional Analysis
The global biomass power market is regionally segmented into North America, South America, Asia Pacific, Europe, and the Middle East & Africa. North America is expected to hold a dominant share of the global biomass power market through the forecast period. Such dominion can be attributed to the introduction of supportive government regulations which are propelling the shift towards biomass for power generation. Additionally, government subsidies on new investments are encouraging market vendors to employ resources and capitalize on these subsidies, hence, boosting growth in the regional biomass power market. Availability of advanced infrastructure in the region is also assisting the market growth.
Europe is likely to grow at a considerable rate owing to the introduction of new initiatives by the government in support of the biomass power market. Germany and the UK are expected to witness substantial industrial development for biomass power generation owing to investment subsidies, tax benefits, and funding programs.
Asia Pacific is anticipated to witness substantial growth for biomass power. This can be attributed to the abundant availability of natural resources in the region. Further, developing countries present in the region, namely, India and China are promising growth pockets for biomass power market, owing to the government legislations to upscale investments in the biomass power sector.
Industry Update
March 2019: Solvay announced its plans to invest in a new biomass boiler at its soda ash plant in Rheinberg, Germany. This investment was made with the objective to cut down carbon dioxide emissions by at least 30%.
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