$105.7 Billion Biomass Power Generation Market Projected to Grow Through 2028

According to a new market research report, the global biomass power generation market is projected to reach USD 105.7 billion by 2028 from an estimated USD 91.3 billion in 2023, at a CAGR of 3.0% during the forecast period. The growth of the biomass power generation market is driven by the focus of governments worldwide on net zero carbon emissions and their related initiatives such as policies, subsidies etc.

Key Market Players

ENGIE (France), Babcock & Wilcox Enterprises, Inc. (US), Xcel Energy Inc. (US), Salzburg AG (Austria), Ørsted A/S (Denmark), EPH (Czechia), Drax Group (England), ACCIONA (Spain), EDF (France), Vattenfall (Sweden), Belgian Eco Energy (BEE) (Belgium), D.E.S.I Power (India), Veolia (France), Statkraft (Norway), Greta Energy Limited (India), Lahti Energia Oy (Finland), RENOVA, Inc. (Japan), RWE (Germany), Yonago Biomass Power Generation LLC (Japan).

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Biomass power generation solutions will play a crucial role in reducing carbon footprints. To achieve these, governments are undertaking several initiatives to meet the future demands of energy by promoting the use of renewable sources to produce energy. The abundant availability of feedstock, low labor costs, need for electricity in rural areas and low cost of feedstock are some of the important driving factor of biomass power generation market.

This research report categorizes the biomass power generation market by feedstock, technology, fuel and region.

On the basis of feedstock:

• Agriculture Waste
• Forest Waste
• Animal Waste
• Municipal Waste

On the basis of technology:

• Combustion
• Gasification
• Anaerobic Digestion
• Pyrolysis

On the basis of fuel:

• Solid Fuel
• Liquid Fuel
• Gaseous Fuel

On the basis of region:

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• South America

This report segments the biomass power generation market based on feedstock into four types: Agriculture Waste, Forest Waste, Animal Waste, and Municipal Waste. Forest Waste are expected to be the fastest market during the forecast period. Forest Waste mainly consists of the woody biomass. The woody biomass has been used traditionally for cooking and heating applications. According to the estimates, more than 55% of biomass comes from forest waste, to which the pulp & paper industry is the largest contributor.

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This report segments the biomass power generation market based on technology into four categories: combustion, gasification, anaerobic digestion and pyrolysis. The gasification segment is expected to be the second-largest segment during the forecast period. Gasification is an emerging technology used for the power generation. A large number of projects are upcoming for gasification to produce electricity. For instance, Bio&Watt has one commercial biomass gasification plant for cogeneration on a small scale. The plant utilizes agro-industrial residues in the gasification process.

The Asia Pacific area is predicted to be the greatest market for biomass power generation.

During the forecast period, Asia Pacific is expected to be the largest biomass power generating market. Several governments in Asia Pacific proposed pilot projects and full-scale development of commercial-scale biomass power plants to boost bioenergy installations throughout the region. This has encouraged expenditures in new initiatives, research studies, and biopower plant installations across Asia Pacific, particularly in China and India. These factors are projected to fuel the growth of the region’s biomass power generating industry.

Recent Developments

• In November 2022, ENGIE signed an agreement with Alier, a paper recycle specialist, to build and commission a new thermal energy generation plant from sustainable forest management in Roselló’s factory, specializing in manufacturing paper for the construction and packaging industries (Lleida).
• In March 2021, Salzburg AG signed an agreement with Valmet, a global developer and supplier of technologies, automation, and services for the pulp & paper and energy industries. Salzbrug AG ordered Valmet for the BioPower plant, which is biomass-based for electricity generation in Austria.
• In March 2021, Ørsted, Aker Carbon Capture, and Microsoft have signed a Memorandum of Understanding (MoU) to investigate strategies to help the development of carbon capture and storage at biomass-fired heat and power stations in Denmark.
• In April 2018, The University of Minnesota funds Xcel Energy Inc. to develop gasification for power generation technology from solid wastes.

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