- The growing popularity of sustainable and clean renewable energy sources is an important part the solution required to tackle the adverse effects of fossil fuels, which is likely to stimulate growth of the global market.
- Rise in R&D activities in biomass power generation are likely to add to the expansion of the global biomass power generation market
ALBANY, N.Y., May 19, 2022 /PRNewswire/ -- Transparency Market Research: The worth of global biomass power generation market stood at US$ 44.96 Bn in 2020. The global market is anticipated to rise at a CAGR of 6% during the forecast period, from 2021 to 2031. The global biomass power generation market is anticipated to attain valuation of US$ 85.34 Bn by 2031. The global biomass power generation market is likely to be driven by rising demand for sustainable and environment friendly power generation across the globe. Biomass power generation is becoming more popular in leading developing countries throughout the world. Biogas is a dependable, cost-effective, as well as secure source of energy. It has been utilized to boost economic growth and expand access to power.
In order to maximize revenue opportunities in the global biomass power generation market, major players are concentrating on innovation. Biomass is a carbon-neutral energy source that minimizes reliance on fossil fuels for power production. Governments all over the world are raising their investment on biomass power production by giving loan guarantees, tax benefits, and other such incentives.
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Due to its cost-effectiveness and environmental benefits, woody biomass is likely to be able to capture a bigger portion of the market, in terms of feedstock. Biomass power production has a lot of advantages for local communities. Biomass is also projected to aid a country's transition away from coal-fired power generation. Biomass energy makes profitable use of crop leftovers, wood waste, and the clean part of municipal garbage. By measuring overall biomass output in a given region whilst balancing energy as well as environmental trade-offs, sustainable biomass resources and scaling of operation can be determined.
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Key Findings of Market Report
- Rising demand to decrease the use of conservative energy sources like diesel, end use applications such as transportation and industrial processes are likely to provide profitable growth prospects for the global biomass power generation market. As a result of rapidly growing industrialization and urbanization, developing countries can see a rise in demand for production of biomass power due to growing need for more readily available, affordable, and sustainable power.
- In addition to assuring a substantial drop in greenhouse gas emissions, the utilization of biomass in power production is likely to aid in controlling costs of energy production. Furthermore, benefits of reducing environmental risks, such as air pollution is expected to drive the global biomass power generation market in the coming years. This can be attributed to the use of natural and human waste in the production of biomass power.
- Asia Pacific is estimated to account for a significant portion of the global biomass power generation market. Rapid industrialization and urbanization in developing nations such as Brazil, India, and China are likely to drive development of the global market. Due to the expansion of industries in Asia Pacific, there is a growing demand for energy.
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Global Biomass Power Generation Market: Growth Drivers
- The global biomass power generation market is predicted to grow rapidly in the forthcoming years, as demand for off-grid electricity continues to rise, thereby supporting the use of biomass as a viable option.
- Legal framework as well as government assistance in the form of grants and financing programs offering tax benefits and investment subsidies play a major role in motivating power production utilities and firms to move to environment friendly biomass option. The global market is projected to be driven by this aspect.
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Global Biomass Power Generation Market: Key Competitors
- The Babcock & Wilcox Company
- Fourth Partner Energy
- DONG Energy A/S
- Fourth Partner Energy
- Helius Energy Plc.
- MGT Power Ltd
Global Biomass Power Generation Market: Segmentation
Feedstock
- Woody Biomass
- Agriculture & Forest Residues
- Biogas & Energy Crops
- Urban Residues
- Landfill Gas [LFG] Feedstock
Technology
- Anaerobic Digestion
- Combustion
- Gasification
- Co-firing & CHP
- LFG
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