Biomass Power Market to Grow at CAGR of 6.08% from 2022 to 2028

Triton Market Research presents the Global Biomass Power Market report segmented by Application (Industrial, Commercial, Residential), by Feedstock (Municipal Solid Waste, Biogas, Liquid Biomass, Solid Biomass), by Technology (LFG, Co-firing & CHP, Gasification, Combustion, Anaerobic Digestion), by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), discussing Market Summary, Competitive Landscape, Market Drivers, Market Challenges, Market Opportunities, Industry Outlook, Research Methodology & Scope, and Global Market Size, Forecasts, & Analysis (2022-2028).

According to estimates from Triton Market Research, the Global Biomass Power Market is likely to grow with CAGRs of 6.08% (by revenue) and 6.51% (by volume) in the forecast period from 2022 to 2028.

Growing environmental concerns regarding carbon emissions due to the increasing use of conventional fuels for power generation and transportation have resulted in nations across the world switching to cleaner and more effective energy sources. This, in turn, has shifted the focus on biomass for power generation, which is expected to benefit the global market growth.

Renewable power sources, such as wind and solar, act as substitute technologies for biomass power. Due to increased R&D, as well as the availability of financial incentives globally, these alternatives have emerged as superior options. This, however, has had a negative impact on the adoption of biomass for power generation, thus hampering the studied market’s growth.

The Asia-Pacific leads the global biomass power market, accounting for the highest revenue share in 2021. The availability of financial incentive schemes for the adoption of renewable power sources in a majority of the countries in this region is a key factor driving market growth. Also, the implementation of programs for cofiring biomass with coal-based power plants is anticipated to augment the studied market’s growth in this region.

Thermax Ltd, Suez SA, Orsted, Ramboll Group, Veolia Environnement SA, Xcel Energy Inc, Babcock & Wilcox Enterprises, Ameresco Inc, E.ON Energy, Mitsubishi Heavy Industries Ltd, Valmet Oyj, General Electric Company, and Vattenfall AB are some of the noteworthy players in the biomass power market.

The biomass power market is characterized by high capital investment. It requires the presence of high-end laboratories, technological expertise, and high capital cost for R&D, which act as a hindrance to new players aspiring to set foot into the market.

Besides, major global players, such as General Electric Company and Mitsubishi Heavy Industries Ltd, have a strong market presence and technical expertise in biomass power technologies and components, which helps them capture greater shares in the market. This enhances the industry rivalry among the companies operating in the biomass power market.