The global biomass power market is forecasted to register a CAGR of 6.30% in terms of revenue and 6.26% during the projected period 2022 to 2030. The market’s growth is credited to the affordable prices of energy produced by biomass-fired power plants as well as favorable government policies and regulations.
Biomass power is characterized as electricity generated from renewable biological waste that would otherwise be discarded in landfills, left in the woods as fodder for forest fires, or openly incinerated. In biomass power plants, waste is burned in order to generate steam that runs a turbine to produce power or that offers heat to homes as well as industries.
The energy generated using biomass needs minimum cost. The capital investment in biomass plants is relatively less compared to other energy production plants since the raw material is natural-waste. Furthermore, various companies, mainly in Europe, sell small-scale engines as well as combined power and heat systems that can run on natural gas, biogas, or propane. As a result, affordable prices of energy produced by biomass-fired power plants are set to play an integral role in fueling the global biomass power market growth during the forecast period.
The global Biomass power market growth assessment entails an in-depth study of North America, Europe, Asia-Pacific, and Rest of World. The Asia-Pacific captured the highest market share in 2021. The region’s market growth is attributable to favorable plans, policies, and research & development (R&D) initiatives, the increasing availability of biomass feedstock, and the presence of financial incentive schemes for renewable power sources.
The competitive rivalry in the global biomass power market ranges from moderate to high. The market is characterized by the presence of major global manufacturers with a robust market presence, in addition to technical expertise in biomass power solutions and components. Some of the top players operating in the market are General Electric Company, Mitsubishi Corporation, Suez Environment Company, etc.
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- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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