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Biomass Power Generation Market to Register Significant Growth owing to Increasing Adoption and Rising Government Funding

Article Description

Biomass originates from biological sources such as animals, plants, and micro-organisms. Biomass is a mixture of biodegradable organic materials that include residues, waste, products, and byproducts from the agriculture, forest, and other related industries. In general, biomass refers to agricultural waste, waste from various industries, industrial and urban residues, crops, sawdust, and municipal solid waste. Primarily, biomass is used as a source of energy for the provision of electricity, fuel, and heat.

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Unlike other sources of energy, biomass power generation provides base load power, which is predicted to boost the growth of the global market. The utility of biomass for power generation has become an integral part of the strategic initiatives taken by many institutions and governments to be environment friendly. Gasification, co-firing and CHP, landfill gas (LFG), combustion, and anaerobic digestion are some of the technologies used for the generation of power from biomass. Leading players in the global biomass power generation market are concentrating on introducing new technologies and methods to generate biomass power. Some of the leading players in the global biomass power generation market are Ameresco, Inc., Drax Group plc, Helius Energy Plc, MGT Power Ltd., Vattenfall AB, Alstom SA, DONG Energy A/S, Forth Energy Ltd., Enviva LP, and The Babcock & Wilcox Company.

Increasing Adoption of Biomass for Reliable Energy Supply to Benefit Global Market

The increasing use of biomass as an environment-friendly feedstock for power generation is expected to propel the global biomass power generation market in the years to come. The main objective behind the adoption of biomass power generation is to meet targets for affordable, secure, and reliable energy supply to improve electricity access and promote economic development. The increasing adoption of biomass power generation across the globe is predicted to benefit the global market. The global biomass power generation market is segmented on the basis feedstock, technology, and region. By region, the global biomass power generation market is divided into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa.

Woody Biomass Segment to Singlehandedly Dominate Global Market

Power generation through biomass provides significant benefits to many local communities and is also predicted to assist countries in avoiding the usage of coal for the generation of electricity. Biomass effectively uses crop residues, wood manufacturing waste, and the clean portion of urban waste for power generation. Based on feedstock, the global biomass power generation market is classified into woody biomass, agriculture and forest residues, biogas and energy crops, urban residues, and landfill gas feedstock. With technological advancements and ongoing improvements in the research and development techniques, leading players are expected to perform better in the global market; thus, the global biomass power generation market is predicted to register a high growth rate in the years to come. 

Biomass can compete with other conventional power sources due to the availability of low-cost forestry or agricultural residues and waste. Even in areas where feedstock is costly, the cost of electricity generated from biomass is more competitive than that generated from coal, making biomass an ideal choice for power generation. Governments of many countries are expected to support the growth of the global biomass power generation market in the form of tax incentives, feed-in tariffs, and loan guarantees.