Biomass Power Market: Getting ready for the Future

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Biomass Power Market Get ing ready for the Future

• For decades, the use of fossil fuels for power
  generation globally severely dented the
  environment, increasing CO2 emissions. This
  shifted the focus on renewable energy sources,
  thus favoring the adoption of biomass. Biomass
  power refers to electricity generated from
  organic matter, such as plants, agricultural
  residue, animal waste, etc. It provides
  significant environmental and consumer benefits,
  by generating fewer emissions, improving forest
  air quality, and offering reliable electricity
  supply to complement intermittent sources. As a
  result, the global biomass power market is likely
  to grow,
• with CAGRs of 6.08 (in revenue) and 6.51 (in
  volume) during the forecast period from 2022 to
  2028.
• Applications Soar as Demand for Biomass Power
  Heats Up
• Biomass power is used in residential applications
  for cooking or space heating. Whereas, industrial
  and commercial entities utilize it for purposes
  like hot water heating, space heating, and
  electricity generation. Industrial leads the
  application segment, accounting for the largest
  revenue of 31.55 billion in 2021.

Supportive Government Policies promote Bioenergy
Adoption With a view to phase out coal-based
power generation as a sustainable development
measure,
governments across the world are turning to
bioenergy (obtained by burning biomass). For
instance, in
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• India, the Ministry of New and Renewable Energy
  launched a scheme in 2019 offering financial aid
  for biomass power projects.
• Whereas, in the United States, the number of
  biomass power plants increased from nearly 485 in
  2003 to more than 760 in 2016. This has been
  possible due to the governments favorable
  policies and initiatives, such as the Rural
  Energy for America Program.
• The European Market shows Promising Trends
• Policies in the European Union (EU) encourage the
  use of biomass for energy production. The New EU
  Forest Strategy for 2030, which aims at improving
  the multifunctionality of forests, promotes the
  use of forest waste as a biomass source to ensure
  environmental benefits. It also sets the vision
  and concrete actions required to increase the
  quantity and quality of European forests by
  focusing on their protection, restoration, and
  sustainable management.
• Further, Sweden-based Vattenfall AB, a key market
  player, is a founding member of the Sustainable
  Biomass Program (SBP). The SBP is a certification
  scheme designed with the objective of developing
  and maintaining an industry standard to ensure
  that solid biomass used for power generation
  complies with biomass legality and sustainability
  regulations in EU countries.
• Based on the idea that the carbon produced by
  burning solid biomass would be reabsorbed during
  the tree development process, biomass is
  considered carbon-neutral under EU laws. Solid
  biomass feedstock is most frequently converted to
  energy by using combustion technology. Combustion
  leads the technology segment in the Europe
  biomass power market, accounting for the largest
  revenue of 21.85 billion in 2021.
• Besides this, the markets in Japan and Argentina
  are also poised for growth, as their governments
  invite bids from market players to establish
  biomass power plants under various programs, thus
  creating a supportive environment.
• Top Players Growth Strategies Intensify
  Competitive Rivalry
• The presence of leading companies, such as
  General Electric, Ramboll Group, Mitsubishi Heavy
  Industries Ltd, and Veolia Environnement SA, with
  global repute and technical expertise, has
  enhanced the level of competition in the market.
  Several top players have made strides by securing
  contracts to help them expand their footprints
  into newer territories.
• For instance, the Dangjin plant in Chungnam,
  South Korea, is Asias largest biomass power
  plant, with a 105 MW electricity generation
  capacity. The demanding process of power
  generation at the plant is accomplished using the
  Valmet DNA technology by Valmet Oyj.
• Future Prospects Bumpy Road Ahead?
• Solar and wind energy are renewable energy
  sources used as substitutes for biomass power.
  Due to increased RD as well as the provision of
  financial incentives for their use, they are
  considered viable options, with high demand. This
  has significantly impacted the market share of
  biomass power in the global energy mix, and is a
  key challenge in the path of growth.
• However, solar and wind are intermittent energy
  sources, and cannot ensure continuous power
  supply.

The capability of biomass power to thus supply
electricity round-the-clock is expected to aid
its adoption
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and lower the threat of substitutes. Another key
advantage of biomass over alternatives is its
versatility. By pyrolysis, it can be converted
into biochar, which improves soil quality and
also reduces GHG emissions by sequestering
carbon. These benefits indicate the massive
growth potential of the biomass power market.
FAQs Q 1) Which are the main segments considered
in the biomass power market report? Application,
Feedstock, and Technology are the key segments
considered in the market report. Q 2) What are
the market estimations in terms of revenue and
volume? The global biomass power market is
estimated to be valued at 111.07 billion in
revenue and 10448.15 million MWh in volume by
2028.