Biomass Power Market: Getting ready for the Future

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Biomass Power Market Getting 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 India, the Ministry of
New and Renewable Energy launched a scheme in 2019
offering financial aid for biomass power projects.
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• 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.
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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 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?
Ass 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? A 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.