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Biomass Power Market (By Feedstock: Solid, Liquid Biofuels; By
Technology: Combustion, Gasification, Anaerobic Digestion) -
Global Industry Analysis, Size, Share, Growth, Trends, Revenue,
Regional Outlook and Forecast 2024-2033
Report Description Table of Content
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Biomass Power Market Size and Growth 2024 to 2033
The global biomass power market size was estimated at around USD 133.98
billion in 2023 and it is projected to hit around USD 247.28 billion by 2033,
growing at a CAGR of 6.32% from 2024 to 2033. The biomass power market is
experiencing significant growth as a renewable energy source, driven by the
need for sustainable energy solutions. Biomass power harnesses organic
materials—such as agricultural residues, wood, and waste—to generate
electricity and heat.
Key Pointers
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Europe region dominated the global market with the largest market share of
38% in 2023.
The Asia Pacific region is estimated to expand the fastest CAGR of over
10.83% between 2024 and 2033.
By Technology, the combustion technology generated the maximum market
share of 89% in 2023.
By Feedstock, the solid biofuel segment held the largest market share of
86% in 2023 and is expected to register the highest growth from 2024 to
2033.
What are the Growth Factors of Biomass Power Market?
The growth of the biomass power market is fueled by an increasing global
focus on reducing carbon emissions and mitigating climate change has led to a
heightened demand for renewable energy sources, with biomass offering a
sustainable alternative to fossil fuels. Secondly, government policies and
incentives aimed at promoting renewable energy adoption significantly bolster
market growth. These initiatives often include subsidies, tax credits, and
renewable energy mandates that encourage investment in biomass projects.
Additionally, technological advancements in biomass conversion processes are
enhancing efficiency and reducing costs, making biomass power more
competitive against traditional energy sources. Finally, the rising awareness
among consumers and industries regarding environmental sustainability is
driving the transition to greener energy solutions, further propelling the
biomass power market forward.
What are the Trends in Biomass Power Market?
Diversification of Feedstocks: There is an increasing focus on utilizing a
variety of feedstocks, including agricultural waste, forestry residues, and
dedicated energy crops, to enhance sustainability and resource availability.
Integration with Other Renewable Sources: Biomass power is being
combined with other renewable technologies, such as solar and wind, to
create hybrid energy systems that optimize overall energy production and
reliability.
Growing Investment: Significant investments from both public and private
sectors are being directed towards biomass power projects, driven by the
need for clean energy and favorable government policies.
Urbanization and Waste Management: The growing urban population is
generating more organic waste, prompting interest in biomass as a solution
for waste management while simultaneously producing energy.
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What are the Key Challenges Faced by Biomass Power
Market?
Feedstock Availability: Securing a consistent and sustainable supply of
biomass feedstock can be challenging, as it depends on agricultural yields
and land use practices.
Competition with Other Renewable Sources: The rapid growth of
alternative renewable energy technologies, such as solar and wind, may
overshadow biomass power and limit its market share.
Regulatory Barriers: Variations in regulations and policies across different
regions can create uncertainty and hinder investment in biomass power
projects.
Economic Viability: While biomass energy can be cost-competitive,
fluctuations in feedstock prices and the initial capital required for biomass
plants can impact profitability.
Which Region Dominates the Biomass Power Market?
Europe led the market, capturing approximately 38% of the revenue
share in 2023. The European Union has set ambitious goals to achieve
carbon neutrality by 2050, aligning with commitments made under the Paris
Agreement. The European Climate Law, enacted by the European
Commission in March 2020, supports this objective, requiring EU member
states to develop national strategies to meet their climate commitments.
What is the Contribution of Europe to Biomass Power
Market?
Attribute Europe
Market Value USD 50.91 Billion
Growth Rate 6.33% CAGR
Projected Value USD 93.96 Billion
North America Biomass Power Market Trends
North America primarily relies on coal for power generation, but the recent
discovery of shale gas reserves has shifted focus toward gas-based power
generation, which has outpaced coal in growth over the past decade.
Increasing environmental concerns have prompted North American countries
to invest in renewable energy sources. Consequently, the U.S., Canada, and
Mexico have enacted favorable policies and regulations to support renewable
sources such as solar, wind, and biomass.
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U.S. Biomass Power Market Trends
The U.S. biomass power market is experiencing growth driven by supportive
government policies and the abundant availability of biomass feedstock. The
energy landscape in the U.S. is shifting toward greater adoption of gas-based
and renewable power sources over coal. According to the International
Renewable Energy Agency (IRENA), the total bioenergy capacity in the U.S.
reached 11.0 gigawatts (GW) in 2023.
Asia Pacific Biomass Power Market Trends
The Asia Pacific biomass power market is set for significant growth, with
a projected compound annual growth rate (CAGR) of over 10.83%
between 2024 and 2033. This growth is driven by rising demand for biomass
power in countries such as China, Japan, Thailand, and India.
Technology Insights
In 2023, combustion technology emerged as the leading segment in the
biomass power market, capturing approximately 89% of the share. This
segment is anticipated to experience robust growth throughout the forecast
period. In this process, biomass feedstock is combusted in a furnace with air,
converting water into steam. The resulting steam drives a turbine to generate
electricity. Combustion technology is favored for its straightforward operation
and lower costs compared to more advanced biomass power technologies,
positioning it as a preferred choice in the market moving forward.
Combustion remains the predominant method for converting solid biomass
fuels into energy, accounting for over 80%-90% of global biomass energy
generation. A significant portion of this energy is utilized for traditional cooking
and heating applications.
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Conversely, the gasification segment is projected to grow at the fastest rate
during the forecast period. Gasification involves converting solid biomass into
combustible gas through thermochemical reactions, yielding gas with a calorific
value between 1,000 to 1,200 kcal/Nm³. Key advantages of gasification include
its rapid processing time; gas can be produced within minutes, unlike
biochemical conversion technologies, such as anaerobic digestion, which can
take several days.
Feedstock Insights
The solid biofuel segment held the largest market share of 86% in 2023
and is expected to register the highest growth during the forecast period.
Solid biofuels comprise solid, organic materials of biological origin that are
non-fossil-derived, utilized for either electricity generation or heat production.
This category includes wood pellets, animal waste, fuelwood, vegetable
materials, and wood residues. The dominance of solid biofuels in 2023 can be
attributed to their easy availability and low cost, leading to greater adoption
compared to liquid biofuels and biogas for power generation.
Liquid biofuels are anticipated to experience the fastest growth rate in
the coming years. These fuels, derived from biomass or waste, can replace
liquid fossil fuels for transportation and power generation. Examples include
biodiesel, bio-gasoline, and bio-jet kerosene for the transportation sector, as
well as crude vegetable oils and animal fats for power generation.
Who are the Top Manufactures in Biomass Power Market?
Mitsubishi Heavy Industries, Ltd.
Suez
Xcel Energy Inc.
Ramboll Group A/S
Babcock & Wilcox Enterprises, Inc.
Ørsted A/S
Ameresco
General Electric
Veolia
Vattenfall
Biomass Power Market Segmentation:
By Technology
Combustion
Gasification
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Anaerobic Digestion
By Feedstock
Solid Biofuel
Liquid Biofuel
Biogas
By Region
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa
Frequently Asked Questions
What is the current size of biomass power market?
What is the CAGR of biomass power market?
Which region has accounted for the largest biomass power market share?
Which are the leading companies in the biomass power market?
Report Details
Report Code: 39547
Category: Energy and Power
No. of Pages: 150+
Format: PDF/PPT/Excel
Published: September 2024
Historical Year: 2021-2022
Base Year: 2023
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Estimated Year: 2024-2033
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