MARKET REPORT

BIOMASS MARKET GROWTH PROMOTED BY GROWING INVESTMENTS IN RENEWABLE POWER

The rapid growth in investments in renewable power generation capacities is expected to drive the biomass electricity marketover the next 10 years. Recent biomass electricity market analysis suggests that a large number of power generation companies are investing in renewable energy sources, especially in the USA and European countries. For instance, according to the World Energy Investment Report, 2021 by International Energy Agency (IEA), renewable energy for new power generation capacity is estimated to attract 70% global energy investment in 2021, with most of the investment flowing towards power and end-use sectors, shifting out of traditional fossil fuel production. India has set a target of installing 175 GW of renewable energy capacity by the year 2022 through thermal, hydro, nuclear, wind and biomass power projects. The increasing investments in renewable power generation is expected to drive the biomass electricity industry growth in the forecast period. The biomass electricity market size is expected to grow from $33.11 billion in 2020 to $50.26 billion in 2025 at a rate of 8.7%. The biomass electricity market share is then expected to grow at a CAGR of 7.0% from 2025 and reach $73.33 billion in 2030. Companies are focusing on utilising bioenergy with carbon capture for improving decarbonization which is shaping the biomass electricity market outlook. Bioenergy with carbon capture and storage (BECCS) is the process of capturing and permanently storing carbon dioxide (CO2) from biomass (organic matter) energy generation. BECCS uses a post-combustion carbon capture process, where solvents isolate CO2 from the flue gases produced when the biomass is combusted. The captured CO2 is pressurized and turned into a liquid-like substance so it can then be transported by pipeline. Major players covered in the global biomass electricity industry are Drax Group, EPH, Engie, EDF, Iberdrola. TBRC’s biomass electricity market report is segmented by feedstock into solid biomass, biogas, municipal solid waste, liquid biomass, by end-user into household, industrial, government, others, by technology into anaerobic digestion, combustion, co-firing, gasification, landfill gas. Biomass Electricity Market 2022 - Global Forecast To 2030 is one of a series of new reports from The Business Research Company. THE GLOBAL BIOMASS POWER MARKET SIZE WAS VALUED AT US$ 121,340.76 MILLION IN 2021 AND IS PROJECTED TO EXHIBIT A COMPOUND ANNUAL GROWTH RATE (CAGR) OF 6.0% FROM 2022 TO 2030.

In its most recent market analysis Grand View Research suggests that the global biomass power market size was valued at US$ 121,340.76 million in 2021 and is projected to exhibit a compound annual growth rate (CAGR) of 6.0% from 2022 to 2030. The rise in environmental concerns has forced various countries to increase the share of renewable energy in their power mix. Countries, such as India, China, Germany, the UK and France have announced renewable energy targets and are aiming at becoming carbon-neutral nations in the future. Moreover, rising adoption owing to favorable policies and regulations drives the market. European Union countries are looking for a coal phase-out, which is expected to boost the demand for biomass power. In addition, in countries, such as India, the US, and China, co-firing of coal-based power plants is done with biomass feedstock to limit carbon emissions from the plants. These factors will boost the growth of the market in the forecast period. The US has witnessed biomass power capacity addition of 177 MW in 2019 through 14 projects. The new projects have been commissioned in Florida, Georgia, California, and Hawaii. More than 384 MW of biomass power projects are under completion in the country. These factors are anticipated to boost the market growth in the country over the forecast period. The recent discovery of shale gas reserves in the US has resulted in gas-based power generation, which is gaining higher growth over coalbased power generation in the region in the past decade.I