Biomass Power Market to Grow at CAGR of 6.08% from 2022 to 2028 (1)

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Biomass Power Market to Grow at CAGR of 6.08
from 2022 to 2028
Triton Market Research presents the Global
Biomass Power Market report segmented by
Application (Industrial, Commercial,
Residential), by Feedstock (Municipal Solid
Waste, Biogas, Liquid Biomass, Solid Biomass), by
Technology (LFG, Co-firing CHP, Gasification,
Combustion, Anaerobic Digestion), by Geographical
Region (North America, Europe, Asia-Pacific,
Latin America, Middle East and Africa),
discussing Market Summary, Competitive Landscape,
Market Drivers, Market Challenges, Market
Opportunities, Industry Outlook, Research
Methodology Scope, and Global Market Size,
Forecasts, Analysis (2022-2028). According to
estimates from Triton Market Research, the Global
Biomass Power Market is likely to grow with CAGRs
of 6.08 (by revenue) and 6.51 (by volume) in
the forecast period from 2022 to 2028.
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t-free-sample Growing environmental concerns
regarding carbon emissions due to the increasing
use of conventional fuels for power generation
and transportation have resulted in nations
across the
2
world switching to cleaner and more effective
energy sources. This, in turn, has shifted the
focus on biomass for power generation, which is
expected to benefit the global market
growth. Renewable power sources, such as wind and
solar, act as substitute technologies for biomass
power. Due to increased RD, as well as the
availability of financial incentives globally,
these alternatives have emerged as superior
options. This, however, has had a negative impact
on the adoption of biomass for power generation,
thus hampering the studied markets growth. The
Asia-Pacific leads the global biomass power
market, accounting for the highest revenue share
in 2021. The availability of financial incentive
schemes for the adoption of renewable power
sources in a majority of the countries in this
region is a key factor driving market growth.
Also, the implementation of programs for cofiring
biomass with coal-based power plants is
anticipated to augment the studied markets
growth in this region. Thermax Ltd, Suez SA,
Orsted, Ramboll Group, Veolia Environnement SA,
Xcel Energy Inc, Babcock Wilcox Enterprises,
Ameresco Inc, E.ON Energy, Mitsubishi Heavy
Industries Ltd, Valmet Oyj, General Electric
Company, and Vattenfall AB are some of the
noteworthy players in the biomass power
market. The biomass power market is characterized
by high capital investment. It requires the
presence of high-end laboratories, technological
expertise, and high capital cost for RD, which
act as a hindrance to new players aspiring to set
foot into the market. Besides, major global
players, such as General Electric Company and
Mitsubishi Heavy Industries Ltd, have a strong
market presence and technical expertise in
biomass power technologies and components, which
helps them capture greater shares in the market.
This enhances the industry rivalry among the
companies operating in the biomass power
market. Contact Us sales_at_tritonmarketresearch.co
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