Global Biomass Power Market Trends | Global Opportunities

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Favorable Government Policies Regulations to
Drive Global Biomass Power Market Growth
As per Inkwood Research, the Global Biomass Power
Market is estimated to record a CAGR of 6.30 in
terms of revenue and 6.26 in terms of volume
during the forecasted years 2022-2030. "Browse 70
market Data Tables and 50 Figures spread over 215
Pages, along with an in-depth TOC on the Global
Biomass Power Market Forecast 2022-2030."
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Biomass power offers significant consumer as well
as environmental benefits. These include
improving forest health and forest air quality,
in addition to providing baseload as well as
dependable electricity to complement intermittent
sources of power.
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Favorable Government Policies Regulations to
Augment Market Growth Countries like Canada, the
United States, France, China, Germany, the United
Kingdom, India, and others, have encouraged the
development of clean energy technology, aligning
with their long-term national objectives. In this
regard, leading European Union nations have also
stated their goal of transitioning to a
low-carbon economy over the upcoming years. As
per this plan, European Union countries are
aiming to gradually phase out the production of
coal-based electricity. In the process, they are
also looking towards biomass power as a
substitute to supply base load power. As a
result, favorable government policies, as well as
regulations, are set to play a pivotal role in
fueling the global market's growth.
Industrial Segment Dominated the End-User
Category in 2021 In the industrial sector, the
majority of biopower plants utilize direct-fired
combustion systems. Moreover, they also
incinerate biomass directly in order to produce
high-pressure steam that drives a turbine
generator to produce electricity. The spent or
extracted steam from the power plant is also used
to heat buildings or for manufacturing processes.
Furthermore, in 2021, biomass provided about
4,835 trillion British thermal units (TBtu),
equating to approximately 4.8 quadrillions of Btu
and 5 of the total United States primary energy
consumption. Out of this, nearly 2,316 TBtu were
from biofuels, primarily ethanol, and 431 TBtu
were from the biomass in sewage and municipal
solid wastes, agricultural byproducts, and animal
manure. In addition, 2,087 TBtu were from wood
and wood-derived biomass.
North America to be the Fastest-Growing Region in
terms of Revenue The increase in environmental
concerns has resulted in North American nations
concentrating on renewable energy. Aligning with
this, favorable policies and regulations have
been drafted by Canada, the United States, and
Mexico to support renewable power sources,
including wind, solar, and biomass. Some regions
in the United States, such as New York, Florida,
and California, have also established renewable
energy targets for installed capacity. Therefore,
the abundant availability of biomass feedstock in
North America, coupled with favorable policies
and regulations, is anticipated to drive the
biomass power market growth during the forecast
period. The competition in the global biomass
power market ranges from moderate to high. Some
of the leading companies operating in the market
include Mitsubishi Corporation, General Electric
Company, Suez Environment Company, etc.
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About Inkwood Research
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services. Market intelligence studies with
relevant fact-based research are customized
across industry verticals such as technology,
automotive, chemicals, materials, healthcare, and
energy, with an objective comprehension that
acknowledges the business environments. Our
geographical analysis comprises North South
America, CEE, CIS, Middle East, Europe, Asia, and
Africa.
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