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Biomass Power Generation Market Size to Reach $105.7 billion, at a 3.0% CAGR by 2028

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Biomass Power Generation Market Size to Reach $105.7 billion, at a 3.0% CAGR by 2028

April 04
22:45 2023
Biomass Power Generation Market Size to Reach $105.7 billion, at a 3.0% CAGR by 2028
ENGIE (France), Xcel Energy Inc. (US), Babcock & Wilcox Enterprises, Inc. (US), EPH (Czechia), and Ørsted A/S (Denmark) are the market leaders in the global biomass power generation market.
The global biomass power generation market is projected to reach USD 105.7 billion by 2028 from an estimated USD 91.3 billion in 2023, at a CAGR of 3.0% during the forecast period.

According to a research report Biomass Power Generation Market by Technology (Combustion, Gasification, Anaerobic Digestion, Pyrolysis), Feedstock (Agricultural Waste, Forest Waste, Animal Waste, Municipal Waste), Fuel (Solid, Liquid, Gaseous) and Region – Global Forecast to 2028″ published by MarketsandMarkets, the global biomass power generation market is projected to reach USD 105.7 billion by 2028 from an estimated USD 91.3 billion in 2023, at a CAGR of 3.0% during the forecast period.

The biomass power generation delivers electricity from power plants to homes and businesses nationwide.  The growing demand for renewable electricity, implementation of strict pollution control laws, and rising consumer preference for cleaner fuels have contributed to the market growth in the region. In accordance with the global trend toward biomass as a clean energy transition fuel, investments are growing in new biomass power generation technologies for large-scale power generation and transportation fuels.

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The Agriculture Waste, by feedstock, is expected to grow at the second highest CAGR during the forecast period.

Based on feedstock, the biomass power generation market has been split into agriculture waste, forest waste, municipal waste and animal waste. Agriculture waste is expected to grow at the second highest CAGR during the forecast period. Agricultural biomass has the potential to be a precursor material for the production of sustainable energy. The energy content of biomass varies according to crop species. Rice straw, for example, has an energy content of about 3015 kcal/kg, whereas hay has an energy content of about 3738 kcal/kg. Companies such as Babcock & Wilcox (US), Xcel Energy Inc. (US), and Chanderpur Group (India) utilize agricultural waste to generate electricity.

The solid fuel segment, by fuel, is expected to be the largest segment during the forecast period

This report segments the biomass power generation market based on fuel into three segments: Solid fuel, liquid fuel and gaseous fuel. The solid fuel segment is expected to be the largest segment during the forecast period. Solid fuels are generally woody biomass, which are directly burnt for the generation of electricity. Abundant availability of woody biomass and clean substitution to fossil fuels are major drivers for growth of solid fuel in biomass power generation.

Asia Pacific is expected to be the largest region in the biomass power generation market

Asia Pacific is expected to be the largest biomass power generation market during the forecast period. In Asia Pacific several countries planned pilot projects and carrying out full-scale development of commercial-scale biomass power plants to amplify bioenergy deployments in the region. This has increased investments toward new projects, research studies, and new installations of biopower plants in the Asia Pacific, especially in China and India. These factors are expected to fuel the growth of the biomass power generation market in the region.

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Some of the major players in the biomass power generation market are ENGIE (France), Xcel Energy Inc. (US), Babcock & Wilcox Enterprises, Inc. (US), EPH (Czechia) and Ørsted A/S (Denmark). The major strategies adopted by these players include acquisitions, sales contracts, agreements, alliances, partnerships, and expansions.

Recent Developments   

In November 2022, ENGIE signed an agreement with Alier, a paper recycle specialist, to build and commission a new thermal energy generation plant from sustainable forest management in Roselló’s factory, specializing in manufacturing paper for the construction and packaging industries (Lleida).   

In March 2021, Salzburg AG signed an agreement with Valmet, a global developer and supplier of technologies, automation, and services for the pulp & paper and energy industries. Salzbrug AG ordered Valmet for the BioPower plant, which is biomass-based for electricity generation in Austria.   

In March 2021, Ørsted, Aker Carbon Capture, and Microsoft have signed a Memorandum of Understanding (MoU) to investigate strategies to help the development of carbon capture and storage at biomass-fired heat and power stations in Denmark.   

In April 2018, The University of Minnesota funds Xcel Energy Inc. to develop gasification for power generation technology from solid wastes.

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