DUBLIN--(BUSINESS WIRE)--Nov 23, 2022--
According to the publisher's estimates Market Research's report, the global biomass power market would register growth at a CAGR of 6.08% in the projected duration from 2022 to 2028.
In order to assure energy security and sustainable development, a number of nations shifted their focus on new & renewable energy sources in the early 1970s. For this, their governments implemented favorable policies and regulations, which is expected to favor the growth of the studied market.
However, the limited availability of biomass feedstock and the availability of alternate sources of renewable power are hindering the market progress.
On the bright side, countries across the world are turning to biogas & biomethane to enhance their energy & food security in order to jumpstart their circular economies. This indicates positive growth prospects for the market.
The global market for biomass power covers Latin America, North America, the Asia-Pacific, Europe, and the Middle East and Africa.
The Asia-Pacific is the leading market in the region, with the highest revenue share in 2021. Most governments in the region have extended their support towards renewable energy installations through numerous supportive policies, plans, and research & development initiatives. These factors have driven the biomass power market in the Asia Pacific.
Whereas, Latin America is expected to grow the fastest in the global market over the forecasted duration. The key factors responsible for the considerable rise in the demand for biofuels from this region are the increasing initiatives by various countries to ensure their energy security and self-reliance. The high dependence of countries here on depleting fossil fuels has resulted in their respective governments looking for alternative fuels.
The key players profiled in the report on the biomass power market include Babcock & Wilcox Enterprises, E.ON Energy, Ameresco Inc, Veolia Environnement SA, Xcel Energy Inc, Vattenfall AB, Suez SA, Ramboll Group, Orsted, General Electric Company, Thermax Ltd, Mitsubishi Heavy Industries Ltd, and Valmet Oyj.
General Electric Company (GE) is a globally renowned industrial corporation that offers financial services and industrial equipment. It serves various industries, such as telecommunication, oil & gas, water, metals, mining, aerospace, transportation, power, and healthcare. The company has a business presence across North America, Europe, Asia, the Middle East and Africa, and Latin America.
The 5-megawatt (MW) Karlovo plant in Bulgaria uses three of GE's high-efficiency, robust and fuel-flexible Jenbacher engines (1 J612 and 2 J620 units) powered by syngas derived from biomass. Also, GE Steam Power, a key solution offered by the company, is used for designing, manufacturing, and supplying all the main components for the biomass power generation plant in Kamisu, Japan.
- Favorable Government Policies and Regulations
- Minimum Expenditure Required to Produce Energy from Biomass-Fired Power Plants
- Availability of Alternate Renewable Energy Sources
- Seasonal Availability of Biomass Material
- Growing Opportunity for Biomass Energy in Europe
- Preference for Biomass and Biogas to Attain Circular Economy Goals
Key Topics Covered:
1. Global Biomass Power Market - Summary
2. Industry Outlook
3. Global Biomass Power Market Outlook - by Feedstock
4. Global Biomass Power Market Outlook - by Technology
5. Global Biomass Power Market Outlook - by Application
6. Global Biomass Power Market - Regional Outlook
7. Competitive Landscape
8. Research Methodology & Scope
- Vattenfall Ab
- Veolia Environnement Sa
- General Electric Company
- Valmet Oyj
- Mitsubishi Heavy Industries Ltd
- Thermax Ltd
- Ameresco Inc
- E.On Energy
- Suez Sa
- Xcel Energy Inc
- Ramboll Group
- Babcock & Wilcox Enterprises
For more information about this report visit https://www.researchandmarkets.com/r/igzfy9
View source version on businesswire.com:https://www.businesswire.com/news/home/20221123005224/en/
Laura Wood, Senior Press Manager
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INDUSTRY KEYWORD: OTHER ENERGY ENERGY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/23/2022 05:36 AM/DISC: 11/23/2022 05:36 AM