Global Biomass Power Market is valued approximately USD 114.53 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 6.0 % over the forecast period 2022-2028. Biomass fuel is a sustainable and renewable source of energy that is obtained from organic material and used to generate electricity or other forms of power. Wood waste or other trash is burned in biomass power plants to produce steam, which drives a turbine to provide electricity or heat for industry and residences. Fortunately, modern technologies such as pollution controls and combustion engineering have progressed to the point where any emissions created by burning biomass in industrial facilities are lower than those produced by burning fossil fuels. Growing worries about GHG emissions have resulted in favourable laws and regulations for renewable energy, which has been a crucial driver driving the market's growth. With rising environmental concerns, several countries have been pushed to boost the share of renewable energy in their power mix, resulting in market development. India, China, Germany, the United Kingdom, and France have all established renewable energy targets with the goal of becoming carbon-neutral in the future. Furthermore, the market is driven by increased adoption as a result of favourable policies and regulations. In 2019, 14 projects in the United States added 177 MW of biomass generating capacity. The current project, which began in 2019, was completed in Florida, Georgia, California, and Hawaii. Furthermore, in the country, about 384 MW of biomass power projects are in various stages of construction. Over the projection period, these factors are expected to promote the country's market growth. Furthermore, countries in the European Union are pursuing a coal phase-out, which is projected to increase demand for biomass power. Furthermore, in nations such as India, the United States, and China, coal-fired power stations are co-fired with biomass feedstock to reduce carbon emissions. These factors will contribute to the market's growth over the forecast period. Mismanagement of biomass and a lack of understanding among developing economies, on the other hand, will stifle market growth between 2021 and 2027.

The key regions considered for the global Biomass Power Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe was the largest regional market. In its long-term strategy, the European Union aims to be carbon-neutral by 2050. This goal is in keeping with the promises made by the European Union as part of the Paris Agreement. According to the European Green Deal, the European Commission passed the first-ever European Climate Law in March 2020, paving the way for the EU to reach its 2050 climate-neutrality goal. Furthermore, member countries of the European Union must design and implement national long-term strategies in order to meet their Paris Agreement commitments. The market in Asia Pacific, on the other hand, is expected to develop at the fastest rate over the forecast period.

Major market player included in this report are:

Mitsubishi Heavy Industries, Ltd.

Suez

Xcel Energy Inc.

Ramboll Group A/S

Babcock & Wilcox Enterprises, Inc.

rsted A/S

Ameresco

General Electric

Veolia

Vattenfall

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology

Combustion

Gasification

Anaerobic Digestion

By Feedstock

Solid Biofuel

Liquid Biofuel

Biogas

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 2018, 2019, 2020

Base year - 2021

Forecast period - 2022 to 2028

Target Audience of the Global Biomass Power Market in Market Study:

Key Consulting Companies & Advisors

Large, medium-sized, and small enterprises

Venture capitalists

Value-Added Resellers (VARs)

Third-party knowledge providers

Investment bankers

Investors