In addition, the Indian government has set a target to install 175 GW of renewable energy capacity by 2022 through thermal, hydroelectric, nuclear, wind and biomass power projects. Rising investment in renewable energy generation is expected to drive the growth of the biomass power industry over the forecast period.
The biomass electricity market size is expected to grow from $33.11 billion in 2020 to $50.26 billion in 2025 at a rate of 8.7%. The biomass electricity market share is then expected to grow at a CAGR of 7.0% from 2025 and reach $73.33 billion in 2030.
Companies are focusing on the use of bioenergy with carbon capture to enhance decarbonization, which is shaping the market outlook for biomass electricity. Bioenergy with carbon capture and storage (BECCS) is the process of capturing and permanently storing carbon dioxide (CO2) from the production of energy from biomass (organic matter). BECCS uses a post-combustion carbon capture process, where solvents isolate CO2 from the flue gases produced when burning biomass. The captured CO2 is pressurized and turned into a liquid-like substance so that it can then be transported by pipeline.
The major players covered in the global biomass power industry are Drax Group, EPH, Engie, EDF, Iberdrola.
TBRC’s Biomass Electricity Market report is segmented by Feedstock into Solid Biomass, Biogas, Municipal Solid Waste, Liquid Biomass, by End User Household, Industrial, Government, Others, by Technology in Anaerobic Digestion, combustion, co-combustion, gasification, gas discharge.
Biomass Electricity Market 2022 – Global Forecast To 2030 is part of a series of new reports from The Business Research Company that provides an overview of the global biomass electricity market, forecasts the size and growth of the global biomass electricity market For Overall Market, Biomass Electricity Market Segments, Geographies, Biomass Electricity Market Trends, Biomass Electricity Market Drivers, Restraints, Revenues, Profiles and market shares of the main competitors.