The biomass power market involves the generation of electricity from various types of biomass including solid biomass, biogas and municipal solid waste. Key advantages of biomass power include its renewable nature, potential for carbon neutrality, and ability to complement intermittent renewable sources. Biomass power plays a crucial role in reducing dependence on fossil fuels and achieving sustainability goals. The increasing focus on replacing coal with cleaner renewable sources to meet rising energy demand in a sustainable manner is driving the demand for biomass power.

The global biomass power market is estimated to be valued at US$ 139.30 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the biomass power market are Mitsubishi Heavy Industries, Ltd., Suez, Xcel Energy Inc., Ramboll Group A/S, Babcock & Wilcox Enterprises, Inc., Orsted A/S, Ameresco, General Electric, Veolia, Vattenfall, Dalkia EnviTec Biogas AG, Weltec Biopower GMBH, Drax Group PLC (UK), Enviva LP, Sodra, MVV Energie AG, Helius Energy PLC, Alstom SA, and Vattenfall AB.

The Biomass Power Market Trends on waste-to-energy conversion. Countries are also providing incentives and policy support to promote the use of biomass as a renewable source of energy.

Technological advancements aimed at improving efficiency, reducing emissions and moving towards carbon neutralization are expected to boost the biomass power market. This includes advancements in biofuel production techniques, combined heat and power systems, co-firing with other fuels and carbon capture technologies.

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