The global biomass power market share is expected to reach USD 98 billion by 2027, at a CAGR of 9.2%, according to a new report by Grand View Research Inc. Favorable government initiatives such as development of biogas stations, bioenergy and thermal plants. Biomass fuels are used as a major source of renewable energies in the U.S.
Additionally, the new developments in the automotive sector aimed at using biomass as a fuel is likely to boost the regional market in the coming years. Growing concerns for environmental sustainability driven by rise in urban waste is likely to attract the market growth for the coming years. Emergence of environmental NGOs and other organizations are actively working for eco sustainability and environment preservation.
European commission plan to set up long-term sustainable goals to enable domestic, effective and low carbon economy in the near future. The policy framework for bioeconomy in Europe encompasses agriculture, forestry, energy and climate. The regional markets have a well-defined number of bio-based industries.
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Covid-19 is an emerging, and rapidly evolving situation and clinical evidence supports the link between air pollution and Covid-19. It is also likely that the poor, migrant workers and refugees are the most vulnerable to smoke reactions in the ongoing situation. Therefore, biomass manufacturing units are adhering to government regulations and policies on this backdrop.
In another instance, most countries are likely to safeguard the efforts for sustainable development goals till 2030 i.e. achieve a reliable and resilient energy source for all. To scale up the developments, the International Renewable Energy Agency (IRENA), World Bank, and the World Health Organization (WHO) are working in the similar direction.
Mutually, The energy progress report was released in May 2020 by these agencies states that a significant progress occurred in various aspects of sustainable development goal before the start of Covid-19 crisis and this comprises a various factors such as various nations still experience a lack of electricity, high stake on renewable energy for electricity generation and technological advances to the energy efficiency models. However, the progress, there are various hindrances to the goal achievement by 2030, as per the report.
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Further Findings From The Report Suggest:
l The combustion segment is expected to result in a high share and will retain a high dominant position in the forecast period
l Solid biofuel is the large segment accounting for a high market share. The segment is also expected to result in a high adoption due to ongoing climate issues
l Asia Pacific is an emerging market for biomass power attributing to the wide availability of natural resources and feedstock bioreserves. The regional markets have been major contributors of revenue wherein biogas digesters are used significantly
l North America has a huge contribution in the biomass power industries owing to the trend of biomass power electricity generation. Moreover, there has been a reduction in environmental impact and rise in the demand for biomass power in the region
l Mitsubishi Heavy Industries Ltd
l Xcel Energy Inc
l Babock & Wilcox Enterprises
l Ramboll Group A/S
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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