Global Biomass Energy Market to be Driven by Growing Electricity Demand and Favorable Government Regulations Worldwide During the Forecast Period 2021-2026
Expert Market Research’s new report titled ‘Global Biomass Energy Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global biomass energy market, assessing the market based on its segments such as source, end use and major regions like North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2015-2026)
- Historical market size (2020): $54.2 billion
- Forecast CAGR (2021-2026): 8.6%
- Forecast market size (2026): USD 89.0 billion
The global biomass energy market has witnessed a decent growth over the historical period, owing to the abundant availability of biomass and other feedstock used as biomass, propelled by increased awareness and demand for cleaner energy.
Industry definition and major segments
Biomass gasification is the process of converting solid fuels (biomass), including wood, wood waste and agricultural residues, into a combustible gas mixture called producer gas or syngas. This is accomplished through a series of thermochemical reactions using heat, pressure and partial combustion, which occur when the air (O2) supply is insufficient to complete the biomass combustion process. Its market is further divided into segments such as:
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On the basis of biomass source, the market is categorized into:
- Solid biomass
- Municipal waste
- Liquid biomass
On the basis of end-use industry, the market is segmented into:
- Industrial sector
- Transport sector
The regional biomass energy market includes:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Globally, Europe held the largest market share owing to the favorable environmental policies adopted across the region to maximize the potential of bioenergy in countries like Finland, France, Sweden, and Germany. North America is expected to experience significant growth over the next few years, with the United States leading the way in terms of revenue. Due to the wide availability and diversity of biomass feedstock base in emerging economies such as China and India, Asia-Pacific is expected to be the fastest growing region from 2020 to 2027. Additionally, biogas digesters are heavily subsidized in several parts of the region. This would incentivize consumers to opt for biofuels and thus propel the market during the forecast period.
Biomass generates bioenergy, which is used in various end-use markets to reduce dependence on fossil fuels, reduce greenhouse gas (GHG) emissions and increase security of energy supply. Additionally, the decline in the use of coal, along with the increased use of woody biomass for distributed power generation, is expected to have a favorable impact on the industry landscape. Additionally, increasing energy consumption in various end-use sectors is likely to contribute to the growth of the global biomass energy market throughout the forecast period. However, capital requirements and high operating costs associated with biomass power generation are likely to hamper market expansion throughout the forecast period. However, favorable government laws encouraging thermal power plants to switch from coal to cleaner fuels such as biomass are expected to play a major role in driving the market growth over the forecast period.
Main market players
The major players in the global market are Essent, Electrabel, Babcock & Wilcox Vølund A/S, Drax Group plc, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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