Also, the Government of India has set a target of installing 175 GW of renewable energy capacity by the year 2022 through thermal, hydro, nuclear, wind and biomass power projects. The increasing investments in renewable power generation is expected to drive the biomass electricity industry growth in 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 utilizing bioenergy with carbon capture for improving decarbonization which is shaping the biomass electricity market outlook. Bioenergy with carbon capture and storage (BECCS) is the process of capturing and permanently storing carbon dioxide (CO2) from biomass (organic matter) energy generation. BECCS uses a post-combustion carbon capture process, where solvents isolate CO2 from the flue gases produced when the biomass is combusted. The captured CO2 is pressurized and turned into a liquid-like substance so it can then be transported by pipeline.
Major players covered in the global biomass electricity 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 into household, industrial, government, others, by technology into anaerobic digestion, combustion, co-firing, gasification, landfill gas.
Biomass Electricity Market 2022 - Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides a biomass electricity global market overview, forecast biomass electricity global market size and growth for the whole market, biomass electricity market segments, geographies, biomass electricity market trends, biomass electricity market drivers, restraints, leading competitors’ revenues, profiles, and market shares.