SAN FRANCISCO, Sept. 2, 2020 /PRNewswire/ -- The global biomass power market size is expected to reach USD 98.0 billion by 2027, ascending at a CAGR of 9.2% over the forecast period, according to a new report by Grand View Research, Inc. Factors, such as supportive government regulations, funding programs, incentives, and tax benefits encouraging renewable biomass power generation, are likely to strengthen the market growth over the forecast period.
Key suggestions from the report:
Read 90 page research report with ToC on "Biomass Power Market Size, Share & Trends Analysis Report By Feedstock (Solid, Liquid Biofuels), By Technology (Combustion, Gasification), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/biomass-power-market
Bioenergy, generated from biomass, is deployed across several end-use segments to reduce Greenhouse Gas (GHG) emissions, improve the security of energy supply, and minimize the dependence on fossil fuels. However, significant efforts are made on the sustainable production of biomass that otherwise could cause negative socio-economic and environmental impact, thereby hampering the market growth.
Controlled management of large amounts of animal and plant residue is another major factor driving the growth of this market in developing economies of Asia Pacific, such as China and India. Moreover, the gas produced from biomass anaerobic digestion is used for lighting, cooking, or power generation purposes across these economies. For instance, the Chinese government heavily invests and promotes the usage of biogas digesters.
The industry is marked by a complex supply chain interaction. The industry players tie-up with regional and local players to ensure a constant supply of biomass feedstock. The transportation of biomass, its conversion into valuable fuel, and delivery to the end-use markets are other areas of concern for companies operating in the market. Intensive R&D activities aiming to commercialize the biomass power generation technologies are expected to further propel the market growth.
Grand View Research has segmented the global biomass power market on the basis of technology, feedstock, and region:
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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