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Biomass Power Market: Getting ready for the Future

Biomass power refers to electricity generated from organic matter, such as plants, agricultural residue, animal waste, etc. Read more about Biomass Power Market.

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Biomass Power Market: Getting ready for the Future

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  1. Biomass Power Market: Get ing ready for the Future • Fordecades,theuseoffossilfuelsforpowergenerationgloballyseverelydentedtheenvironment,increasingCO2emissions.Thisshiftedthefocusonrenewableenergysources,thusfavoringtheadoptionofbiomass.Biomasspowerreferstoelectricitygeneratedfromorganicmatter,suchasplants,agriculturalresidue,animalwaste,etc.Itprovidessignificantenvironmentalandconsumerbenefits,bygeneratingfeweremissions,improvingforestairquality,andofferingreliableelectricitysupplytocomplementintermittentsources.Asaresult,theglobal biomass power marketislikelytogrow, • withCAGRsof6.08%(inrevenue)and6.51%(involume)duringtheforecastperiodfrom2022to2028. • ApplicationsSoarasDemandforBiomassPowerHeatsUp • Biomasspowerisusedinresidentialapplicationsforcookingorspaceheating.Whereas,industrialandcommercialentitiesutilizeitforpurposeslikehotwaterheating,spaceheating,andelectricitygeneration.Industrialleadstheapplicationsegment,accountingforthelargestrevenueof$31.55billionin2021. SupportiveGovernmentPoliciespromoteBioenergyAdoption Withaviewtophaseoutcoal-basedpowergenerationasasustainabledevelopmentmeasure, governmentsacrosstheworldareturningtobioenergy(obtainedbyburningbiomass).Forinstance,in

  2. India,theMinistryofNewandRenewableEnergylaunchedaschemein2019offeringfinancialaidforbiomasspowerprojects.India,theMinistryofNewandRenewableEnergylaunchedaschemein2019offeringfinancialaidforbiomasspowerprojects. • Whereas,intheUnitedStates,thenumberofbiomasspowerplantsincreasedfromnearly485in2003tomorethan760in2016.Thishasbeenpossibleduetothegovernment’sfavorablepoliciesandinitiatives,suchastheRuralEnergyforAmericaProgram. • TheEuropeanMarketshowsPromisingTrends • PoliciesintheEuropeanUnion(EU)encouragetheuseofbiomassforenergyproduction.TheNewEUForestStrategyfor2030,whichaimsatimprovingthemultifunctionalityofforests,promotestheuseofforestwasteasabiomasssourcetoensureenvironmentalbenefits.ItalsosetsthevisionandconcreteactionsrequiredtoincreasethequantityandqualityofEuropeanforestsbyfocusingontheirprotection,restoration,andsustainablemanagement. • Further,Sweden-basedVattenfallAB,akeymarketplayer,isafoundingmemberoftheSustainableBiomassProgram(SBP).TheSBPisacertificationschemedesignedwiththeobjectiveofdevelopingandmaintaininganindustrystandardtoensurethatsolidbiomassusedforpowergenerationcomplieswithbiomasslegalityandsustainabilityregulationsinEUcountries. • Basedontheideathatthecarbonproducedbyburningsolidbiomasswouldbereabsorbedduringthetreedevelopmentprocess,biomassisconsideredcarbon-neutralunderEUlaws.Solidbiomassfeedstockismostfrequentlyconvertedtoenergybyusingcombustiontechnology.CombustionleadsthetechnologysegmentintheEurope biomass power market,accountingforthelargestrevenueof$21.85billionin2021. • Besidesthis,themarketsinJapanandArgentinaarealsopoisedforgrowth,astheirgovernmentsinvitebidsfrommarketplayerstoestablishbiomasspowerplantsundervariousprograms,thuscreatingasupportiveenvironment. • TopPlayers’ GrowthStrategiesIntensifyCompetitiveRivalry • Thepresenceofleadingcompanies,suchasGeneralElectric,RambollGroup,MitsubishiHeavyIndustriesLtd,andVeoliaEnvironnementSA,withglobalreputeandtechnicalexpertise,hasenhancedthelevelofcompetitioninthemarket.Severaltopplayershavemadestridesbysecuringcontractstohelpthemexpandtheirfootprintsintonewerterritories. • Forinstance,theDangjinplantinChungnam,SouthKorea,isAsia’slargestbiomasspowerplant,witha105MWelectricitygenerationcapacity.ThedemandingprocessofpowergenerationattheplantisaccomplishedusingtheValmetDNAtechnologybyValmetOyj. • FutureProspects– BumpyRoadAhead? • Solarandwindenergyarerenewableenergysourcesusedassubstitutesforbiomasspower.DuetoincreasedR&Daswellastheprovisionoffinancialincentivesfortheiruse,theyareconsideredviableoptions,withhighdemand.Thishassignificantlyimpactedthemarketshareofbiomasspowerintheglobalenergymix,andisakeychallengeinthepathofgrowth. • However,solarandwindareintermittentenergysources,andcannotensurecontinuouspowersupply. Thecapabilityofbiomasspowertothussupplyelectricityround-the-clockisexpectedtoaiditsadoption

  3. andlowerthethreatofsubstitutes.Anotherkeyadvantageofbiomassoveralternativesisitsversatility.Bypyrolysis,itcanbeconvertedintobiochar,whichimprovessoilqualityandalsoreducesGHGemissionsbysequesteringcarbon.Thesebenefitsindicatethemassivegrowthpotentialofthebiomasspowermarket.andlowerthethreatofsubstitutes.Anotherkeyadvantageofbiomassoveralternativesisitsversatility.Bypyrolysis,itcanbeconvertedintobiochar,whichimprovessoilqualityandalsoreducesGHGemissionsbysequesteringcarbon.Thesebenefitsindicatethemassivegrowthpotentialofthebiomasspowermarket. FAQs: Q1)Whicharethemainsegmentsconsideredinthebiomasspowermarketreport? Application,Feedstock,andTechnologyarethekeysegmentsconsideredinthemarketreport. Q2)Whatarethemarketestimationsintermsofrevenueandvolume? Theglobalbiomasspowermarketisestimatedtobevaluedat$111.07billioninrevenueand10448.15millionMWhinvolumeby2028.

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