Technavio has been monitoring the global biomass power generation market and it is expected to grow by 39.21 GW progressing at a CAGR of over 5% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. View Free Sample Report

Key trends to impact market growth

Rising levels of GHG gases in the atmosphere have led the governments of various countries to focus on replacement of fossil fuels with renewable energy sources, including biomass, geothermal, and solar power. The increase in demand for energy, along with clean energy initiatives, and subsidies granted for power generation using sustainable sources are factors driving the use of renewable energy sources leading to market growth over the forecast period.

Biomass power generation market trends, such as the adoption of biomass in fuel cell technology, will also influence market growth. Fuel cell and hydrogen technologies can help convert environmental hazards into clean and renewable power by producing hydrogen, which can be used in stationary fuel cells. Researchers are working on a process to enable agricultural and urban wastes to contribute to a future hydrogen economy. The emergence of such innovative technologies boost the growth of the market in focus as it will enable instantaneous power generation. 

Top driver to boost demand for biomass power generation market

The growing need for cleaner energy will offer immense growth opportunities. The increasing use of renewable sources of energy and the demand from power production companies are driving the need for solid biomass. They are also highly preferred by power generation plants to cater to the demand for clean and efficient coal-fired power generation. The abundant supply of diverse forms of wastes such as agro-industrial wastes, woody biomass, agricultural residues, municipal solid wastes, and animal wastes will significantly drive biomass power generation market growth

Vendor Analysis: Acciona SA, Ameresco Inc. and Andritz AG are key growth contributors

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Acciona SA, Ameresco Inc., Andritz AG, Babcock & Wilcox Enterprises Inc., E.ON SE, General Electric Co., John Wood Group Plc, Thermax Ltd., Valmet Oyj, and Vattenfall AB are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report 

Biomass Power Generation Market: Key Highlights of the Report for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive biomass power generation market growth during the next five years
• Precise estimation of the biomass power generation market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the biomass power generation market industry across APAC, Europe, North America, MEA, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of biomass power generation market vendors