Biomass Power Generation Market Growth Analysis | Need for Clean Energy to Drive Growth
Technavio has been monitoring the biomass power generation market and it is expected to grow by 39.21 GW, accelerating at a CAGR of almost 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
Biomass Power Generation Market: Key Trends to impact market growth
The adoption of biomass in fuel cell technology is one of the key biomass power generation market market trends. 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. This research report provides a detailed impact analysis of all the trends that are likely to influence the growth of the market in focus.
Biomass Power Generation Market: Top Drivers to Boost Demand
The growing need for cleaner energy is one of the primary factors driving the growth of the biomass power generation market. 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 The report provides a detailed study of all the factors that are likely to boost the market. This analysis will enable clients to leverage growth opportunities to their advantage and set their business
Vendor Analysis: Acciona SA, Ameresco Inc. and Andritz AG are key growth contributors
The market is fragmented. The research report provides insights into the top market player and their product portfolio along with a pipeline analysis of upcoming developments and growth opportunities. 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. For more insights on this market: Download a Free Sample Report
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Biomass Power Generation Market: Key Highlights of the Report for 2020-2024
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
