Biomass Power Generation Market Segment Forecasts up to 2022
Biomass is among the prime renewable energy resources that has significant benefits for power generation. Biomass comprises waste material, products, residues, and byproducts from agriculture, plants, manure, and industrial wastes among other materials. This resource can be used as a means of providing energy through electricity generation or by using it as fuel through combustion. Biomass is an environmentally friendly, carbon-neutral, and recycled means of power-generation that can reduce dependency on the usage of fossil fuels.
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Increasing demand for energy from emerging nations such as China, India, and Brazil has resulted in the use of alternate sources of energy. Biomass is being adopted as one such source of energy that provides additional power generation and the market for this kind of power generation is expected to develop over the next few years.
Increasing Government Support to Propel Global Biomass Power Generation Market
Biomass can be used as a source of heat generation, and studies indicate that this source of power accounts for 12% of global energy supply. Current calculations indicate woody biomass is the single biggest feedstock for power generation through biomass and has the largest market share. Governments of countries in regions such as North America, Europe, and East Asia are moving towards the use of woody biomass for power generation related to biomass. A recent market research study states that the global biomass power market installed capacity was 72,571.9 MW in 2013 and is set to increase to 122,331.6 MW by 2022.
The market for biomass is calculated in certain specific measurements, which includes installed capacity, power generation, and revenue. Biomass is categorized into anaerobic digestion, combustion, gasification, co-firing and CHP, and landfill gas (LFG). Geographical segments of the global biomass power generation market include North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
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There is further segmentation in terms of countries and subdivisions of larger continents. For instance, North America is divided into the U.S. and Rest of North America. Europe is segmented into countries such as Sweden, Finland, Germany, Italy, the U.K., and Rest of Europe. Asia Pacific is segmented into China, India, Japan, and Rest of Asia Pacific.
Using Biomass Power Generation is Cost-effective as Compared to Coal-fired Generation
The market for biomass is growing and developing quickly, though there are significant challenges. The focus on renewable energy resources and environmental conservation will drive the market for biomass. In countries such as China, Brazil, and India, rapidly growing and developing industries require an affordable and steady alternative source of energy that can help generate excess power. Biomass can help solve the problems caused by the use of fossil fuel, which affect the climate, environment, and the economy.
Governments are adopting measures to promote the increased use of biomass as a source of energy and power generation in different ways. Government grants, funding programs that help with investment subsidies, and tax benefits provide the incentive for companies to move forward in using biomass power generation. Countries such as the U.K., Germany, and the U.S. are providing various grants and incentives for use of biomass energy. In countries like India, Australia, Poland, and Indonesia, legislation is being considered for increasing the use of biomass power generation.
In the aforementioned market study, it is stated that due to the availability of low-cost agricultural, forestry wastes, and residue, biomass can compete with conventional power supply sources and prove to be a better and more competitive source of off-the-grid power supply, despite the expensive feedstock and capital costs. Governments can play an important role in boosting this by way of tax incentives, feed-in tariffs, loan guarantees, and other such modes that promote the increased use of biomass.
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