Biomass Power Market Size, Share, Growth Analysis, By Feedstock(Agricultural residues, forest residues), By Technology(Combustion, gasification), By End user(Residential, commercial) - Industry Forecast 2024-2031

Biomass Power Market size was valued at USD 134.76 billion in 2022 and is poised to grow from USD 142048 billion in 2023 to USD 210.45 billion by 2030, at a CAGR of 5.73 % during the forecast period (2023-2030).

The biomass power market is witnessing intense competition as companies strive to capitalize on the growing demand for sustainable energy sources. Key players in the industry are continuously investing in research and development to enhance biomass conversion technologies, increasing efficiency, and reducing environmental impacts. Additionally, strategic partnerships and collaborations are becoming common, allowing firms to leverage each other's expertise and market reach. Government incentives and supportive policies are further intensifying the competition. As the market continues to evolve, companies are adopting innovative business models and expanding their geographical presence to gain a competitive edge in this dynamic and promising sector. 'Drax Group plc - United Kingdom', 'DONG Energy - Denmark', 'Pinnacle Renewable Energy Inc. - Canada', 'Enviva LP - United States', 'RWE AG - Germany', 'Helius Energy plc - United Kingdom', 'MVV Energie AG - Germany', 'ENGIE (formerly GDF Suez) - France', 'Laidlaw Energy Group (acquired by EDF Renewables) - United States', 'Babcock & Wilcox Enterprises, Inc. - United States', 'Ameresco, Inc. - United States', 'Abengoa - Spain', 'Mitsubishi Hitachi Power Systems - Japan', 'Akuo Energy - France', 'SIMEC Atlantis Energy - United Kingdom', 'Alstom (acquired by General Electric) - France', 'EDP Renováveis - Portugal', 'Vattenfall AB - Sweden', 'Nippon Paper Industries - Japan', 'Boralex Inc. - Canada'

One driver of the biomass power market is the increasing demand for renewable energy sources. As the world faces the challenges of climate change and seeks to reduce greenhouse gas emissions, biomass power offers a sustainable alternative to fossil fuels. Biomass, such as organic waste, agricultural residues, and wood pellets, can be converted into energy through various technologies, including combustion, gasification, and anaerobic digestion. Governments, corporations, and individuals are increasingly recognizing the importance of transitioning to cleaner energy sources, and biomass power presents a viable solution.

Key market trends in the biomass power market included a growing emphasis on renewable energy sources, driving the demand for sustainable biomass power solutions. Governments and businesses were increasingly investing in biomass power projects to reduce carbon emissions and combat climate change. Technological advancements were boosting the efficiency of biomass power generation, making it more cost-effective and competitive. Additionally, collaborations between industries and research institutions were fostering innovations in biomass-to-energy conversion processes, expanding the market's potential. Overall, the biomass power market was witnessing steady growth due to its environmentally friendly and economically viable attributes.

In North America, supportive government policies and increasing investments drove market growth, while Europe remained a leading player due to its strong emphasis on renewable energy adoption.