Favorable Government Policies & Regulations to Drive Global Biomass Power Market Growth
As per Inkwood Research, the Global Biomass Power Market is estimated to record a CAGR of 6.30% in terms of revenue and 6.26% in terms of volume during the forecasted years 2022-2030.
“Browse 70 market Data Tables and 50 Figures
spread over 215 Pages, along with an in-depth TOC on the Global Biomass Power Market Forecast
2022-2030.”
VIEW TABLE OF
CONTENT LINK - https://inkwoodresearch.com/reports/biomass-power-market/#table-of-contents
REQUEST FREE
SAMPLE LINK - https://inkwoodresearch.com/reports/biomass-power-market/#request-free-sample
Favorable
Government Policies & Regulations to Augment Market Growth
Countries like Canada, the United States, France, China, Germany,
the United Kingdom, India, and others, have encouraged the development of clean
energy technology, aligning with their long-term national objectives. In this
regard, leading European Union nations have also stated their goal of
transitioning to a low-carbon economy over the upcoming years. As per this
plan, European Union countries are aiming to gradually phase out the production
of coal-based electricity. In the process, they are also looking towards
biomass power as a substitute to supply base load power. As a result, favorable
government policies, as well as regulations, are set to play a pivotal role in
fueling the global market’s growth.
Industrial
Segment Dominated the End-User Category in 2021
In the industrial sector, the majority of biopower plants utilize
direct-fired combustion systems. Moreover, they also incinerate biomass
directly in order to produce high-pressure steam that drives a turbine
generator to produce electricity. The spent or extracted steam from the power
plant is also used to heat buildings or for manufacturing processes.
Furthermore, in 2021, biomass provided about 4,835 trillion British thermal
units (TBtu), equating to approximately 4.8 quadrillions of Btu and 5% of the total
United States primary energy consumption. Out of this, nearly 2,316 TBtu were
from biofuels, primarily ethanol, and 431 TBtu were from the biomass in sewage
and municipal solid wastes, agricultural byproducts, and animal manure. In
addition, 2,087 TBtu were from wood and wood-derived biomass.
North
America to be the Fastest-Growing Region in terms of Revenue
The increase in environmental concerns has resulted in North
American nations concentrating on renewable energy. Aligning with this, favorable
policies and regulations have been drafted by Canada, the United States, and
Mexico to support renewable power sources, including wind, solar, and biomass. Some
regions in the United States, such as New York, Florida, and California, have
also established renewable energy targets for installed capacity. Therefore,
the abundant availability of biomass feedstock in North America, coupled with
favorable policies and regulations, is anticipated to drive the biomass power
market growth during the forecast period.
The competition in the global biomass power market ranges
from moderate to high. Some of the leading companies operating in the market
include Mitsubishi Corporation, General Electric Company, Suez Environment
Company, etc.
Request for
Customization: https://inkwoodresearch.com/request-for-custom-report/
About Inkwood Research
Inkwood Research specializes in syndicated & customized
research reports and consulting services. Market intelligence studies with
relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our geographical
analysis comprises North & South America, CEE, CIS, Middle East, Europe,
Asia, and Africa.
Contact Us
https://www.inkwoodresearch.com
1-(857)293-0150
Related Reports:
GLOBAL
BIOFUELS & BIODIESEL MARKET
GLOBAL
BIO-REFINERY TECHNOLOGIES MARKET
GLOBAL WASTE-TO-ENERGY
(WTE) MARKET
GLOBAL
INDUSTRIAL BIOMASS BOILER MARKET
Comments
Post a Comment