Press release
Renewable Renaissance: Biomass Power Generation on the Rise
Biomass is a renewable and sustainable form of energy used to create electricity and power. In the biomass power plant, wood waste and other wastes are burnt to produce steam, which runs a turbine to make electricity. The rising energy and power demand and increased demand for clean energy are increasing the demand for biomass energy. Technology is gaining popularity due to its ability to significantly reduce carbon emissions while producing high-calorific gas from renewable sources. Direct biomass combustion technology holds a significant position in the industry due to its relatively simple operations, high reliability, and lower cost compared to other advanced biomass power technologies.Market Overview and Drivers
The global biomass power generation market is growing at an average (CAGR) of 8.5% by 2027. This growth is attributed to various factors such as the use of biomass in agriculture, industrial and manufacturing processes, chemical applications, and transportation. Biomass is an energy source for generating electricity and providing heat, and fuel in the transportation sector. The government has contributed significantly to the growth of the biomass power generation market. Moreover, it covers the list of various players operating in the market. Some of the key players covered in the report include Drax Group PLC, Ameresco Inc., Alstom SA, Forth Energy Ltd., Helius Energy PLC, Enviva LP, and The Babcock & Wilcox Co. The market players are adopting various marketing strategies such as mergers & acquisitions, product launches, and geographical expansion.
Europe has a well-developed biomass supply chain, with abundant sources of feedstock including agricultural residues, forest biomass, and dedicated energy crops. The region also possesses advanced biomass conversion technologies and a mature energy infrastructure, which contribute to efficient and reliable power generation. Furthermore, Europe's commitment to sustainability and environmental stewardship aligns with the principles of biomass power generation, further contributing to its market dominance.
The cost of generating electricity from biomass-fired power plants is primarily determined by the expenses associated with acquiring feedstock and the initial capital investment. Biomass power can be economically viable when there is access to affordable agricultural or forestry waste and residue materials. This renewable energy source can rival traditional power sources, in regions where feedstock is pricey. In these areas, the cost of producing electricity from biomass is still more competitive compared to coal-fired generation, making biomass an appealing choice for supplying power to off-grid locations.
Governments support the biomass power sector in the form of incentives that include feed-in tariffs, tax incentives, loan guarantees, and public competitive bidding. This is likely to fuel the global biomass power generation market. For instance, in August 2022, the Ministry of New and Renewable Energy (MNRE) announced a scheme that aims at 100.0% solarization of Modhera in Gujarat. Under the scheme, the domestic and agricultural electricity needs of all the households of Modhera are planned to be fulfilled with solar energy.
Innovation Breakthroughs
Biomass is attributed to the depletion of fossil fuel supplies and increasing energy demand across countries such as China, and India, among others. The favorable government policies enabling thermal power plants to switch from coal to cleaner fuels, such as biomass, are projected to play a crucial role in demand growth over the period. Biomass produces bioenergy that is used for various applications to decrease reliance on fossil fuels, mitigate Greenhouse Gas (GHG) emissions, and increase the reliability of the energy supply. Moreover, the decrease in coal use with the increasing use of wood biomass for distributed electricity generation is anticipated to positively impact the industry landscape.
Off-grid bioenergy systems will be a boon the rural areas that lack modern energy facilities. Innovations such as biomass mini-grids and bioenergy cooking appliances bring both clean biomass fuel and electricity to rural areas. Such breakthroughs aid the communities living in rural areas making them more empowered. Through the integration of new technologies, the standards of living of people go up and their economy gets more soundly developed and environmentally sustainable.
In November 2022, several schemes were launched such as MNRE continued the National Bioenergy Programme for the period from FY 2021-22 to 2025-26. Administrative approval for implementation of the biomass program under the Umbrella scheme of the National Bioenergy Programme (Phase-I) Reg. The Programme has been approved with a budget outlay of INR 8580 million ($10.27). Similarly, in Oct 2022 (MNRE) issued a clarification on the applicability of central financial assistance (CFA) available under the Rooftop Solar (RTS) Programme Phase-II for solar systems installed under the Virtual Net Metering (VNM) arrangement. Additionally, the proposed Central Financial Assistance (CFA) in the form of a capital subsidy of 50.0% for the Umbrella scheme of the National Bioenergy Programme will be provided the budgetary allocation of the Ministry of New and Renewable Energy Biomass Division.
Navigating Challenges
Besides, the high operating costs and the increasing capital cost in economically growing countries will hamper the biomass power generation market growth. The quality of biomass poses a challenge in selecting the optimum blend of biomass for a given power plant. This challenge is addressed by test-firing various mixtures, which involves considerable time and cost. For instance, a new web-based software known as BCAS (Biomass Cofiring Assessment and Services), incorporates the fundamental properties of combustion and mineral matter transformation. The only inputs required are standard fuel and ash properties. It also benchmarks the carbon in ash, erosion, corrosion, emission of particulates, and oxides of sulfur and nitrogen. This provides operators with a short list of near-best biomass mixtures for their plants without the need for a comprehensive test burn program, saving time and money.
Encapsulating, the biomass power generation market is poised for significant growth, driven by rising energy demands and the global shift towards clean and renewable energy sources. Despite challenges such as high operating and capital costs, technological advancements and government support are key drivers fostering the market's expansion. Innovations in biomass conversion technologies and supportive policies in various countries contribute to the market's potential, making it a viable and competitive alternative to conventional fossil fuels. The development will not only enhance energy security but also support environmental sustainability by reducing greenhouse gas emissions.
To know more please visit at https://www.linkedin.com/pulse/renewable-renaissance-biomass-power-generation-rise-mahesh-mukati-kbejf
Media Contact:
Contact Person: Mr. Anurag Tiwari
Email: anurag@omrglobal.com
Contact no: +91 780-304-0404
Company Name: Orion Market Research
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offers Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
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