Biomass Power Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2027
The global biomass power market size is expected to reach USD 98.0 billion by 2027, ascending at a CAGR of 9.2% over the forecast period, according to a new report by Grand View Research, Inc. Factors, such as supportive government regulations, funding programs, incentives, and tax benefits encouraging renewable biomass power generation, are likely to strengthen the market growth over the forecast period. Bioenergy, generated from biomass, is deployed across several end-use segments to reduce Greenhouse Gas (GHG) emissions, improve the security of energy supply, and minimize the dependence on fossil fuels. However, significant efforts are made on the sustainable production of biomass that otherwise could cause negative socio-economic and environmental impact, thereby hampering the market growth. Controlled management of large amounts of animal and plant residue is another major factor driving the growth of this market in developing economies of Asia Pacific, such as China and India. Moreover, the gas produced from biomass anaerobic digestion is used for lighting, cooking, or power generation purposes across these economies. For instance, the Chinese government heavily invests and promotes the usage of biogas digesters.