LONDON, Oct. 05, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the biomass electricity market, the rapid growth in investments in renewable power generation capacities is expected to drive the utilities market during the forecast period. A large number of power generation companies are investing in renewable energy sources, especially in the USA and European countries.
For instance, according to the World Energy Investment Report, 2023 by International Energy Agency (IEA), renewable energy for new power generation capacity is estimated to attract 70% global energy investment in 2023, with most of the investment flowing towards power and end-use sectors, shifting out of traditional fossil fuel production. Also, the Government of India has set a target of installing of installing 175 GW of renewable energy capacity by the year 2023 through thermal, hydro, nuclear, wind and bio-mass power projects. The increasing investments in renewable power generation is expected to drive the market in the forecast period.
Western Europe is the largest region in the biomass electricity market, accounting for 37.5% of the total in 2020. It is followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the biomass electricity market will be the Middle East and South America, where growth will be at CAGRs of 14.4% and 12.4% respectively. These will be followed by Africa, and Eastern Europe, where the markets are expected to grow at CAGRs of 11.3% and 10.5% respectively.
The Business Research Company’s report titled Biomass Electricity Global Market Report 2023 – By Feedstock (Solid Biomass, Biogas, Municipal Solid Waste, Liquid Biomass), By End-User (Households, Industrial Sector, Government Sector), By Technology (Anaerobic Digestion, Combustion, Co-Firing, Gasification, Landfill Gas), COVID-19 Impact And Recovery covers major biomass electricity companies, biomass electricity market share by company, biomass electricity manufacturers, biomass electricity market size, and biomass electricity market forecasts. The report also covers the global biomass electricity market and its segments.
Request For A Sample Of The Global Biomass Electricity Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=3864&type=smp
The global biomass electricity market is expected to grow from $33.11 in billion 2020 to $35.43 billion in 2023 at a compound annual growth rate (CAGR) of 7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $50.26 billion in 2025 at a CAGR of 9%.
Power generation companies are increasingly using alternate sources of energy such as natural gas, nuclear power and renewables to produce clean and sustainable electricity, driving the biomass electricity market. The decreasing cost of installation of renewable sources of energy is also driving the use of these sources for power generation. According to the US Energy Information Administration (EIA), the coal’s share of the total world energy consumption is expected to decline from 25% in 2015 to 22% in 2040. Renewables are expected to be the fastest growing energy source, with their consumption increasing at an average rate of 2.3% per year between 2015 and 2040. The continuous shift to alternative sources for power generation is expected to act as a driver for the biomass electricity market.
TBRC’s biomass electricity market report is segmented by feedstock into solid biomass, biogas, municipal solid waste and liquid biomass. The solid biomass market is the largest segment of the biomass electricity market segmented by feedstock, accounting for 63.1% of the total in 2020. Going forward, the solid biomass market is expected to be the fastest growing segment in the biomass electricity market segmented by feedstock, at a CAGR of 10.2% during 2020-2025. The biomass power market is also segmented by end-user into households, industrial sector, government sector, others and by technology into anaerobic digestion, combustion, co-firing, gasification, landfill gas.
Biomass Electricity Global Market Report 2023 – COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Biomass Electric Power Generation Global Market Report 2020 – By Feedstock (Solid Biomass, Biogas, Municipal Solid Waste, Liquid Biomass), By End-User (Households, Industrial sector, Government Sectors), By Technology (Anaerobic Digestion, Combustion, Co-Firing, Gasification, Landfill Gas)
Electric Power Generation, Transmission, And Distribution Global Market Report 2023 – By Type (Electric Power Transmission, Control, And Distribution, Power Generation), By End-User (Residential, Commercial, Industrial), By Type of Operator (Public Operator, Private Operator), COVID-19 Impact And Recovery
Utilities Global Market Report 2023 – By Type (Water And Sewage, Natural Gas Distribution, Electric Power Generation, Transmission, And Distribution), By Type of Operator (Public Operator, Private Operator), COVID-19 Impact And Recovery
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
Get a quick glimpse of our services here: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
The World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
