Biomass Market: Global Opportunity Analysis and Industry Forecast 2021-2031 Market

 Biomass refers to organic matter in the form of plants and biological waste, which are used in the production of energy. Biomass has gained popularity due to its significant role as a key renewable energy. It is helpful in various applications such as photosynthesis, wood & wood processing wastes, agricultural crops, and waste materials, food, yard, and wood waste collection. Increase in use of biomass such as plant and manure materials to produce electricity and generate biomass fuels for transportation is expected to boost the industry growth during the forecast period. The use of renewable energy resources to generate clean energy is further encouraged by the growing energy demand, clean energy initiatives, and the provision of subsidies by governments.

COVID-19 scenario analysis

Over the past few months, the COVID-19 pandemic has caused an unprecedented global economic and social crisis. The pandemic has significantly affected all aspects of life, including the energy sector. A similar trend of falling demand and price reduction can be observed in the electricity sector. Europe has faced a record collapse in electricity prices. Renewable energy projects are decreasing, as China is a major manufacturer of photovoltaic solar modules and turbines. Furthermore, contractors who depend on international workers are affected, as travel restrictions or quarantine measures are imposed and lead to local labor shortages. 

Market scenario analysis

The biomass market is expected to witness significant growth during the forecast period. Alarming rise in emission of greenhouse gases is the key factor driving the growth of the global biomass market. This is attributed to the fact that surge in carbon levels in the atmosphere due to burning of fossil fuels is forcing various manufactures to shift toward the use of bio-fuel. In addition, the global biomass market is expected to grow at a faster pace during the forecast period, due to the favorable government policies     regarding renewable energy p[production . Moreover, the low cost of energy and active participation of government and major players to spread awareness and promote adoption of biomass power are expected to drive growth of the global market. However, lack of management of biomass and less awareness among emerging economies are expected to hinder the market growth.

Market drivers & restraints

Rise in demand for environment-friendly renewable sources of energy is one of the key drivers for the global biomass market. The use of renewable energy would help to reduce global warming and improve public health. Thus, biomass is largely being used in heavy-duty vehicles, as diesel and CNG are being replaced for achieving a greener means of transport. Increase in focus on research and development in order to enhance the production of renewable energy source by using combustion process has improved environmental benefits with additional support from  government are some key factors driving the market growth. However, factors such as rise in feedstock costs and, inadequate biomass management, and lack of knowledge among emerging economies about utilization of biomass for energy production are expected to hamper market development. On the contrary, advancements in power generation technologies are expected to create revenue opportunities for players in the global biomass market.

Regional insights

Region wise, the global biomass market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominates the biomass market, due to favorable government regulations for renewable energy source with less environmental impact, rise in investments, and availability of suitable infrastructure in the region. The Europe biomass power market is anticipated to account for second highest revenue share in the market, and is projected to witness moderately higher growth rate during the forecast period. Asia-Pacific is estimated to showcase significant growth, owing to the abundant availability of natural resources in the region.

Key benefits of the report

• This study presents the analytical depiction of the global biomass industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global biomass market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global Biomass market growth scenario.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

 Biomass Market: Global Opportunity Analysis and Industry Forecast 2020–2027 Report Highlights