Biomass Power Market Growth Boost by Rising Demand For An Environment-Friendly Renewable Source Of Energy
New York, US, May 15, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Biomass power Market Research Report Information by Feedstock, Region, Technology, and End Use – Forecast Till 2030”, the global Biomass Power Market is projected to reach USD 2,10,512.4 million, at a CAGR of 5.8% by 2030. Biomass power is gaining traction as a sustainable and environmentally-friendly source of energy in response to the growing global demand for renewable energy solutions.
Factors Driving the Growth of the Biomass Power Market
One of the key factors driving the growth of the biomass power market is the increasing demand for renewable energy sources to reduce carbon emissions and combat climate change. Biomass power is considered carbon-neutral because the carbon dioxide emitted during combustion is offset by the carbon dioxide absorbed by plants during photosynthesis, making it an attractive option for countries looking to meet their renewable energy targets.
Market Segmentation
The biomass power market is segmented based on feedstock, region, technology, and end use. Different feedstocks such as woody biomass, agricultural residues, and municipal solid waste are used to generate biomass power. Region-wise, North America, Europe, Asia-Pacific, and the rest of the world are the key markets for biomass power. Various technologies like combustion, gasification, and anaerobic digestion are employed to convert biomass into electricity. End uses of biomass power include industrial, residential, and commercial applications.
Impact on Individuals
The growing biomass power market is expected to benefit individuals by providing access to clean and affordable energy sources. With a shift towards renewable energy sources, individuals may see a decrease in their electricity bills and a reduction in air pollution in their communities.
Impact on the World
The increasing adoption of biomass power on a global scale is expected to have a significant impact on the world by reducing greenhouse gas emissions, mitigating climate change, and promoting sustainable development. Biomass power has the potential to drive economic growth, create new jobs in the renewable energy sector, and enhance energy security for countries looking to diversify their energy sources.
Conclusion
In conclusion, the biomass power market is poised for significant growth in the coming years as the world looks to transition towards more sustainable and environmentally-friendly energy sources. The projected reach of USD 2,10,512.4 million by 2030 indicates a bright future for biomass power as a key contributor to the global energy mix.
