Biomass has gained popularity due to its significant role as a key renewable energy in the global energy mix. Extracted or generated from agricultural waste, forestry, and biogenic waste, biomass offer a wide range of fuels. The improving economics of energy production of biomass have radically improved its uptake as a potential fuel amongst several users.
The researchers have thoroughly analyzed the global biomass market using a SWOT analysis and Porter’s five forces analysis. The former market measurement tool puts together an assessment of the strengths, weaknesses, opportunities, and threats influencing the various segments of the global market. On the other hand, the Porter’s five forces analysis provides an examination of the competitive landscape and explains the bargaining power of suppliers and buyers. Furthermore, the report also includes recommendations and comments by the expert market leaders that corroborate the research.
In the wake of global warming and growing pressure on governments across the globe to reduce their carbon footprint, several regulatory authorities are turning towards usage of biomass. Thus, biomass is largely being used in heavy duty vehicles as diesel and CNG are being replaced for achieving a greener means of transport. Though expensive, bioethanol is steadily being adopted as a crucial fuel to drive the transportation sector. Governments and other environmentalists are urging even the passenger car users who spend on gasoline to start using bioethanol as it is biodegradable and has lesser toxicity. Thus, all of these efforts are likely to boost the overall market in the next few years.
Counted amongst a key renewable source of energy, biomass is slowly gaining momentum and gearing up to dominate the energy mix of several countries. Historically, biomass has been used for cooking at home and for heating. However, with technological advancements and increasing research and development for making biomass more usable, it is expected to gain wider commercial applications. Today, the new-age application of biomass is being seen in efficient furnaces and boilers. The developing countries are still adapting to the modern uses of biomass as traditionally it was only used for heating. Most of the biomass for heating procured from solid fuels such as wood chips, wood logs, twigs, saw-mill residues, and pellets. Agricultural residues such as straw are also used to generate biomass in rural areas of several developing countries.
Geographically, the global biomass market is segmented into North America, Europe, Asia Pacific, and Rest of the World. According to analysts, Asia Pacific region is poised to make a generous contribution revenue of the global market in the coming years. The growing energy demands due to the emergence of economies in Asia Pacific have led a spike in the demand for biomass.
Analysts predict that Europe will see a prolific uptake of biomass boilers in the coming years as The European Union is working towards reducing carbon emissions by 80% by 2050. This move is expected to boost the demand for biomass in the region in the coming years to a significant degree. On the other hand, North America biomass market will surge at a slow pace during the forecast years.
The chief operating players in the global biomass market are Drax, Alstom, Siemens, Foster, and Wheeler.