Impact Assessment of COVID-19 Outbreak on Biomass Power Generation Market
The global biomass power generation market has been prognosticated by Transparency Market Research (TMR) to reveal a fragmented nature because of the presence of a hefty count of players looking to establish their business in the industry. Some of the prominent names in the market could be Forth Energy Ltd., Helius Energy Plc, Ameresco, Inc., The Babcock & Wilcox Company, and DONG Energy A/S. In order to set a stronger foothold in the market, most players have been anticipated to take to various business strategies, including acquisition, partnership, and product innovation.
Japan was selected as a choice market to inaugurate a biomass power generation project by a joint venture between Mitsubishi Corporation Power Systems, Inc. and The Kansai Electric Power Co., Inc. (KEPCO) in April 2017. This undertaking has been aimed at curbing overall carbon emissions by preferring the usage of woody biomass over crude or heavy oil.
According to a new study penned by TMR, the global biomass power generation market has been predicted to attain a valuation of US$50.52 bn by 2022. On the basis of feedstock, woody biomass could attract a larger share in the market, thanks to its cost-efficient and eco-friendly boons. Geographically, North America has been forecasted to take the lead on the back of encouraging government support and promising regulatory framework.
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Decline in Greenhouse Gas Emission, Energy Production Cost Invites Demand
Most economies around the globe, viz. Indonesia, India, Australia, the U.K., and the U.S., are proposing legislations or providing incentives and grants in support of the application of biomass power generation. Besides this, the world biomass power generation market could be privileged by several advantages of the technique such as better public health, cleaner air, and augmented visibility.
Apart from ensuring a tangible reduction in the emission of greenhouses gases, the application of biomass in power generation could also help in the cost control of energy production. Moreover, biomass power generation has been expected to support a telling decline in environmental hazards including air pollution. This could be due to the engagement of human and natural waste in biomass power generation.
Applications such as industrial processes and transportation have been envisioned to offer lucrative opportunities with the need to eliminate the usage of conservative energy sources such as diesel. Developing economies could increase the demand in the world biomass power generation market in view of rapid urbanization and industrialization surging the requirement of easily accessible, cost-effective, and more reliable energy supply.
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Feeble Supply Chain Stunts Growth of Industry Players
Despite the positive means of generating growth in the international biomass power generation market, participants have been prophesied to encounter a few challenges such as the existence of a weak supply chain and a low degree of awareness about the technique.
However, biomass power generation could battle strong against the traditional techniques of generating power while riding on the affordable costs of agricultural waste and forestry. Even in respect of the high cost of feedstock in certain countries, biomass power generation has been foreseen to beat coal-fired power generation. More prospects could be birthed in the international biomass power generation market as the inclination toward off-grid power supply continues to elevate, promoting biomass as a feasible alternative.
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