CHICAGO, April 19,
2024 /PRNewswire/ -- Solid Biomass Feedstock
Market is expected to reach USD 36.2
billion by 2029 from USD 26.6
billion in 2024 at a CAGR of 6.3% during the forecast
period according to a new report by
MarketsandMarkets™. Solid biomass feedstock refers to
organic materials which are in solid state sourced from different
sources such as agriculture, forestry, and organic waste, which can
be utilized for energy production via combustion, gasification, or
other conversion methods. These resources, are renewable and easily
accessible, rendering them crucial for generating heat,
electricity, and biofuels. Solid biomass feedstock serves as a
cornerstone in the shift toward sustainable energy systems,
providing a carbon-neutral substitute for fossil fuels and
mitigating greenhouse gas emissions.
Moreover, Solid biomass feedstock can play a vital role in
mitigating carbon emission. However, limited availability of solid
biomass feedstock, and variability in moisture content affecting
conversion efficiency have hindered the growth of the market in
recent years and are expected to restrain the market's growth
during the forecast period.
Browse in-depth TOC on "Solid Biomass Feedstock
Market"
207 – Tables
55 – Figures
217 –
Pages
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Solid Biomass Feedstock Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$26.6
billion
|
Estimated Value by
2029
|
$36.2
billion
|
Growth Rate
|
Poised to Grow at
a CAGR of 6.3%
|
Largest
Market
|
Asia Pacific
|
Market Size Available
for
|
2019-2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Solid Biomass Feedstock
Market by Source, Type, Application, End User, and
Region.
|
Geographies
Covered
|
Asia Pacific, North
America, Europe, Middle East & Africa, and South
America.
|
Key Market
Opportunities
|
Growing emphasis on
Waste management
|
Key Market
Drivers
|
Growing demand for
biofuels
|
Briquettes, by type, is the second fastest growing segment
during the forecast period.
Based on type, the Solid Biomass Feedstock Market has been split
into chips, pellets, briquettes, and others. Briquettes are the
second fastest growing segment during the forecasted period,
derived from organic materials like agricultural and wood waste,
offer a cleaner alternative to traditional fossil fuels in heating
and other applications. Hence, it is expected to hold the second
largest share in the type segment of Solid Biomass Feedstock
Market.
The biofuels, by application, is expected to be the second
fastest growing segment during the forecast period.
This report segments the Solid Biomass Feedstock Market based on
application into four segments: electricity, heat, biofuel, and
biomethane. The biofuel is expected to be the second fastest
growing segment during the forecast period. Government policies and
incentive schemes drives the growth of biofuels. For example,
India's Ministry of Petroleum and
Natural Gas released its "National Policy on Biofuels," which was
subsequently amended in June 2022.
The primary goal of the policy is to decrease the reliance on
imported petroleum products by promoting the domestic production of
biofuels.
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Europe is expected to be the
second largest region in the Solid Biomass Feedstock
Industry.
Europe is expected to be the
second largest Solid Biomass Feedstock Market during the forecast
period. The Solid Biomass Feedstock Market in Europe is primarily fueled by significant
supportive policies and ambitious climate goals. For example, The
UK has launched a Biomass Feedstock Innovation Programme that
supports innovation in the production of sustainable domestic
biomass. New biofuel plants are required to achieve at least a 65%
reduction in direct greenhouse gas (GHG) emissions compared to
fossil fuel alternatives. Similarly, biomass-based heat and power
plants must achieve a minimum of 70% fewer GHG emissions (80% by
2026) than fossil fuel alternatives, with specific efficiency and
technology criteria outlined for large-scale plants. These criteria
complement existing EU climate and environmental legislation.
Key Players
Some of the major players in the Solid Biomass Feedstock
Companies are Stora Enso (Finland), Drax Group plc (UK), Segezha Group
(UK), Enviva Inc. (US), and Lignetics, Inc. (US). The major
strategies adopted by these players include new product launches,
contracts, agreements, partnerships, and expansions.
Browse Adjacent Markets: Energy and Power Market
Research Reports & Consulting
Related Reports:
Biomethane Market by Feedstock (Energy Crops, Agriculture
Residues & Animal Manure, Municipal Waste), Production Process
(Anaerobic Digestion, Thermal Gasification), End-use
(Transportation, Power Generation, Industrial) Region - Global
Forecast to 2030
Biomass Power Generation Market by Technology
(Combustion, Gasification, Anaerobic Digestion, Pyrolysis),
Feedstock (Agricultural Waste, Forest Waste, Animal Waste,
Municipal Waste), Fuel (Solid, Liquid, Gaseous) and Region - Global
Forecast to 2028
Biomass Gasification Market by Source (Agricultural,
Forest, Animal, Municipal), Gasifier Technology (Fixed-bed,
Fluidized-bed, Entrained Flow), Application (Power, Chemicals,
Hydrogen, Transportation, Ethanol, Biochar) - Region - Forecast to
2027
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