Government support to aid global biomass growth, new study finds
The global biomass power market is expected to grow at a compound annual growth rate (CAGR) of around 6.5% until 2022 due to government support, according to a new report by Transparency Market Research.
The market research agency published a study entitled Biomass power generation.
According to the report, the biomass power generation market will increase from a valuation of $28.68 billion (€24.73 billion) to $50.52 billion by 2022.
In terms of power generation, the market is expected to rise to 738,350.3 million KWh in 2022 from 72,571.9 MW in 2013, exhibiting a 6.8% CAGR over the period. In terms of installed capacity, the market is expected to exhibit a 6.2% CAGR and rise to 122,331.6 MW by 2022 from 72,571.9 MW in 2013.
In a statement, Transparency Market Research said: “Regulatory framework and government support in terms of government grants and funding programs that provide investment subsidies and tax benefits play a key role in encouraging power generating companies and utilities to switch to environment-friendly biomass for power generation.
“Many countries such as the US, UK, and Germany provide a range of incentives and grants to encourage the development and use of biomass as a source of energy. Some countries including India, Indonesia, Australia, and Poland are proposing legislation to boost investments in biomass power generation.”