| | DECEMBER 20226EDITOR'S DESKThe ever increasing demand for energy has intensified the consumption of hydrocarbons for the production of electricity. The conventional fuels are on the verge of extinction due to enormous consumption. Thus, world leaders and researchers are focusing on renewable and green energy like biomass. The global biomass market size was valued at USD 121,340.76 million in 2021 and is projected to exhibit a compound annual growth rate (CAGR) of 6.0 percent from 2022 to 2030. The market has witnessed growth with the rise in environmental concerns, which has forced various countries to increase the share of renewable energy in their power mix. Many countries have announced renewable energy targets and are aiming at becoming carbon-neutral nations in the near future. Based on technology, the global biomass industry has been segmented into combustion, anaerobic digestion, and gasification. The combustion technology segment held the largest volume and revenue major share of USD 107,073.39 million in 2022, accounting for 88.4 percent of total revenue generated by all three technologies. This segment is expected to dominate the biomass power market during the forecast period.Based on feedstock, the global biomass industry has been segmented into solid biofuel, liquid biofuel, and biogas. The solid biofuel segment was dominant with major revenue of USD 104,328.59 million in 2022, estimating about 85.9 percent of total revenue generation among the three types of feedstock, owing to the easy availability and low cost of solid biofuels. It resulted in higher adoption over liquid biofuels and biogas for power generation applications. Furthermore, the favorable government policies and regulations worldwide to promote renewable and sustainable power generation have stimulated the global biomass market. In addition, government schemes and plans such as Feed-in-Tariff (FiT) also focus on providing relaxation in tariffs. Concurrently, these factors will encourage the growth of the biomass industry during the forecast period.Trends Impacting the Growth of Biomass MarketCopyright © 2022 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Email:sales@energybusinessreview.comeditor@energybusinessreview.comMarketing@energybusinessreview.com DECEMBER - 14 - 2022, Vol 02 - Issue 10 Published by ValleyMedia, Inc. To subscribe to Energy Business ReviewVisit www.energybusinessreview.com VisualizersHenry SmithManaging EditorJade McdonaldEditorial StaffAaron Pierce Ava GarciaDaeg GroverVian IsaacJoshua Parker Kenny PeruzziScott ThomasJade McdonaldManaging Editoreditor@energybusinessreview.com*Some of the Insights are based on our interviews with CIOs and CXOs
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