The Asia-Pacific biomass power market is evaluated to register a CAGR of 6.35% in terms of revenue and 6.22% in terms of volume during the forecast period of 2022 to 2030, capturing a revenue share of $51.78 billion by 2030.

Key factors such as favorable policies, plans, as well as research & development (R&D) initiatives, the increasing availability of biomass feedstock in various countries like Indonesia, China, Thailand, and India, and the presence of financial incentive schemes for renewable power sources are set to propel the market growth of the region. However, the lack of investment from the private sector and insufficient infrastructure for the construction of biomass plants are set to hinder the Asia-Pacific biomass power market growth.

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The Asia-Pacific biomass power market growth assessment entails the study of Japan, South Korea, Thailand, China, India, Australia, Vietnam, and Rest of Asia-Pacific. China greatly relies on coal in order to produce electricity. However, the country’s coal usage continued to decline from 2013 to 2016 on account of China’s commitment to leading the battle against global warming as well as carbon emissions. Moreover, renewable energy facilities based on wind, solar, biomass, and hydropower, in addition to gas-fired power plants, are also steadily expanding across the nation. Aligning with this, China has witnessed significant growth in the installed capacity of biomass electricity since the year 2006. For instance, the installed capacity for biomass electricity in the country expanded to over 14.8 GW by 2017 from 1.4 GW in 2006.

Conversely, India has the potential to have an installed capacity of approximately 18 GW of biomass power. This is mainly accredited to the abundant availability of biomass resources in the nation. India’s Ministry of New and Renewable Energy also launched a financial support scheme in 2019, primarily for biomass power projects. Under this initiative, a fund of $34,200 per MW, as well as $68,500 per MW of surplus exportable power capacity according to the type of biomass fuel utilized, will be granted to shortlisted biomass-cogeneration projects. Hence, the aforementioned aspects are set to propel the biomass power market growth in the Asia-Pacific over the forecast years.

The Asia-Pacific biomass power market is segmented into feedstock, technology, and end-user. The end-user segment includes residential, commercial, and industrial. In residential applications, biomass is utilized for electric power generation, combined heat and power, space heating, and cooking. While wood is the most common fuel source, several different materials are used as well. Also, the majority of other types of biomass can be converted into bio-oil through pyrolysis, subsequently used in furnaces and boilers.

Biomass has the highest potential for mass employment as well as small scale business development. Characterized by lower-cost technologies combined with freely available raw materials, biomass continues to remain a predominant energy source in most countries.

Some of the key companies operating in the Asia-Pacific biomass power market are Mitsubishi Heavy Industries Ltd, Thermax Ltd, General Electric Company, etc.

Thermax Limited, headquartered in India, is involved in the manufacturing and sale of boilers, industrial chemicals, heating and cooling equipment, and water and waste management equipment. The company also undertakes turnkey contracts for power plants, in addition to offering maintenance and operation services for the same. Thermax Limited operates via two segments, namely environment and power.

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