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SOUTH KOREA BIOMASS POWER MARKET FORECAST 2022-2028

In terms of revenue, the South Korea biomass power market is set to grow with a CAGR of 7.06% over the projected years. On the other hand, the market is expected to grow with a CAGR of 6.93% in terms of volume during the forecasting period, capturing a revenue share of $4.24 billion by 2028.

SOUTH KOREA BIOMASS POWER MARKET FORECAST 2022-2028

South Korea Biomass Power Market by Feedstock (Solid Biomass, Liquid Biomass, Biogas, Municipal Solid Waste) Market by Technology (Anaerobic Digestion, Combustion, Gasification, Co-firing & CHP, LFG) Market by End-user (Residential, Commercial, Industrial)

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In terms of revenue, the South Korea biomass power market is set to grow with a CAGR of 7.06% over the projected years. On the other hand, the market is expected to grow with a CAGR of 6.93% in terms of volume during the forecasting period, capturing a revenue share of $4.24 billion by 2028. The base year regarded for the studied market is 2021, and the estimated years are from 2022 to 2028.

The market growth of the country is linked to key drivers, such as the rise in electricity generation from forest biomass as well as the efforts established by the government of South Korea to subsidize the development of biomass power.

South Korea Biomass Power Markets

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The term ‘biomass power’ entails the production of energy from renewable biological waste, otherwise typically disposed of in landfills, burnt outdoors, or dispensed in the forest to serve as fire fuel. Incinerating waste materials, such as wood, generates steam in biomass power plants that can be utilized for heating buildings as well as businesses or to drive a turbine in order to produce electricity.

As the seventh largest emitter of greenhouse gas across the globe, South Korea is highly dependent on coal. In addition, the country has also made use of dirty biomass energy in order to supplement that power. Electricity generated from forest biomass in South Korea rose 61 times to more than 6,490,400 MWh in 2018 from 106,023 MWh in the year 2012. Moreover, these figures are equivalent to a yearly increase of 160%. The majority of biomass energy, equating to nearly 75% of the total electricity produced from biomass in the country in 2018, was derived from coal-fired power units. As a result, these factors are set to play an essential role in propagating the biomass power market growth in South Korea during the estimated period.

The South Korea biomass power market is segmented into feedstock, technology, and end-user. The feedstock segment includes solid biomass, liquid biomass, biogas, and municipal solid waste. Biogas is an environmentally-friendly, renewable source of energy. It is produced when organic matter, including food or animal waste, is broken down by microorganisms in the absence of oxygen, characterized by a process termed anaerobic digestion.

Conversion of municipal solid waste to fuel provides significant carbon benefits. If sent to a landfill, municipal solid waste’s biomass component is converted to a potent greenhouse gas, methane, by organic processes and released into the atmosphere.

The top enterprises operating in the South Korea biomass power market are Mitsubishi Corporation, General Electric Company, etc.

Mitsubishi Corporation, headquartered in Japan, is a leading general trading group operating in 90 countries across the world. The company is active in diverse markets, such as energy, environmental business, metals, machinery, living essentials, chemicals, and others.

In 1998, the company developed the Mitsubishi Municipal Solid Waste (MSW) Gasification & Ash Melting System. It is a cutting-edge WtE system that helps tackle the problem of waste in the environment, thus building a fully recycling society for future generations.

Report Synopsis

Report Scope Details
Market Forecast Years 2022-2028
Base Year 2021
Market Historical Years 2018-2021
Forecast Units Revenue ($ Billion) and Volume (MWh)
Segments Analyzed Feedstock, Technology, End-User
Country Analyzed South Korea
Companies Analyzed

Mitsubishi Heavy Industries Ltd, General Electric Company, Thermax Ltd, Suez Environment Company, Xcel Energy Inc, Ramboll Group, Babcock & Wilcox Enterprises Inc, Orsted, Ameresco Inc, Vattenfall AB, E.ON Energy, Veolia Environment SA, Valmet Oyj

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    1. RESEARCH SCOPE & METHODOLOGY
      • STUDY OBJECTIVES
      • SCOPE OF STUDY
      • METHODOLOGY
      • ASSUMPTIONS & LIMITATIONS
    2. EXECUTIVE SUMMARY
      • MARKET SIZE & ESTIMATES
      • COUNTRY SNAPSHOT
      • PESTLE ANALYSIS
      • COUNTRY ANALYSIS
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
    3. KEY ANALYTICS
      • IMPACT OF COVID-19 ON BIOMASS POWER MARKET
      • KEY MARKET TRENDS
      • PORTER’S FIVE FORCES ANALYSIS
        • BUYERS POWER
        • SUPPLIERS POWER
        • SUBSTITUTION
        • NEW ENTRANTS
        • INDUSTRY RIVALRY
      • OPPORTUNITY MATRIX
      • VENDOR LANDSCAPE
      • VALUE CHAIN ANALYSIS
      • KEY BUYING CRITERIA
        • FAVORABLE REGULATIONS
        • APPLICATION
      • REGULATORY FRAMEWORK
    4. MARKET BY FEEDSTOCK (IN TERMS OF REVENUE: $ BILLION & IN TERMS OF VOLUME: MILLION MWH)
      • SOLID BIOMASS
      • LIQUID BIOMASS
      • BIOGAS
      • MUNICIPAL SOLID WASTE
    5. MARKET BY TECHNOLOGY
      • ANAEROBIC DIGESTION
      • COMBUSTION
      • GASIFICATION
      • CO-FIRING & CHP
      • LFG
    6. MARKET BY END-USER
      • RESIDENTIAL
      • COMMERCIAL
      • INDUSTRIAL
    7. COMPETITIVE LANDSCAPE
      • KEY STRATEGIC DEVELOPMENTS
        • MERGERS & ACQUISITIONS
        • PRODUCT LAUNCHES & DEVELOPMENTS
        • PARTNERSHIPS & AGREEMENTS
        • BUSINESS EXPANSIONS & DIVESTITURES
      • COMPANY PROFILES
        • AMERESCO INC
        • BABCOCK & WILCOX ENTERPRISES INC
        • ON ENERGY
        • GENERAL ELECTRIC COMPANY
        • MITSUBISHI HEAVY INDUSTRIES LTD
        • ORSTED
        • RAMBOLL GROUP
        • SUEZ ENVIRONMENT COMPANY
        • THERMAX LTD
        • VALMET OYJ
        • VATTENFALL AB
        • VEOLIA ENVIRONMENT SA
        • XCEL ENERGY INC

    LIST OF TABLES

    TABLE 1: POWER GENERATION FLOW OF BIOMASS POWER PLANT

    TABLE 2: KEY MARKET TRENDS

    TABLE 3: PORTER’S FIVE FORCES ANALYSIS

    TABLE 4: OPPORTUNITY MATRIX

    TABLE 5: VENDOR LANDSCAPE

    TABLE 6: VALUE CHAIN ANALYSIS

    TABLE 7: KEY BUYING CRITERIA

    TABLE 8: SOUTH KOREA BIOMASS POWER MARKET, GROWTH POTENTIAL, BY FEEDSTOCK, IN 2021

    TABLE 9: SOUTH KOREA BIOMASS POWER MARKET, BY SOLID BIOMASS, 2022-2028 (IN $ BILLION)

    TABLE 10: SOUTH KOREA BIOMASS POWER MARKET, BY LIQUID BIOMASS, 2022-2028 (IN $ BILLION)

    TABLE 11: SOUTH KOREA BIOMASS POWER MARKET, BY BIOGAS, 2022-2028 (IN $ BILLION)

    TABLE 12: SOUTH KOREA BIOMASS POWER MARKET, BY MUNICIPAL SOLID WASTE, 2022-2028 (IN $ BILLION)

    TABLE 13: SOUTH KOREA BIOMASS POWER MARKET, GROWTH POTENTIAL, BY TECHNOLOGY, IN 2021

    TABLE 14: SOUTH KOREA BIOMASS POWER MARKET, BY ANAEROBIC DIGESTION, 2022-2028 (IN $ BILLION)

    TABLE 15: SOUTH KOREA BIOMASS POWER MARKET, BY COMBUSTION, 2022-2028 (IN $ BILLION)

    TABLE 16: SOUTH KOREA BIOMASS POWER MARKET, BY GASIFICATION, 2022-2028 (IN $ BILLION)

    TABLE 17: WORKING OF GASIFICATION OF BIOMASS

    TABLE 18: SOUTH KOREA BIOMASS POWER MARKET, BY CO-FIRING & CHP, 2022-2028 (IN $ BILLION)

    TABLE 19: SOUTH KOREA BIOMASS POWER MARKET, BY LFG, 2022-2028 (IN $ BILLION)

    TABLE 20: SOUTH KOREA BIOMASS POWER MARKET, GROWTH POTENTIAL, BY END-USER, IN 2021

    TABLE 21: SOUTH KOREA BIOMASS POWER MARKET, BY RESIDENTIAL, 2022-2028 (IN $ BILLION)

    TABLE 22: SOUTH KOREA BIOMASS POWER MARKET, BY COMMERCIAL, 2022-2028 (IN $ BILLION)

    TABLE 23: SOUTH KOREA BIOMASS POWER MARKET, BY INDUSTRIAL, 2022-2028 (IN $ BILLION)

    LIST OF FIGURES

    FIGURE 1: POWER GENERATION FLOW OF BIOMASS POWER PLANT

    FIGURE 2: KEY MARKET TRENDS

    FIGURE 3: PORTER’S FIVE FORCES ANALYSIS

    FIGURE 4: OPPORTUNITY MATRIX

    FIGURE 5: VENDOR LANDSCAPE

    FIGURE 6: VALUE CHAIN ANALYSIS

    FIGURE 7: KEY BUYING CRITERIA

    FIGURE 8: SOUTH KOREA BIOMASS POWER MARKET, GROWTH POTENTIAL, BY FEEDSTOCK, IN 2021

    FIGURE 9: SOUTH KOREA BIOMASS POWER MARKET, BY SOLID BIOMASS, 2022-2028 (IN $ BILLION)

    FIGURE 10: SOUTH KOREA BIOMASS POWER MARKET, BY LIQUID BIOMASS, 2022-2028 (IN $ BILLION)

    FIGURE 11: SOUTH KOREA BIOMASS POWER MARKET, BY BIOGAS, 2022-2028 (IN $ BILLION)

    FIGURE 12: SOUTH KOREA BIOMASS POWER MARKET, BY MUNICIPAL SOLID WASTE, 2022-2028 (IN $ BILLION)

    FIGURE 13: SOUTH KOREA BIOMASS POWER MARKET, GROWTH POTENTIAL, BY TECHNOLOGY, IN 2021

    FIGURE 14: SOUTH KOREA BIOMASS POWER MARKET, BY ANAEROBIC DIGESTION, 2022-2028 (IN $ BILLION)

    FIGURE 15: SOUTH KOREA BIOMASS POWER MARKET, BY COMBUSTION, 2022-2028 (IN $ BILLION)

    FIGURE 16: SOUTH KOREA BIOMASS POWER MARKET, BY GASIFICATION, 2022-2028 (IN $ BILLION)

    FIGURE 17: WORKING OF GASIFICATION OF BIOMASS

    FIGURE 18: SOUTH KOREA BIOMASS POWER MARKET, BY CO-FIRING & CHP, 2022-2028 (IN $ BILLION)

    FIGURE 19: SOUTH KOREA BIOMASS POWER MARKET, BY LFG, 2022-2028 (IN $ BILLION)

    FIGURE 20: SOUTH KOREA BIOMASS POWER MARKET, GROWTH POTENTIAL, BY END-USER, IN 2021

    FIGURE 21: SOUTH KOREA BIOMASS POWER MARKET, BY RESIDENTIAL, 2022-2028 (IN $ BILLION)

    FIGURE 22: SOUTH KOREA BIOMASS POWER MARKET, BY COMMERCIAL, 2022-2028 (IN $ BILLION)

    FIGURE 23: SOUTH KOREA BIOMASS POWER MARKET, BY INDUSTRIAL, 2022-2028 (IN $ BILLION)       

    1. MARKET BY FEEDSTOCK (IN TERMS OF REVENUE: $ BILLION & IN TERMS OF VOLUME: MILLION MWH)
      • SOLID BIOMASS
      • LIQUID BIOMASS
      • BIOGAS
      • MUNICIPAL SOLID WASTE
    2. MARKET BY TECHNOLOGY
      • ANAEROBIC DIGESTION
      • COMBUSTION
      • GASIFICATION
      • CO-FIRING & CHP
      • LFG
    3. MARKET BY END-USER
      • RESIDENTIAL
      • COMMERCIAL
      • INDUSTRIAL

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