The Biomass Power industry has grown slowly over the five years to 2018. The industry's expansion has been propelled in part by several federal renewable energy tax credits that encouraged the use of biomass power. Furthermore, the majority of states have enacted renewable portfolio standards, which require local utilities to generate electricity from renewable power as a percentage of their total energy portfolio. The increase in biomass energy projected over the past five years reflects a triumph for government assistance in the industry, as biomass companies compete against traditional energy-generation commodities, such as natural gas and oil. The assistance, provided in the form of federal tax credits and RPSs, boosted biomass-electricity generation. Nevertheless, the continued existence of RPSs, as well as new biomass energy technology, is expected to continue enabling competition among industry players and other energy-generation technologies over the next five years to 2023. Additionally, the continued economic growth will drive the manufacturing and industrial production sectors, increasing the level of electricity consumption and translating to higher demand for biomass power.
Enterprises in this industry operate electricity-generating facilities using biomass (e.g. agricultural byproducts, landfill gas and biogenic municipal waste). Establishments primarily engaged in operating trash disposal incinerators that also generate electricity are classified in the Waste Treatment and Disposal Services industry (IBISWorld 56221).
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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