Asia-pacific Biomass Power Market Forecast 2022-2030
The Asia-Pacific biomass power market is estimated to record a CAGR of 6.35% in terms of revenue as well as 6.22% in terms of volume over the forecasted years of 2022 to 2030. Favorable policies, plans, and research & development (R&D) initiatives, the presence of financial incentive schemes for renewable power sources, and the increasing availability of biomass feedstock in various countries such as Indonesia, Thailand, China, and India, are expected to boost the market growth of the region.
The Asia-Pacific biomass power market growth evaluation consists of the analysis of China, India, Australia, Japan, South Korea, Thailand, Vietnam, and Rest of Asia-Pacific. The Japanese energy system is still dominated by oil products, coal, as well as natural gas. While renewables constituted a modest share of 6% of the country’s total energy supply in 2019, the renewable energy share in terms of the final energy consumption is 82%. Besides, nearly one-third of renewable energy in Japan is derived from biomass.
Following the Fukushima disaster in the year 2011, nuclear power was phased out. However, this was compensated by a rise in fossil power, mainly natural gas. Over recent years, renewable electricity (initially hydropower), is growing, particularly in the solar power segment, in addition to biomass-based electricity. As a result, these factors are anticipated to provide the Asia-Pacific biomass power market with lucrative growth opportunities.
The main players operating in the market are Thermax Ltd, General Electric Company, Mitsubishi Heavy Industries Ltd, etc.
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• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments
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