The increasing focus on reducing greenhouse gas emission worldwide projected to fuel the growth of the global bio power market at a CAGR of 5.72% during the forecast period 2023 to 2030

Market Research Future (MRFR) has published on the “Global Bio Power Market”.

The global bio power market is estimated to register a CAGR of 5.72% during the forecast period of 2023 to 2030.

As per Market Research Future (MRFR) analysis the following companies as the key players in the global bio power market— Drax Group, BP PLC, Leo Group, Statkraft AS, Ørsted A/S, Afry AB, Thachang Green Energy Public Company Limited, Oulun Energia, Hyogo Pulp Co., Ltd., Erex Group, and Other Key Players.

Bio Power Market Highlights

The global bio power market is Projected to Grow at a CAGR of 5.72% in the Forecast Period, and the Market is expected to Reach US$ 1,42,703.07 million by 2030.

One of the primary drivers of the bio power market is the increasing demand for renewable energy sources. As concerns about climate change and environmental degradation continue to grow, there is a growing need for energy sources that are sustainable and environmentally friendly. Bio power, which is generated from organic materials such as wood, agricultural waste, and municipal solid waste, is a renewable energy source that can help meet this demand. 

Another driver of the bio power market is government support for renewable energy. Many governments around the world have implemented policies and incentives to encourage the development and use of renewable energy sources, including bio power. These policies include feed-in tariffs, tax credits, and renewable portfolio standards, which require utilities to generate a certain percentage of their electricity from renewable sources.

The increasing use of bio power in the transportation sector is also expected to drive market growth. Biofuels, which are derived from organic materials, are increasingly being used as a substitute for fossil fuels in transportation. This is driven by concerns about the environmental impact of fossil fuels, as well as the desire to reduce dependence on foreign oil. Advancements in technology are also expected to drive growth in the bio power market. 

New technologies are being developed that make it easier and more cost-effective to generate bio power from a variety of organic materials. For example, advances in anaerobic digestion technology have made it possible to generate biogas from a wide range of organic waste materials, including food waste, agricultural waste, and sewage sludge.

Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Bio Power Market Trends

Segment Analysis

Based on technology, the market is divided into market has been segmented as direct combustion, cofiring & gasification, anaerobic digestion, pyrolysis, and landfill gas. The direct combustion segment accounted for the largest revenue share of 53.98% in 2022 and is projected to maintain its dominance throughout the forecast period. Direct combustion is a mature and widely adopted technology, having been utilized for decades to convert various forms of biomass into heat or electricity through traditional methods like steam boilers and internal combustion engines (ICE). 

This extensive history means that direct combustion systems are relatively easy to install, operate, and maintain compared to other emerging bioenergy conversion techniques. Direct combustion's versatility is another factor contributing to its success. Biomass feedstocks suitable for direct combustion include forest residue, agricultural waste, and industrial waste, all of which are abundant globally. Furthermore, direct combustion allows for the integration of existing infrastructure, such as coal plants retrofitted to burn biomass instead of fossil fuel.

The global bio power market is segmented based on end-user, including residential, commercial, and industrial. Among these, the industrial segment held the largest market revenue share of 35.78% in 2022 and is expected to continue dominating the market throughout the forecast period. 

One of the primary drivers for the industrial sector's strong presence in the bio power market is the substantial energy requirements of industrial operations. Industries often have high energy demands for manufacturing processes, heating, cooling, and other operational needs. Bio power offers a reliable and sustainable energy source that can help industries meet their energy needs while reducing their carbon footprint and environmental impact.

Regional Analysis

By Region, the bio power market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. In 2022, the Asia Pacific region dominated the bio power market, holding a substantial 43.10% of the market share. This region is projected to continue its significant contribution to the market's revenue share throughout the forecast period. One of the primary drivers of the Asia-Pacific region's bio power market is the region's growing energy demand. 

The Asia-Pacific region is home to some of the world's fastest-growing economies, with a rapidly expanding population and increasing urbanization. This growth has led to a surge in energy demand, which is expected to continue rising in the coming years. Bio power offers a sustainable and cost-effective solution to meet this growing demand for energy.

Europe has strict emission targets and regulations aimed at reducing greenhouse gases and promoting clean energy solutions. Bio power aligns perfectly with these objectives, making it an attractive option for meeting EU energy and environmental goals. Europe possesses a wealth of biomass resources, including agricultural waste, forestry residues, and municipal solid waste. 

These resources can be converted into bio power, ensuring a steady supply of raw material for the industry. Various European nations have introduced supportive policies and incentives to stimulate the growth of bio power. Feed-in tariffs, subsidies, grants, and tax exemptions are just a few examples of measures taken to boost the deployment of bio power across the continent.

North America has a strong focus on energy security and reducing dependence on fossil fuels. Bio power offers a renewable and domestically sourced energy option, contributing to energy diversification and reducing reliance on imported fuels. Government policies at the federal, state, and provincial levels in North America provide incentives and mandates to promote renewable energy sources, including bio power. 

Tax credits, renewable portfolio standards, and grants encourage the development and deployment of bio power projects. Increasing awareness of environmental issues such as climate change drives the adoption of renewable energy solutions like bio power in North America. Businesses and consumers are increasingly focused on sustainability, pushing for cleaner energy alternatives to reduce carbon emissions.

Key Findings of the Study

• The global bio power market is expected to reach USD 1,42,703.07 million by 2030, at a CAGR of 5.72% during the forecast period.


• The Asia Pacific region accounted for the largest market revenue share of 43.10% in 2022.


• Based on technology, the direct combustion segment dominated the global market with the largest revenue share of 53.98% in 2022.


• Based on the end-user, industrial segment dominated the market with the largest market revenue share of 35.78% in 2022.


• The global bio power market key players include Drax Group, BP PLC, Leo Group, Statkraft AS, Ørsted A/S, Afry AB, Thachang Green Energy Public Company Limited, Oulun Energia, Hyogo Pulp Co., Ltd., Erex Group, and Other Key Players.