Global Heat Production Equipment Market in Biomass Power Plant 2019-2023 | Enhanced Use of Automation Technologies in Power Plants to Boost the Market | Technavio
LONDON--(BUSINESS WIRE)--May 15, 2019--
A new market research study by Technavio on the global heat production equipment market in biomass power plant projects the market to grow at a CAGR of more than 5% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.
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Technavio has published a new market research report on the global heat production equipment market in Biomass Power Plant from 2019-2023. (Graphic: Business Wire)
Increasing government support for the development of biomass power
With fossil fuels depleting gradually, there is an increasing need for renewable energy sources such as biomass. As a result, governments across the world are encouraging biomass energy production by implementing favorable policies and providing different subsidies and tax incentives for the development of biomass fuel. For instance, in January 2019, the Central Electricity Regulatory Commission (CERC) in India announced an average tariff rate of $0.111 kilowatt-hour (kWh) for biomass-based electricity generation for the financial year 2019-2020. Such developments are expected to encourage the adoption of biomass power and subsequently drive the growth of the global heat production equipment market in biomass power plant during the forecast period.
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Enhanced use of automation technologies in power plants
The tasks required to be carried out by renewable power producers are turning out to be increasingly complex. As a result, automation is being increasingly adopted in the renewable energy sector to optimize performance, save time, and increase productivity. Automation helps producers to control and monitor primary and auxiliary systems and processes in both utility and industrial boilers and power plants. The adoption of automated systems will have a profound impact on the efficiency of biomass power plants.
According to an analyst at Technavio, “Factors such as the transition of coal-based power generation units into CHP units, and the growing adoption of biomass in fuel cell technology will have a significant impact on the growth of the heat production equipment market in biomass power plants during the forecast period.”
Difficulties in scaling up operations
Biomass resources are diverse in nature and include agricultural waste, manure, energy crops, forest products, and urban waste. Many sources of biomass are a mixture of recyclable materials and potentially dangerous contaminants. Therefore, resource assessment, planning, and procurement are vital for the establishment of an economically viable biomass power production unit. The complexities involved in the acquisition of biomass will affect the operations and pose a challenge for the vendors in the market. However, as the market grows, the operations are likely to get smooth, and the production of biomass will improve significantly.
Top players in the global heat production equipment market in biomass power plant:
Some of the key topics covered in the global heat production equipment market in biomass power plant include:
Five Forces Analysis
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PUB: 05/15/2019 09:55 AM/DISC: 05/15/2019 09:55 AM