The global material handling equipment market in the biomass power plant is expected to post a CAGR of more than 7% during the period 2019-2023, according to the latest market research report by Technavio
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Technavio has published a new market research report on the global material handling equipment market in biomass power plant from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global material handling equipment market is the conversion of coal power plants into biomass power plants. Coal has been the dominant source of electricity generation for several decades. It plays an important role in meeting the electricity requirements of most of the industrialized economies. However, the global rise in coal power generation has led to a proportional increase in emission caused by coal power plants. As a result, several countries are shifting their focus from using coal to an alternative energy source such as biomass. It is a carbon neutral fuel as CO2 released by the emission of biomass is readily absorbed by plants. Thus, it has no net effect on the CO2 concentration of the atmosphere. This conversion of coal power plants into biomass power plants will increase the demand for material handling equipment during the forecast period.
As per Technavio, the increasing requirement of managing municipal solid waste will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global material handling equipment market in biomass power plant 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global material handling equipment market in biomass power plant: Increasing requirement of managing municipal solid waste
With the rapid urbanization and the rise in disposable income, the consumption of goods and services is increasing significantly, which drives waste generation. There are several ways of disposing of municipal solid waste (MSW) such as landfilling and open burning, but these methods contribute to significant environmental impact. Thus, efficient management of MSW is essential to achieve sustainable economic growth. WTE power plants can help efficient management of MSW that contains biomass matter such as paper, cardboard, food waste, grass clippings, leaves, wood, and leather products.
"Apart from the increasing requirement of managing municipal solid waste, factors such as the emergence of competing end-user industries for biomass, and the growing activisms against biomass power generation will have a significant impact on the growth of the material handling equipment market in biomass power plant during the forecast period," says a senior research analyst at Technavio.
Global material handling equipment market in biomass power plant: Segmentation analysis
This market research report segments the global material handling equipment market in biomass power plant by product (digestors, feeder systems, silos and storage tanks, chippers, and grinders) and geographic regions (Europe, APAC, North America, South America, and MEA).
The European region led the market in 2018, followed by APAC, North America, South America, and MEA respectively. However, the APAC region is expected to surpass Europe, in terms of market share during the forecast period. This region has a very high biomass potential as it consists of several agriculture-dependent nations. This leads to the generation of huge quantities of waste from the agriculture sector and is expected to generate a significant amount of biomass electricity. Furthermore, the region has significant potential for biomass generation through effective disposal and processing of MSW waste by WTE plants.
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