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SOUTH KOREA BIOMASS POWER MARKET FORECAST 2024-2032

SCOPE OF THE REPORT

South Korea Biomass Power Market by Feedstock (Solid Biomass, Liquid Biomass, Biogas, Municipal Solid Waste) Market by Technology (Combustion, Anaerobic Digestion, Gasification, Co-Firing and CHP, Landfill Gas (LFG)) Market by Application (Industrial, Commercial, Residential)

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MARKET OVERVIEW

The South Korea biomass power market is predicted to progress with a CAGR of 5.31% over the forecasting years of 2024 to 2032, reaching a revenue of $2829.41 million by 2032. In terms of volume, the market was valued at 27.33 million MWh in 2023 and is set to reach 49.18 million MWh by 2032, growing with a CAGR of 6.83% during the forecasted period.

The South Korea biomass power market is set to experience significant growth over the projection period, driven by rising energy demand, supportive government policies, and commitments to renewable energy goals. Aligning with this, the South Korean government has implemented a Renewable Portfolio Standard (RPS) that mandates power companies to increase the proportion of renewables in their energy mix. This standard, which was at 12.5% in 2022, is expected to rise progressively to 25% by 2026. The country is also targeting a 40% reduction in greenhouse gas emissions by 2030 and aims to achieve carbon neutrality by 2050.

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Biomass energy, alongside solar and wind, plays a crucial role in this strategy. The RPS incentivizes the use of biomass through Renewable Energy Credits (RECs), encouraging power producers to co-fire biomass with coal to gradually transition to cleaner energy sources. Biomass feedstocks in South Korea include agricultural and forestry residues, as well as imported wood pellets, though there has been a push to utilize more domestic woody biomass. Collectively, these factors are set to play a significant role in boosting the biomass power market growth in South Korea during the forecast years.

The South Korea biomass power market is segmented into feedstock, technology, and application. The technology segment is further divided into combustion, anaerobic digestion, gasification, co-firing and CHP, and landfill gas (LFG).

The South Korea Biomass Power Market: 5.31% CAGR (2024-2032)

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Co-firing and combined heat and power (CHP) is a significant technology segment in the South Korea biomass power market. Co-firing involves burning biomass along with coal or other fossil fuels in existing power plants, allowing for the gradual integration of biomass into the energy mix without the need for entirely new infrastructure. This method reduces greenhouse gas emissions by substituting a portion of fossil fuels with renewable biomass feedstocks.

Combined heat and power (CHP), also known as cogeneration, is the simultaneous production of electricity and heat from a single fuel source, such as biomass. CHP systems are highly efficient, capturing and utilizing heat that would otherwise be wasted in electricity generation. In South Korea, CHP systems are widely adopted in industrial facilities, commercial buildings, and district heating systems, enhancing energy efficiency and reducing overall energy costs.

Major companies operating in the South Korea biomass power market include Enel Green Power, JFE Engineering Corporation, Siemens Energy AG, etc.

JFE Engineering Corporation, headquartered in Yokohama, Japan, is a prominent engineering and manufacturing company specializing in environmental solutions, energy systems, urban infrastructure, and industrial machinery. The company has a substantial presence in the biomass power market, focusing on the development and construction of waste-to-energy and biomass power plants. JFE Engineering leverages its expertise in advanced combustion technologies, such as gasification and Combined Heat and Power (CHP) systems, to efficiently convert various biomass feedstocks and waste materials into renewable energy.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2024-2032
Base Year2023
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million), Volume (Million MWh)
Segments Analyzed
Feedstock, Technology, and Application
Countries AnalyzedSouth Korea
Companies AnalyzedAcciona SA, Ameresco Inc, Babcock & Wilcox Enterprises Inc, Enel Green Power, JFE Engineering Corporation, Siemens Energy AG

TABLE OF CONTENTS

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. COUNTRY SNAPSHOT
    3. COUNTRY ANALYSIS
    4. SCOPE OF STUDY
    5. CRISIS SCENARIO ANALYSIS
    6. MAJOR MARKET FINDINGS
      1. SOLID BIOMASS WAS FOUND TO BE THE MOST WIDELY USED FEEDSTOCK
      2. COMBUSTION IS THE LEADING TECHNOLOGY IN THE BIOMASS MARKET
      3. INDUSTRIAL APPLICATIONS ARE BOOSTING BIOMASS UTILIZATION
      4. ENVIRONMENTAL CONCERNS ARE FUELING MARKET EXPANSION 
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. IMPLEMENTATION OF ADVANCED BIOMASS CONVERSION TECHNOLOGIES
      2. REGULATORY AND POLICY REFORMS ARE ENCOURAGING MARKET GROWTH
      3. SUSTAINABILITY INITIATIVES ARE PROPELLING INCREASED DEMAND FOR BIOMASS POWER
    2. KEY RESTRAINTS
      1. COMPETITION FROM OTHER SECTORS IN SECURING FEEDSTOCK SUPPLY
      2. REQUIREMENT OF SUBSTANTIAL INITIAL CAPITAL INVESTMENT FOR BIOMASS ENERGY PLANTS
  4. KEY ANALYTICS
    1. PARENT MARKET ANALYSIS
    2. KEY TECHNOLOGY TRENDS
      1. UPGRADATION OF EXISTING POWER PLANTS BY INCORPORATING BIOENERGY WITH CARBON CAPTURE AND STORAGE
      2. COMBINING BIOENERGY WITH OTHER RENEWABLE ENERGY SYSTEMS
    3. PESTLE ANALYSIS
      1. POLITICAL
      2. ECONOMICAL
      3. SOCIAL
      4. TECHNOLOGICAL
      5. LEGAL
      6. ENVIRONMENTAL
    4. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    5. GROWTH PROSPECT MAPPING
      1. GROWTH PROSPECT MAPPING FOR SOUTH KOREA
    6. MARKET MATURITY ANALYSIS
    7. MARKET CONCENTRATION ANALYSIS
    8. VALUE CHAIN ANALYSIS 
      1. FEEDSTOCK PROCUREMENT 
      2. FEEDSTOCK PROCESSING AND PREPARATION 
      3. POWER GENERATION THROUGH CONVERSION TECHNOLOGIES
      4. TRANSMISSION AND DISTRIBUTION TO END-USER
    9. KEY BUYING CRITERIA
      1. FEEDSTOCK AVAILABILITY
      2. CAPITAL INVESTMENT AND RELATED COSTS
      3. TECHNOLOGICAL FEASIBILITY 
      4. REGULATORY AND FINANCIAL SUPPORT
    10. SOUTH KOREA BIOMASS POWER MARKET REGULATORY FRAMEWORK
  5. MARKET BY FEEDSTOCK (IN TERMS OF REVENUE: $ MILLION & IN TERMS OF VOLUME: MILLION MWH)
    1. SOLID BIOMASS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. LIQUID BIOMASS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. BIOGAS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. MUNICIPAL SOLID WASTE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  6. MARKET BY TECHNOLOGY
    1. COMBUSTION
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. ANAEROBIC DIGESTION
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. GASIFICATION
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. CO-FIRING AND CHP
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    5. LANDFILL GAS (LFG)
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  7. MARKET BY APPLICATION
    1. INDUSTRIAL
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. COMMERCIAL
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. RESIDENTIAL
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  8. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. MERGERS & ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS & AGREEMENTS
      4. BUSINESS EXPANSIONS AND DIVESTITURES 
    2. COMPANY PROFILES
      1. ACCONIA SA
        1. COMPANY OVERVIEW
        2. PRODUCTS
        3. STRENGTHS & CHALLENGES
      2. AMERESCO INC
        1. COMPANY OVERVIEW
        2. PRODUCTS
        3. STRENGTHS & CHALLENGES
      3. BABCOCK & WILCOX ENTERPRISES INC
        1. COMPANY OVERVIEW
        2. PRODUCTS
        3. STRENGTHS & CHALLENGES
      4. ENEL GREEN POWER
        1. COMPANY OVERVIEW
        2. PRODUCTS
        3.  STRENGTHS & CHALLENGES
      5. JFE ENGINEERING CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS
        3. STRENGTHS & CHALLENGES
      6. SIEMENS ENERGY AG
        1. COMPANY OVERVIEW
        2. PRODUCTS
        3. STRENGTHS & CHALLENGES

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – BIOMASS POWER

TABLE 2: SOUTH KOREA REGULATORY FRAMEWORK

TABLE 3: SOUTH KOREA BIOMASS POWER MARKET, BY FEEDSTOCK, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 4: SOUTH KOREA BIOMASS POWER MARKET, BY FEEDSTOCK, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 5: SOUTH KOREA BIOMASS POWER MARKET, BY FEEDSTOCK, HISTORICAL YEARS, 2018-2022 (IN MILLION MWH)

TABLE 6: SOUTH KOREA BIOMASS POWER MARKET, BY FEEDSTOCK, FORECAST YEARS, 2024-2032 (IN MILLION MWH)

TABLE 7: SOUTH KOREA BIOMASS POWER MARKET, BY TECHNOLOGY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 8: SOUTH KOREA BIOMASS POWER MARKET, BY TECHNOLOGY, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 9: SOUTH KOREA BIOMASS POWER MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 10: SOUTH KOREA BIOMASS POWER MARKET, BY APPLICATION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 11: LIST OF MERGERS & ACQUISITIONS

TABLE 12: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 13: LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 14: LIST OF BUSINESS EXPANSIONS AND DIVESTITURES

LIST OF FIGURES

FIGURE 1: KEY TECHNOLOGY TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: GROWTH PROSPECT MAPPING FOR SOUTH KOREA

FIGURE 4: MARKET MATURITY ANALYSIS

FIGURE 5: MARKET CONCENTRATION ANALYSIS

FIGURE 6: VALUE CHAIN ANALYSIS

FIGURE 7: KEY BUYING CRITERIA

FIGURE 8: SOUTH KOREA BIOMASS POWER MARKET, GROWTH POTENTIAL, BY FEEDSTOCK, IN 2023

FIGURE 9: SOUTH KOREA BIOMASS POWER MARKET, BY SOLID BIOMASS, 2024-2032 (IN $ MILLION)

FIGURE 10: SOUTH KOREA BIOMASS POWER MARKET, BY LIQUID BIOMASS, 2024-2032 (IN $ MILLION)

FIGURE 11: SOUTH KOREA BIOMASS POWER MARKET, BY BIOGAS, 2024-2032 (IN $ MILLION)

FIGURE 12: SOUTH KOREA BIOMASS POWER MARKET, BY MUNICIPAL SOLID WASTE, 2024-2032 (IN $ MILLION)

FIGURE 13: SOUTH KOREA BIOMASS POWER MARKET, GROWTH POTENTIAL, BY TECHNOLOGY, IN 2023

FIGURE 14: SOUTH KOREA BIOMASS POWER MARKET, BY COMBUSTION, 2024-2032 (IN $ MILLION)

FIGURE 15: SOUTH KOREA BIOMASS POWER MARKET, BY ANAEROBIC DIGESTION, 2024-2032 (IN $ MILLION)

FIGURE 16: SOUTH KOREA BIOMASS POWER MARKET, BY GASIFICATION, 2024-2032 (IN $ MILLION)

FIGURE 17: SOUTH KOREA BIOMASS POWER MARKET, BY CO-FIRING AND CHP, 2024-2032 (IN $ MILLION)

FIGURE 18: SOUTH KOREA BIOMASS POWER MARKET, BY LANDFILL GAS (LFG), 2024-2032 (IN $ MILLION)

FIGURE 19: SOUTH KOREA BIOMASS POWER MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2023

FIGURE 20: SOUTH KOREA BIOMASS POWER MARKET, BY INDUSTRIAL, 2024-2032 (IN $ MILLION)

FIGURE 21: SOUTH KOREA BIOMASS POWER MARKET, BY COMMERCIAL, 2024-2032 (IN $ MILLION)

FIGURE 22: SOUTH KOREA BIOMASS POWER MARKET, BY RESIDENTIAL, 2024-2032 (IN $ MILLION)

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