The biomass market in India is expected to reach Rs 32,000 cr by FY31, according to the report
According to a report, the biomass market in India is expected to reach Rs 32,000 crore by FY 2030-31, piggybacking on government programs as well as investments from global green energy companies. The introduction of new schemes to support biomass cogeneration projects plays a crucial role in expanding the capacity of small biogas plants in remote and rural parts of India, according to the report from 1Lattice, a technology-enabled decision support organization.
The Indian biomass market is attracting investment from global green energy companies. There is a growing demand for providing clean and reliable power to businesses in India, and biomass as an energy source is expected to play a crucial role in meeting power needs, the report stated. Abhishek Maiti, Director of 1Lattice, said in a statement, “India currently has an installed capacity of 10.2 GW for biomass production and the biomass market in India is expected to reach Rs. 32,000 by FY 2031.”
Investing and collaborating in the biomass energy ecosystem offers companies the opportunity to make climate-friendly decisions and move the world closer to net-zero carbon emissions, he also said. Through these investments, the players in the biomass energy ecosystem will be able to offer consumers greener choices that will help achieve the goal of a sustainable society, he added.
Current biomass availability in India is estimated at around 750 MMT per year and surplus biomass availability at around 230 MMT per year. Installed capacity for biomass production in India has grown at a CAGR of 4 percent, reaching 10 GW in FY22.
Government initiatives such as the Biomass Electricity and Combined Heat and Power Scheme, along with the revised Biomass Utilization Policy, have promoted technologies for the optimal use of the country’s biomass resources.
Other factors such as attractive investments from foreign green companies and technological advances are also helping to propel the biomass market in India, it said.
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https://www.zeebiz.com/companies/news-biomass-market-in-india-is-expected-to-reach-rs-32000-cr-by-fy31-says-report-223783 The biomass market in India is expected to reach Rs 32,000 cr by FY31, according to the report