Biomass market in India is expected to reach Rs 32,000 crore by FY2030-31 piggybacking on government schemes as well as investments from global green energy companies, according to a report.
The launch of new schemes in the support of biomass cogeneration projects is playing a crucial role in the capacity additions of small biogas plants located in remote and rural parts of India, the report by 1Lattice, a technology-enabled decision support organisation, said.
The Indian biomass market is attracting investments from global green energy companies.
There is a growing demand for the supply of clean and reliable power to businesses in India and biomass as a source of energy is expected to play a crucial role in meeting the power demand, the report explained.
Abhishek Maiti, Director, 1Lattice in a statement said, "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 crore by FY'31."
Investments and collaborations in the biomass energy ecosystem will present an opportunity for organisations to make climate-smart decisions and move the world closer to goal of net-zero carbon emissions, he also stated.
Through these investments, players in the biomass energy ecosystem will be able to provide more environment-friendly choices to consumers which will help in achieving the goal of sustainable society, he added.
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The current availability of biomass in India is estimated at about 750 MMT per annum and surplus biomass availability at about 230 MMT per annum. The installed capacity for biomass production in India has grown at a CAGR of 4 per cent reaching 10 GW in FY22.
Government initiatives such as biomass power & cogeneration programme along with the revised policy for biomass utilisation have promoted technologies for the optimum use of the country's biomass resources.
Other factors such as attractive investments from foreign green companies and technological advancements are also contributing to driving the biomass market in India, it stated.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
