Indian Economy News

Biomass market in India is expected to reach US$ 3.86 billion (Rs. 32,000 crores) by FY31: Report

  • IBEF
  • March 1, 2023

According to a study, the Indian biomass market is anticipated to reach US$ 3.86 billion (Rs. 32,000 crores) by FY31, thanks to government initiatives and investments from international green energy companies. As per a report by 1Lattice, a technology-enabled decision support organisation, the introduction of new schemes in the support of biomass cogeneration projects is playing a critical role in the capacity additions of small biogas plants situated in remote and rural areas of India.

As per the study, there is an increasing need for businesses in India to have access to clean, dependable power, and biomass as an energy source is anticipated to play a critical role in meeting this need.

Mr. Abhishek Maiti, Director, 1Lattice in a statement said, “India currently has an installed capacity of 10.2 gigawatts (GW) for biomass production”. He added, 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 the goal of net-zero carbon emissions.

Through these investments, participants in the biomass energy ecosystem will be able to offer customers more environmentally friendly options, aiding in the realisation of the objective of a sustainable society, he continued. India currently has access to about 750 million metric tonnes (MMT) of biomass annually, with an additional 230 MMT of excess biomass available.

The report noted that the installed capacity for biomass production in India has grown at a compounded annual growth rate (CAGR) of 4% reaching 10 GW in FY22.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.