Abstract:
Biomass plays an essential role in enhancing global energy security and decreasing carbon emissions as a promising renewable energy option. Comprehensive techno-economic assessments have been carried out to spark industry stakeholders' interest and increase their investment in biomass-based enterprises. To provide a more accurate and reliable feasibility estimate, the evaluation must also take into account a variety of uncertainties in the biomass conversion industry. This review aims to present an overview of the various types of methodologies or techniques used in the techno-economic assessment of the viability of biomass conversion processes, and highlight the uncertainties that need to be taken into account in the evaluation model. A systematic literature review is used where four electronic databases viz., Scopus, Web of Science, Dimensions, and PubMed were used to identify the most recent original research articles in peer-reviewed journals. A total of 346 studies, covering the period 2012–2022 were screened for relevance to the study. Seventy-eight records (n=78) which include only original research articles met the inclusion criteria. The review identified several financial factors and uncertainties that affect the economic performance of fast pyrolysis systems. Furthermore, upgrading the bio-oil to transportation fuels and value-added biochemicals can significantly improve the economic performance of fast pyrolysis plants as opposed to selling raw bio-oil.
