The issue of energy crisis associated with the depletion of fossil fuels reserves and increasing market price of oil and gas has provided strong motivations for the extensive quest for alternative renewable energy sources. Among various alternative renewable energy sources, biomass utilization makes the best attractive option as it can be converted into liquid, solid and gaseous products, from which fuels and fine value-added chemicals can be derived [1]. Besides, biomass utilization is carbon neutral as it does not emit additional greenhouse gases, NOx and SOx into the atmosphere [2]. Hence, harnessing the energy stored in the biomass would require energy efficient and cost effective conversion technologies[3]