Wilmington, Delaware, United States, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global biomass boiler market size stood at US$ 4.7 Bn in 2021 and is anticipated to reach a value of US$ 24.9 Bn by 2031. The global market is likely to grow at a CAGR of 18.1% during the forecast period from 2022 to 2031. Rise in the usage of renewable energy and enforcement of government regulation to decrease carbon emissions are expected to drive the global biomass boiler market. Industrial waste, municipal trash, agricultural and forestry waste, and other biomass are used in biomass boilers to provide electricity.
Rise in demand for sustainable energy, increase in pollution levels and environmental concerns, and advantages of biofuels over conventional fuels are expected to boost market value. Surge in public and private investments in biomass boiler project development is anticipated to broaden market outlook.
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Utilization of power and energy is rising as the global population increases. Demand for identification of new sustainable energy sources is also growing, as fossil fuel supply depletes rapidly. This is likely to hamper demand for biomass boilers. Additionally, R&D efforts are expected to play a significant part in expansion of the global industry. Players in the global biomass boiler market are using various cutting-edge techniques and compositions to maximize profits and meet expanding demand in various industries.
Large number of economies have taken proactive measures to regulate the situation in response to global warming concerns and the dangers they pose. Hence, governments are encouraging usage of sustainable alternatives, including biomass boilers, for energy production. Increase in demand for renewable energy sources as a means of cutting carbon emissions across a broad range of industries is anticipated to drive industry growth.
Key Findings of Market Report
- The woody biomass segment constituted a significant share of 77% of the global market in terms of feedstock in 2021. The segment is anticipated to dominate the global market during the forecast period. Demand for woody biomass is high, as it is affordable and easily available. It can be obtained in large quantities from sawmills in the form of shavings, bark, chips, cull logs, and sawdust.
Global Biomass Boiler Market: Growth Opportunities
- China, the U.S., and countries in Europe have implemented attractive policies, such as capital subsidies and FDI, to encourage construction of biomass boilers. Governments of developed and developing countries are putting more emphasis on utilizing renewable energy. This is driving the demand for industrial biomass boilers.
- Biomass is more affordable and available than other fuel types. This is propelling the biofuel market. Rise in awareness among people about the advantages of utilizing biomass as fuel is likely to increase usage of biofuel. Global manufacturing of biomass boilers has increased by 10% in the past three years.
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Global Biomass Boiler Market: Regional Landscape
- Europe dominated the global market, with 67% share in 2021. The region held major share of the global market in terms of volume. Countries in Europe, including the U.K., Finland, and Sweden, have a well-developed market. As per market forecast, high sales of biomass boilers in Europe in the past few years is attributed to the region's considerable increase in biomass production. This factor is estimated to drive market development during the forecast period. Woody biomass is the most popular type of feedstock used to fuel biomass boilers in Europe.
Global Biomass Boiler Market: Key Players
- Hurst Boiler & Welding Co, Inc.
- Advanced Recycling Equipment, Inc.
- Ecovision Systems Ltd.
- ETA Heiztechnik GmbH
- General Electric Company
- Baxi Group Limited
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Global Biomass Boiler Market: Segmentation
Feedstock
- Woody Biomass
- Urban Residues
- Biogas & Energy Crops
- Agriculture & Forest Residues
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