Biomass Boiler Market to reach US$10,752.4 mn in 2024 – TMR
In
the highly fragmented competitive landscape of the global biomass
boilers market, none of the leading companies accounted for a share of
over 10% in the overall market in 2014, observes Transparency Market
Research in a recent report. The top six companies in the market,
including Baxi Group Limited, ETA Heiztechnik GmbH, Polytechnik Group,
and Babcock & Wilcox Enterprises, Inc., collectively accounted for a
relatively moderate 40% share in the global market in the said year.
The remaining 59% share was held by a fragmented chain of suppliers
across the globe.
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“The
market features a high degree of competition. One of the key factors
responsible for the situation is the lack of standardized regulations
governing the biomass boiler markets across the globe. This has paved
the way for inexperienced vendors to go unchallenged in the global
market,” states a TMR analyst. Nevertheless, the market has promising
growth prospects and is expected to exhibit a remarkable 18% CAGR over
the period between 2016 and 2024.
Europe to Remain Most Promising Regional Market
The
global biomass boilers market, which valued US$2,426.5 mn in 2015, is
expected to rise to US$10,752.4 mn by 2024. Europe is presently the
dominant regional market for biomass boilers, accounting for a share of
over 67% in the overall revenues of the global market in 2015. The
regional market is expected to expand at a nearly 18% CAGR from 2016 to
2024 and retain its dominant position in the global market over the next
few years as well. In terms of the key varieties of feedstock used to
fuel biomass boilers, the segment of woody biomass leads, holding a
share of nearly 77% of the overall market in 2015.
Encouraging Regulatory Framework to Bolster Adoption of Biomass Boilers Globally
Over
the years of their use across the industrial and domestic sectors, it
has been found that biomass boilers can provide an array of economic and
environmental benefits. The renewable and low carbon nature of biomass
has compelled the increased installation of biomass boilers across
developed as well as developing countries across the globe. Several
government policies that aim at increasing the share of renewables in
their individual energy mixes, as a step ahead in achieving the carbon
emission regulation targets, are playing a key role in fortifying this
trend.
Encouraging
regulatory frameworks and government grants and incentive programs that
provide investment subsidies and tax benefits to industries using
renewables are also playing a key role in encouraging biomass heating
companies and utilities to switch to biomass on an increased level.
Furthermore, the propositions of granting feed-in tariffs (FIT) and tax
incentives across countries such as India, Scotland, Japan, and
Australia are also expected to encourage an increased number of
investors to enter into the biomass boilers market in the next few
years.
Challenges Associated with Handling, Storing, and Supplying Biomass to Hamper Market Growth
The
key challenges for the growth of the global biomass boilers market are
the several issues associated with the supply, handling, transport, and
storage of biomass. Additionally, decrease in the overall efficiency of
biomass with time, emission of pollutants, ash deposition, and impacts
of carbon burnout are some of the key technical issues related to
biomass boilers. The high moisture content of certain biomass feedstock
also poses many challenges related to their transport and storage on a
larger level. The high costs incurred in transportation and storage of
biomass with high moisture content can outweigh the value of biomass to a
significant level as biomass fuels have low-energy densities compared
to fossil fuels.
These
factors are expected to refrain the large-scale adoption of biomass for
energy and heat production to the certain level in the next few years.
Nevertheless, programmes such as the Renewable Heat Incentive (RHI),
which provides financial support to non-domestic generators of renewable
heat across several European countries, are expected to provide
long-term support for the biomass boilers market in the future.
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This
review of the market is based on a recent market research report
published by Transparency Market Research, titled “Biomass Boiler Market
- Global Industry Analysis, Size, Share, Growth, Trends and Forecast,
2016 – 2024.”
For the study, the global biomass boiler market is segmented as follows:
Global Biomass Boiler Market: Feedstock Type Analysis
-Woody Biomass
-Agriculture & Forest Residues
-Biogas & Energy Crops
-Urban Residues
-Others
Global Biomass Boiler Market: Product Type Analysis
-Stoker Boilers
-Bubbling Fluidized Bed (BFB) Boilers
-Circulating Fluidized Bed (CFB) Boilers
Global Biomass Boiler Market: End-user Analysis
-Residential
-Commercial
-Industrial
Global Biomass Boiler Market: Application Analysis
-Heating
-Power Generation
Global Biomass Boiler Market: Regional Segment Analysis
-North America
-U.S.
-Canada
-Mexico
-Europe
-Sweden
-Finland
-U.K.
-Germany
-Rest of Europe
-Asia Pacific
-Japan
-China
-India
-Rest of Asia Pacific
-Middle East and Africa (MEA)
-South Africa
-Rest of MEA
-Latin America
-Brazil
-Rest of Latin America
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