Biomass Boiler Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2024
Biomass
boilers are rising in prominence in the industrial as well as
commercial and residential sectors in today’s environment-conscious
times. While boilers have remained a crucial requirement in a large
variety of industrial setups, the use of biomass boilers has gained
strength primarily following the acknowledgment of their environmental
benefits in contrast to conventional heating technology. The
sustainability of biomass boilers is thus the key factor likely to
ensure steady demand for them in the coming years.
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The
global biomass boilers market is expected to enjoy rapid growth in the
next few years: The market was valued at US$2.4 bn in 2015 and is likely
to be valued at more than US$10.7 bn by 2024. This represents a solid
CAGR 18.1% from 2016 to 2024.
Europe’s Supportive Stance towards Environmental Measures to Help Biomass Boilers Market
Of
the leading regional segments of the global biomass boilers market,
Europe holds the dominant share and is likely to retain a leading
position in the industry in the coming years. European countries,
particularly Western European countries such as Germany, France, and the
U.K., and Scandinavian countries such as Sweden and Norway, have played
pioneering roles in supporting and boosting nationwide use of
environment-friendly fuels. These countries are the key contributors to
the global biomass boilers market and are likely to remain influential
market participants in the coming years.
As
a result, Europe accounted for more than 67% of the global biomass
boilers market in 2015, and is further expected to exhibit a robust
18.8% CAGR in the 2016-2024 forecast period.
Asia
Pacific also plays an important role in the global biomass boilers
market. This is due in part to the utilization of traditional biomass
combustion techniques in many countries in Asia Pacific, which has
helped widen the scope of the biomass boilers market, and the government
support being given to environment-friendly development of energy in
emerging countries such as India, South Korea, China, Japan, and
Indonesia. The rising need for energy in the rapidly developing Asia
Pacific region could thus play an important role in the growth of the
biomass boilers market in the region in the coming years.
Use of Residue-generated Biomass to Rise due to Dual Benefit
According
to product type, the global biomass boilers market is segmented into
woody biomass, biogas and energy crops, agriculture and forest residue,
and urban residue. Of these, woody biomass holds the leading share in
the biomass boilers market at present, as woody biomass is conveniently
available and has been traditionally used for fuel in several parts of
the world, which has made it convenient to set up and fully utilize the
trading networks.
However,
urban, agricultural, and forest residue is becoming a key fuel for use
in boilers and could well become the leading segment of the global
biomass boilers market over the 2016-2024 forecast period. The benefit
of utilizing residue in biomass boilers is twofold insomuch as it
provides authorities with a sustainable mechanism to dispose of organic
residue and it renders the use of boilers more cost- and fuel-efficient.
It also reduces the risk of deforestation, as woody biomass is not
required.
The
report sheds light on the competitive dynamics of the global biomass
boilers market by profiling leading market players such as ETA
Heiztechnik GmbH, General Electric Company, Energy Innovations (UK)
Ltd., Thermax Ltd., Baxi Group Ltd., Advanced Recycling Equipment Inc.,
Amec Foster Wheeler plc, Ecovision Systems Ltd., and Hurst Boiler &
Welding Co. Inc. The financial workings of the biomass boiler market are
also examined in conjunction with the competitive environment of the
market, providing readers with a comprehensive view of how the biomass
boilers market’s financial environment would affect their operations and
plans.
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