An increase in the adoption of renewable energy and the implementation of government regulations to reduce carbon emissions are driving the global biomass boiler market
WILMINGTON, Del., Oct. 24, 2023 /PRNewswire/ -- Transparency Market Research Inc. - The global biomass boiler market is projected to flourish at a CAGR of 18.1% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 24.9 billion is anticipated for the market in 2031. As of 2023, the market for biomass boilers is expected to close at US$ 6.5 billion.
An increase in government and private investments toward the development of biomass boiler projects is another major factor estimated to boost the market outlook during the forecast period. Modern biomass boilers are designed to be highly efficient, providing a cost-effective and sustainable heating solution for residential, industrial, and commercial applications. These efficiency gains contribute to market growth.
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Biomass fuels are often less expensive than fossil fuels, making biomass boiler systems an economically viable option for heating and hot water in many regions. A rise in the global population is resulting in an increased need for energy and power. The rapid depletion of fossil fuel resources is intensifying the need for the discovery of alternative sustainable energy generation. An increase in government and private investments toward the development of biomass boiler projects is another major factor estimated to boost the market outlook during the forecast period.
Biomass Boiler Market Report Scope:
Report Coverage | Details |
Forecast Period | 2022-2031 |
Base Year | 2020 |
Size in 2021 | US$ 4.7 Bn |
Forecast (Value) in 2031 | US$ 24.9 Bn |
Growth Rate (CAGR) | 18.1 % |
No. of Pages | 317 Pages |
Segments covered | Feedstock |
Key Takeaways from the Market Study
- As of 2022, the biomass boiler market was valued at US$ 5.5 billion
- Based on feedstock, the woody biomass segment held a major global market share in 2021. It is estimated to dominate the market during the forecast period.
Biomass Boiler Market: Key Trends and Opportunistic Frontiers
- Ongoing technological advancements have improved the efficiency and reliability of biomass boilers, making them more attractive to a broader range of consumers and businesses.
- Biomass boiler industry players are implementing various innovative techniques and formulations to enhance revenues and cater to the rising demand from various industries.
Biomass Boiler Market - Regional Analysis
- Europe has been a major market for biomass boilers, driven by strong environmental policies, renewable energy targets, and incentives. Many European countries have introduced feed-in tariffs and subsidies to encourage the adoption of biomass heating systems.
- The European Union's Renewable Energy Directive has set ambitious targets for the use of renewable energy sources, which has boosted the market for biomass boilers.
- Asia-Pacific is witnessing increasing interest in biomass boilers, driven by a growing awareness of environmental sustainability and the need for cleaner energy sources. Countries like China and India have been investing in biomass energy projects to reduce dependence on coal and mitigate air pollution. Japan has also shown interest in biomass boilers as part of its efforts to diversify its energy mix after the Fukushima nuclear disaster.
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Competitive Landscape
The biomass boiler industry is consolidated with a small number of large-scale vendors controlling a majority of the share. A majority of the organizations are spending significantly on comprehensive research and development activities.
- General Electric Company
- Advanced Recycling Equipment, Inc.
- Energy Innovations (UK) Ltd
- ETA Heiztechnik GmbH
- Amec Foster Wheeler plc
- Hurst Boiler & Welding Co, Inc.
- Baxi Group Limited
- Ecovision Systems Ltd.
- Thermax Ltd.
Key Developments in the Biomass Boiler Market
- ANDRITZ offers a wide range of biomass boilers and has been actively involved in developing advanced biomass combustion technology. The company has worked on improving the efficiency and sustainability of biomass boilers to make them more appealing for various applications, including power generation and industrial heating.
- Hurst Boiler is known for its biomass and solid fuel boiler solutions, particularly for the industrial sector. The company has developed specialized boiler systems for various types of biomass feedstock, including wood, agricultural residues, and energy crops.
- Heliex Power focuses on biomass Combined Heat and Power (CHP) systems and waste heat recovery solutions. The company's innovative technology captures and converts waste heat from biomass boilers into electricity, improving overall system efficiency.
Biomass Boiler Market - Key Segments
Feedstock
- Woody Biomass
- Urban Residues
- Biogas & Energy Crops
- Agriculture & Forest Residues
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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