The growing awareness & emphasis on renewable energy solutions, advancements in biomass boiler technology, and the global shift towards carbon neutrality and sustainability are projected to drive the global wood pellets biomass boilers market's growth during the forecast period. The Europe region is predicted to witness prominent growth by 2032.
PORTLAND, Ore., April 23, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Wood Pellets Biomass Boilers Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global wood pellets biomass boilers market generated $4.6 billion in 2022, and is anticipated to generate $17.4 billion by 2032, rising at a CAGR of 14.3% from 2023 to 2032.
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Prime Determinants of Growth
The increasing awareness & emphasis on renewable energy solutions, potential cost savings with wood pellets biomass boilers compared to traditional heating methods, and supportive policies & financial incentives by governments across the globe are the factors expected to drive the growth of the global wood pellets biomass boilers market in the forecast period from 2023 to 2032. However, higher upfront costs & installation expenses and increased maintenance requirements may hamper the market growth in the coming future. On the contrary, advancements in biomass boiler technology and global shift towards carbon neutrality & sustainability are expected to offer remunerative opportunities for the expansion of the wood pellets biomass boilers market during the forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $4.6 billion |
Market Size in 2032 | $17.4 billion |
CAGR | 14.3 % |
No. of Pages in Report | 320 |
Segments covered | Type, Application, and Region |
Drivers | Growing awareness & emphasis on renewable energy solutions Versatility of wood pellet biomass boilers for various applications Implementation of supportive policies and financial incentives by governments |
Opportunities | Growing awareness regarding environmental benefits Technological advancements in biomass boiler |
Restraints | High costs and substantial space requirement |
Type: Fully Automated Biomass Boiler Sub-segment to be the Most Dominant During the Forecast Period
The fully automated biomass boiler sub-segment accounted for the largest global wood pellets biomass boilers market share of 36.0% in 2022 and is expected to grow at the highest CAGR of 14.8% during the forecast period. This dominance is mainly due to the fully automated biomass boiler's technological superiority and integration capabilities. These boilers automate the entire process from fuel feeding to combustion and heat distribution, ensuring efficient and consistent performance. In addition, their smart technology features allow for remote system management and optimization. The clean combustion of carbon-neutral biomass further reduces emissions, making these systems a sustainable alternative to fossil fuel boilers.
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Application: Residential Sub-segment to Flourish Immensely by 2032
The residential sub-segment accounted for the largest global market share of 66.1% in 2022 and is expected to hold major market share by 2032. This dominance majorly is driven by wood pellets biomass boilers' versatility in home heating and hot water provision. Their ability to support multi-zone heating systems allows for customized temperature control, enhancing comfort and energy efficiency. Besides, advanced models capable of combined heat and power generation offer homeowners the dual benefits of heating and electricity production, making them particularly suitable for rural or off-grid areas, where independence from centralized utilities is crucial.
Region: Europe Market to Hold Major Share by 2032
The wood pellets biomass boilers market in the Europe region accounted for the largest share of 40.0% in 2022 and is predicted to continue to maintain its dominance in terms of market share during the forecast period. This growth is mainly owing to the region's commitment towards renewable energy projects to reduce carbon emissions and achieve sustainability targets. The spike in residential usage, particularly in Germany, coupled with high fossil fuel prices, has made these boilers an attractive, sustainable heating solution. Moreover, supportive government policies and growing environmental consciousness have further accelerated the adoption of biomass boilers in countries like Italy and Spain, enhancing the regional market growth.
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Leading Players in the Wood Pellets Biomass Boilers Market:
- Drax
- Andritz AG
- Hurst Boiler & Welding Co, Inc.
- Woodco
- Schmid AG energy solutions
- John Cockerill
- Thermax Limited
- Babcock & Wilcox Enterprises, Inc.
- Viessmann
- Forbes Marshall
The report provides a detailed analysis of the key players of the global wood pellets biomass boilers market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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