Biomass Boiler Market is Projected to Reach USD 8,907.0 Million 2022
Biomass boilers are quickly replacing boilers running on conventional fuels, due to the environmental benefits offered by the former. The global market for biomass boilers is expected to be worth close to US$9,000 million by 2022. The market was worth US$1,801.7 million in 2013 and is estimated to exhibit a stunning CAGR of close to 20% from 2014 to 2022.Increasingly favorable regulatory frameworks are helping the global biomass boilers market register strong growth prospects, since recognition of the economic and environmental benefits of biomass boilers is starting to grow. Enforcement of boiler standards by several governments in the developed world, along with feed-in tariffs and tax incentives, is expected to be a major growth driver for the global biomass boilers market.Here’s a look at the segmentation of the global biomass boilers market by various criteria, and a look into which segments are expected to be at the forefront of the market’s steep growth curve in the years to come.
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By Feedstock Type, woody biomass accounted for 78% of the total biomass consumed in biomass boilers around the world. Due to the easy availability of woody biomass and greater efficiency of heating and power generation achieved through its usage, it is expected to lead other feedstock segments such as agriculture and forest residue, urban residue, biogas and energy crops, and landfill gas to remain the dominant feedstock in the global biomass boilers market.By Application, heating remains the dominant category with an 80% share in the market. The rest is taken up by the usage of biomass boilers for power generation.
By End Use, commercial users held the dominant share in the global biomass boilers market. The industrial and residential end-use segments followed commercial users of biomass boilers as the leading end-use categories. The market hierarchy of the market by both application and end-use is expected to remain largely unchanged during the aforementioned forecast period.By Product Type, stoker boilers are expected to remain dominant in the global biomass boilers market over the 2014-2022 forecast period. Other types of biomass boilers with a significant share in the global market include bubbling fluidized bed biomass boilers and circulating fluidized bed biomass boilers.
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By Geography, the Europe market for biomass boilers emerged as the leading regional segment of the global market. The U.K. is the leading national biomass boilers market, thanks to consistent government support to the incorporation of biomass boilers. Renewable Heat Incentive is a part of the U.K.’s energy policy for the next few years, wherein consumers replacing boilers running on fossil fuels with those on biomass would receive significant tax concessions.
The European market for biomass boilers is mainly concentrated in the advanced nations of Northern Europe and Scandinavia, with Germany, Finland, and Sweden being the other leading European markets for biomass boilers.
Emerging Economies Beckon for Global Biomass Boilers Market
Emerging Economies in Asia Pacific and Latin America, particularly the BRICS countries, present a lucrative opportunity for leading players in the global biomass boilers market. Increasing industrialization in these countries has led to a consistently growing demand for energy, expected to result in high demand for bioenergy. This is estimated to provide a bumper opportunity for expansion of the biomass boilers market in the near future.
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