Global Biomass Boiler Market
Biomass boilers market is gaining widespread appeal across the globe owing to their low carbon footprint and are witnessing a vast rise in demand across the commercial, industrial, as well as industrial sectors. The global market for biomass boilers is envisaged to exhibit an impressive CAGR in the next few years as the focus of administrative bodies rapidly shifts from fossil fuels such as oil and coal to cleaner energy resources such as wood fuels for producing heat and/or electricity.
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Enforcement of boiler standards across a number of regions in the near future is expected to encourage investments in the global biomass boiler market. Encouraging regulatory framework and government support in the form of subsidies and tax benefits to power generation projects using cleaner sources of energy are also projected to augment the market in the near future. Transparency Market Research estimates that the global biomass boiler market will exhibit an exponential CAGR of 19.9% over the period between 2014 and 2022, rising from a valuation of US$1.80 bn in 2013 to an opportunity of US$8.90 bn by 2022.
The report segments the market on the basis of the type of feedstock used into urban residues, woody biomass, biogas and energy crops, and agriculture and forest residues. Of these, the segment of woody biomass is presently the most in-demand and used feedstock for powering biomass boilers, accounting for nearly 78% of the overall market in 2013. The segment is expected to continue to account for a significant share of the global biomass boiler market. The segment of agriculture and forest residues is expected to continue to hold its second-leading position in the global biomass boilers market throughout the forecast period.
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On the basis of end-user, the report segments the global biomass boiler market into industrial, commercial, and residential sectors. Of these, the commercial segment held the dominant share in the market in 2013 and is likely to retain the dominant stance over the forecast period as well. Heating and power generation applications of biomass boilers in the commercial segment are increasingly gaining prominence across a number of regional markets with countries that are strictly adhering to carbon-emission related regulations.
In terms of geography, the markets for biomass boilers across regions such as Europe, North America, Asia Pacific, Latin America, and Middle East and Africa are covered in the report. The market in Europe, led by the U.K. held the dominant share in the market in 2013. Encouraging government policies in the region aimed at the increased use of renewable and low carbon footprint fuels are central to Europe’s top stance in the global biomass boilers market. The market for biomass boilers is likely to surpass other regional markets in terms of growth opportunities and revenue contribution to the global market over the forecast period as well, finding massive growth opportunities in the sectors of heat generation and power production.