Government Support and Encouraging Regulations to be Key Growth Drivers for Biomass Boiler Market

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.

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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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