Biomass Boiler Market to Register a Healthy CAGR Throughout 2015 – 2024
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“The market features a high degree of competition. One of the key factors responsible for the situation is the lack of standardized regulations governing the biomass boiler markets across the globe. This has paved the way for inexperienced vendors to go unchallenged in the global market,” states a TMR analyst. Nevertheless, the market has promising growth prospects and is expected to exhibit a remarkable 18% CAGR over the period between 2016 and 2024.
Europe to Remain Most Promising Regional Market
The global biomass boilers market, which valued US$2,426.5 mn in 2015, is expected to rise to US$10,752.4 mn by 2024. Europe is presently the dominant regional market for biomass boilers, accounting for a share of over 67% in the overall revenues of the global market in 2015. The regional market is expected to expand at a nearly 18% CAGR from 2016 to 2024 and retain its dominant position in the global market over the next few years as well. In terms of the key varieties of feedstock used to fuel biomass boilers, the segment of woody biomass leads, holding a share of nearly 77% of the overall market in 2015.
Encouraging Regulatory Framework to Bolster Adoption of Biomass Boilers Globally
Over the years of their use across the industrial and domestic sectors, it has been found that biomass boilers can provide an array of economic and environmental benefits. The renewable and low carbon nature of biomass has compelled the increased installation of biomass boilers across developed as well as developing countries across the globe. Several government policies that aim at increasing the share of renewables in their individual energy mixes, as a step ahead in achieving the carbon emission regulation targets, are playing a key role in fortifying this trend.
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Encouraging regulatory frameworks and government grants and incentive programs that provide investment subsidies and tax benefits to industries using renewables are also playing a key role in encouraging biomass heating companies and utilities to switch to biomass on an increased level. Furthermore, the propositions of granting feed-in tariffs (FIT) and tax incentives across countries such as India, Scotland, Japan, and Australia are also expected to encourage an increased number of investors to enter into the biomass boilers market in the next few years.
Challenges Associated with Handling, Storing, and Supplying Biomass to Hamper Market Growth
The key challenges for the growth of the global biomass boilers market are the several issues associated with the supply, handling, transport, and storage of biomass. Additionally, decrease in the overall efficiency of biomass with time, emission of pollutants, ash deposition, and impacts of carbon burnout are some of the key technical issues related to biomass boilers. The high moisture content of certain biomass feedstock also poses many challenges related to their transport and storage on a larger level. The high costs incurred in transportation and storage of biomass with high moisture content can outweigh the value of biomass to a significant level as biomass fuels have low-energy densities compared to fossil fuels.
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These factors are expected to refrain the large-scale adoption of biomass for energy and heat production to the certain level in the next few years. Nevertheless, programmes such as the Renewable Heat Incentive (RHI), which provides financial support to non-domestic generators of renewable heat across several European countries, are expected to provide long-term support for the biomass boilers market in the future.
This review of the market is based on a recent market research report published by Transparency Market Research, titled “Biomass Boiler Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024.”
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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