Biomass Boiler Market: Current Analysis and Forecast (2021-2027)

Biomass Boiler Market: Current Analysis and Forecast (2021-2027)

The Biomass Boiler Market is expected to grow at a CAGR of more than 7% during the forecasted period (2021-2027). This is mainly due to several government initiatives that seek to boost demand for renewable energy sources as a significant step toward reducing carbon emission levels. Additionally, government grants and regulatory frameworks offer tax breaks and investment incentives to various sectors of the economy that use renewable energy. This encourages biomass heating firms to transition to biomass at a higher level, which fuels market expansion.

Moreover, they produce less carbon dioxide, making them useful in a variety of applications, including district heating, commercial buildings, hospitals, farms, community centers, and domestic tasks. Biomass boilers provide an array of economic and environmental benefits owing to the renewable and low carbon nature of biomass. The market driver of the biomass boiler market is the renewable character of biomass boilers and government initiatives to support biodegradable products trigger market growth.

Some of the major players operating in the market include Alstom SA, Amec Foster Wheeler plc, Baxi (BDR Thermea), Thermax Limited, Hurst Boiler & Welding Co Inc., Innasol Ltd., WDS Green Energy Limited, ABIONOVA Hygiene Service GmbH, Babcock & Wilcox Enterprises Inc., and Dongfang Electric Corporation.
 
Insights Presented in the Report
"Amongst feedstock, wood biomass is expected to witness the highest CAGR during the forecast period”

Based on feedstock, the market is categorized into woody biomass, forest residue agriculture, biomass and energy crop, urban residue, and others. Woody biomass has a significantly larger share in the market, this is due to its ease of availability and low cost. woody biomass can help to mitigate greenhouse gas emissions, create healthier forests, and reduce the risk of wildfires. Therefore, these factors are escalating the adoption of woody biomass boilers in school systems, municipalities, and some commercial facilities as it improves air quality, visibility, and public health by reducing the smoke created by burning woody biomass.
"Amongst end-user, the industrial category is accounted for the majority share in the market in 2020”

Based on the end-user, the market is categorized into residential, commercial, and industrial. The industrial sector has a significant share in the market owing to its common use to form process steam, which helps to provide heating and cooling and generate electricity. The boilers are using biomass fuels as a substitute for fossil fuels like natural gas, coal, and fuel oil. Biomass-fired boilers are used at a time of an adequate source of biomass fuels exists in the manufacturing industry.
"Europe to witness significant growth during the forecast period”

Europe is expected to hold the largest growth rate in the global market during the forecast period. It is predominately due to the strict regulations taken by the government concerning greenhouse gas emissions. Additionally, the implementation of government schemes like renewable heating incentives (RHI) to lower the usage of fossil fuels is also expected to propel the growth of the biomass boiler market in the Europe region.

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