Wilmington, DE, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Biomass Boiler Market by Feedstock Type (Woody Biomass, Agriculture and Forest Residues, Biogas and Energy Crops, Urban Residues), by End-Use (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report. The biomass boiler market was valued at $5.5 billion in 2022 and is estimated to reach $22.8 billion by 2032, exhibiting a CAGR of 15.4% from 2023 to 2032.
A biomass boiler is a specific type of boiler that employs natural materials originating from plants or animal waste as its primary fuel source. These organic substances, collectively referred to as biomass, encompass resources like wood, agricultural remnants, energy-yielding crops, and other biological matter. As biomass is combusted within the confines of a biomass boiler, a process of combustion takes place, releasing thermal energy. This energy is harnessed to produce steam or heated water, which serves either for heating purposes or for electricity generation.
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Prime determinants of growth
The increase in focus toward decarbonization and rise in energy efficiency and technological advancements are some prime determinants that drive the growth of the global biomass boiler market. However, emission of pollutants and ash deposition restrict market growth. Moreover, favorable government incentives and policies, waste utilization, and circular economy present new opportunities in the coming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $5.5 billion |
| Market Size in 2032 | $22.8 billion |
| CAGR | 15.4% |
| No. of Pages in Report | 209 |
| Segments covered | Feedstock Type, End-Use, and Region. |
| Drivers | Increase in focus toward decarbonization |
| Rise in energy efficiency and technological advancements | |
| Opportunities | Favorable Government Incentives and Policies |
| Waste utilization and circular economy | |
| Restraints | Emission of pollutants and ash deposition |
Impact Scenario
The Russia-Ukraine war had significant consequences for various sectors, including the biomass boiler market.
- The conflict led to increased uncertainty and volatility in global financial markets, including biomass boilers.
- Moreover, Ukraine plays a significant role in the European biomass market due to its emissions-intensive industries.
- If the war disrupts Ukraine's industrial output or energy infrastructure, it affects the production and demand for biomass boilers in the region.
- Political instability and armed conflicts tend to erode investor confidence.
- If the Russia-Ukraine war escalates or prolongs, it creates an atmosphere of uncertainty that dampen investor enthusiasm for biomass boilers.
- In addition, the war's geopolitical implications influence international cooperation on climate change and emissions reduction efforts.
An economic recession has various impacts on the biomass boiler market.
- Economic crises create uncertainty and market instability, leading to increased price volatility.
- Fluctuations in demand contribute to greater price swings of biomass boilers.
- Economic crises also trigger consolidation in the biomass boiler market.
- In addition, governments often intervene during economic crises to stimulate economic growth. These interventions include changes to environmental policies and regulations, directly impacting the biomass boilers market. Such policy changes have significant effects on biomass boilers.
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The woody biomass type of segment to maintain its leadership status throughout the forecast period
Based on type, the woody biomass segment held the highest market share in 2022, accounting for more than half of the global biomass boiler market revenue and is estimated to maintain its leadership status throughout the forecast period. Woody biomass, being carbon-neutral which helps to reduce the carbon footprint. The demand for woody biomass has risen as it offers a sustainable alternative to fossil fuels in the fight against climate change and reducing carbon emissions.
However, the biogas and energy crops segment is projected to manifest a CAGR of 16.8% from 2023 to 2032, government incentive and support towards renewable energy sources like biogas and energy crops with policies like feed-in tariffs, tax breaks, and grants increase the demand for biogas and energy crops.
The industrial segment to maintain its leadership status throughout the forecast period
Based on the end user, the industrial segment held the highest market share in 2022, accounting for more than three-fifths of the global biomass boiler market revenue and are estimated to maintain their leadership status throughout the forecast period. The industrial sector's demand for biomass boilers is rising due to their lower carbon footprint and competitive pricing with wood chips and pellets. This presents an opportunity for cost-effective and stable energy management amid fluctuating energy prices.
However, the residential segment is projected to manifest a CAGR of 15.9% from 2023 to 2032, owing to the growing awareness and eco-friendly heating solutions. Homeowners are drawn to biomass boilers as they align with eco-conscious values and offer long-term economic benefits, reducing energy costs compared to fossil fuel-based systems.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global biomass boiler market revenue and is likely to dominate the market during the forecast period. The same region is expected to witness the fastest CAGR of 15.7% from 2023 to 2032. The Asia-Pacific region is experiencing a notable rise in the adoption of renewable energy technologies, specifically biomass boilers. Countries in the region recognize the importance of transitioning to cleaner and sustainable energy sources, given their abundant biomass resources such as agricultural residues, wood waste, and energy crops. Additionally, deploying these boilers in rural areas improves energy access, enhances quality of life, and integrates waste management practices to reduce disposal issues.
Leading Market Players: -
- Viessmann Group
- ETA Heiztechnik GmbH
- Hargassner Gesmbh
- Guntamatic Heiztechnik GmbH
- Froling Heizkessel- und Behalterbau GmbH
- Woodco
- Thermax Limited
- Forbes Marshall Private Limited
- Hurst Boiler and Welding Co, Inc.
- HDG Bavaria GmbH
The report provides a detailed analysis of these key players in the global biomass boiler market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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