SEATTLE, May 28, 2021 (GLOBE NEWSWIRE) -- Biomass solid fuel is a potential alternative to fossil fuels and can be used to generate energy. It is a renewable energy resource that can be derived from carbonaceous waste from animals, humans, or industrial activities. Biomass solid fuels are used in variety of applications, such as electricity generation, heat processing, cooking, and space heating and cooling, among others. Biomass solid fuel is the most suitable replacement for fossil fuels.
Biomass solid fuels are made up of a wide variety of sources, such as bark chips, palm oil residues, sawdust, wheat straw, peat moors, wood chips, and bagasse among others. Moreover, biomass solid fuels are derived from agricultural by-products, recycled materials, paper, animal farm litter, and sawmill residue, among others.
The global biomass solid fuel market is estimated to account for 425.8 Bn in terms of value by the end of 2027, witnessing a CAGR of 8.5%.
Market Drivers:
1. Government initiatives to support biomass solid fuel development are expected to augment growth of the global biomass solid fuel market over the forecast period.
Increasing utilization of biomass, for sustainable energy production, to provide solutions to the ever-increasing energy crisis and to reduce the environmental impact caused by greenhouse gas emissions. For instance, in May 2018, the Indian government launched a scheme to support biomass based cogeneration projects in sugar mills and other industries for power generation in the country (up to March 2020).
2. Increasing demand for energy worldwide is also expected to drive the global biomass solid fuel market growth.
Solid biomass fuel can be used as one of the alternatives to mitigate the consumption of fossil fuels. According to the United States Energy Information Administration (EIA), the global energy consumption will grow by nearly 50% between 2018 and 2050. The industrial sector, which includes construction, agriculture, manufacturing, mining, and refining, accounts for the largest share of energy consumption of any end-use sector.
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Market Opportunities:
1. Increasing adoption of bioenergy by many end-use industries, as a source of energy in place of fossil fuels, can provide major business opportunities for players in the global biomass solid fuel market.
2. Increasing demand for biomass solid fuels to produce suitable energy resources, such as electricity, transport fuels, and gases, is also expected to offer lucrative growth opportunities for players in the market.
Market Trends:
1. The growing trend towards industrial uses of bioenergy is growing rapidly. For instance, in 2018, many biomass-fired CHP plants were commissioned to achieve the European Union’s (EU’s) Renewable Resource Directive targets for 2020 and 2030.
2. Major players in the market are adopting various inorganic strategies, such as product launch, business expansion, partnership, collaboration, etc., to retain their position in the market or to strengthen their product portfolio. For instance, in October 2019, Toshiba Energy Systems & Solutions Corporation announced that its consolidated subsidiary, SIGMA POWER Ariake Corporation, started the construction of a biomass power plant in Omuta City, Japan.
Competitive Landscape:
Major players active in the global biomass solid fuel market are Vattenfall AB, VGrid Energy Systems, PVM Environmental Products, Aggregated Micro Power Holdings, Drax Biomass Inc., SOCOTEC Group, Fulcrum BioEnergy, Eni S.p.A., BTG Biomass Technology Group, and Svenska Cellulosa Aktiebolaget SCA.
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Key Developments:
In January 2019, Toshiba Energy Systems & Solutions Corporation signed a collaboration agreement with Omuta City, Japan to construct a new biomass power plant in Omuta City through SPAC. Moreover, Toshiba converted the Mikawa coal-fired power plant to operate as a biomass-fired power plant.
Market segmentation:
By Source:
- Wood Pellets
- Crop Residue
- Energy Crops
- Municipal Solid Waste (MSW)
- Others (Peat, Sawdust, etc.)
By Application:
- Space Heating/Cooling
- Cooking
- Heat Processing
- Electricity Generation and Others
By End Use:
- Industrial
- Institutional
- Domestic
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa
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