Babcock & Wilcox Enterprises Inc., Thermax Ltd., and Baxi Group Ltd.are among the leading players in the global biomass boiler market. Transparency Market Research (TMR) has observed that their extensive portfolio of biomass boiler product technologies will help these companies in retaining their position among prominent players in the market.
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Mergers and acquisitions have been commonly adopted strategies by market giants to enhance their technologies and manufacturing capacities. “Several players are adopting different ways of financing biomass boiler technologies such as through turnkey solutions and government grants,” says TMR’s lead analyst. For instance, Thermax Ltd. is attracting significant funds through power purchase agreements (PPAs) and energy savings performance contracts (ESPCs).
Europe to Lead Revenue Generation through 2024
The valuation of the global biomass boiler market was US$2.84 bn in 2016 and is estimated to reach US$10.75 bn by 2024, progressing at a noteworthy CAGR of 18.1% therein. Based on feedstock type, woody biomass will continue to command the lion’s share in the market until 2024, accounting for over three-fourth of the overall market value. Governments in developed regions such as North America and Europe are shifting their focus towards woody biomass from fossil fuels in order to mitigate climatic changes. The biogas and energy crops segment is expected to expand at a tremendous CAGR of 19.8% during the forecast period.
Europe will be the frontrunner until 2024, representing 71.0% of the overall market revenue. Government initiatives focused towards increasing the use of renewable technologies for both power and heat generation is supplementing the growth of the region. One such scheme is the Renewable Heat Incentive (RHI) scheme, which targets at encouraging deployment of biomass boilers through financial incentives provided for installing renewable heating technologies as an alternative to fossil fuels. Europe is also anticipated to rise at a CAGR higher than any other region during the same span.
Implementation of Boiler Standards Fuels Investments in Market
Boiler standards are required to describe biomass equipment and fuels. They provide a methodology for calculating the energy performance of biomass boilers. These standards ensure reliability, efficiency, and trouble-free operation. Therefore, the enforcement of boiler standards is attracting investments, which in turn is working in favor of the global biomass boiler market.
Rising carbon emissions coupled with efforts to reduce dependence on fossil fuels for heat and power generation are prompting governments worldwide to shift towards renewable energy sources. “Encouraging regulatory framework and government support in the form of incentives such as renewable heat incentive (RHI), feed-in tariffs (FITs), renewable purchase obligations (RPOs), and tax incentives are playing a vital role in promoting installation and adoption of biomass energy sources,” says a TMR analyst. This is, thereby, augmenting the market.
High Cost of Heat Generation through Biomass Fuel Negatively Impacts Market Growth
Despite the numerous drives, the growth of the global biomass boiler market is adversely affected by issues associated with handling, storage, and supply. In addition, there are a few technical issues related to biomass boilers such as decline in the overall efficiency, pollutant emissions, ash deposition issues, and carbon burnout impacts. Moreover, the cost incurred in generating heat through biomass fuel is high as a larger volume of it is required to produce energy equivalent to the amount produced by a smaller volume of fossil fuels, which in turn is hampering the growth of the market.
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The information in this preview comes from a Transparency Market Research titled ‘Biomass Boiler Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.’
Global Biomass Boiler Market, by Feedstock Type
-Agriculture & Forest Residues
-Biogas & Energy Crops
Global Biomass Boiler Market, by Product Type
-Bubbling Fluidized Bed (BFB) Boilers
-Circulating Fluidized Bed (CFB) Boilers
Global Biomass Boiler Market, by End-user
Global Biomass Boiler Market, by Application
Global Biomass Boiler Market, by Geography
-Rest of Europe
-Rest of Asia Pacific
-Middle East and Africa (MEA)
-Rest of MEA
-Rest of Latin America