The global market for biomass boilers has so far been dependent on the overall level of awareness that consumers hold. It is a very highly regarded alternative to fossil fuel usage in boilers as it is a low-carbon and renewable fuel replacement. The use of biomass in the generation of power and heat has received massive boosts from governments as well as private players in terms of financial aid for development, making it also one of the key drivers for the global biomass boiler market. The presence of players in the global biomass boiler market is currently much stronger in developed economies than developing ones, mostly due to the higher level of awareness that North America and Europe are showing, as well as the far stronger dependence of developing economies on fossil fuels for industrial evolution.
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The global biomass boiler market is expected to expand at a whopping CAGR of 18.1% within a forecast period from 2016 to 2024. In 2015, this market’s revenue was calculated at US$2.42 bn and is expected to reach US$10.75 bn by the end of 2024. Some of the leading names that have held key shares in the global biomass boiler market so far, include Advanced Recycling Equipment, Inc., General Electric Company, ETA Heiztechnik GmbH, Energy Innovations (UK) Ltd., Hurst Boiler & Welding Co, Inc., Amec Foster Wheeler plc, Ecovision Systems Ltd., Baxi Group Limited, and Thermax Ltd.
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Woody Biomass Demand Expected to Reduce Over Time
From all the various types of biomass types that have been used in the global biomass boiler market, woody biomass had led the market in 2015 with a 77% share in its value. Woody biomass was conventionally used for direct burning for cooking and heating on a domestic level. Over time, technology evolved and woody biomass could be used as a fuel source to generate electricity, even at a competitive level. The demand for woody biomass has so far been very high as a lot of technology in the global biomass boiler market revolves around it. This is expected to change, however, with the growing concerns over the higher emission rates of woody biomass. The increasingly stringent norms over emissions and air pollution control are therefore, instrumental in reducing the demand for woody biomass and catapulting the other segments into the limelight. Feedstock such as agriculture, forest, and urban residues are now being hailed as the modern, cleaner, and greener versions in the global biomass boiler market.
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Europe Pushes for Renewables Usage Upscale
The global biomass boiler market has witnessed a massive demand from Europe to date. It has been the leading region within this market in 2015, with a share of 67% in the global biomass boiler market’s value. Early implementation of renewable energy and biomass have been key to the higher demand for biomass boilers in Europe. Furthermore, the increasing strict regulations regarding emission norms and the growing pressure from the declining stockpiles of fossil fuels has compelled all key countries from Europe to resort to renewables. The global biomass boiler market benefits heavily from this need to shift away from fossil fuels. In fact, Europe is expected to show a CAGR of 18.8% in the global biomass boiler market, from 2016 to 2024, making it the leading region to progress in the market. This growth rate will act as a beacon for more players to enter the global biomass boiler market, especially in Europe.
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