Global Biomass Boiler Market Size to grow by US$ 15.4 Billion in 2030.

Press Release

The Global Biomass Boiler Market is projected to grow from USD 7.2 billion in 2021 to USD 15.4 billion by 2030 at a CAGR of 12.77% during the forecast period.

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Biomass boilers are becoming increasingly popular due to their low carbon footprint, and demand is increasing in the commercial, industrial, and industrial sectors. Stringent government restrictions, as well as increased awareness of environmental concerns, are driving the expansion of the biomass boiler market.

The COVID-19 pandemic has impacted negatively on industries and businesses all around the world. The pandemic's lockdown and social distance restrictions have stifled economic activity, interrupting supply chains, delaying projects, creating a labor shortage, and driving down demand for products and services. Governments all across the world are working hard to alleviate the suffering caused by the pandemic. The worldwide biomass boiler market is largely reliant on imports from other parts of the world. Also, the imposition of new government laws and a global lockdown, has affected the supply chain for biomass boiler. 

Biomass boilers offer a variety of economic and environmental benefits due to the biomass is renewable and low in carbon nature. The renewable nature of biomass has prompted a growth in biomass boiler installations in both developing and developed countries. Furthermore, various government initiatives aimed at increasing renewable energy consumption as a major step toward reducing carbon emissions are another driver driving market expansion. Furthermore, regulatory frameworks and government grants provide renewable energy companies with investment incentives and tax benefits. This encourages biomass heating firms to transition to biomass on a larger scale, resulting in boosting market growth during the forecast period.       

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The progress of the biomass boiler market is dependent on government support. Various governments throughout the world are supporting the biomass boiler business with subsidies and incentives. The Serbian Ministry of Mining and Energy recently committed 5.8 million euros to the heating plant in Novi Pazar, a municipal corporation in the country, to transition from fossil fuels to biomass. The funds will be used to install 8.5 MW biomass boilers. Grants and subsidies like these help the biomass boiler business flourish.

The market for biomass boilers is expected to develop as demand for heating systems in cold nations rises. Furthermore, strict emission laws and regulations in many countries may accelerate the growth rate of the biomass boiler market by increasing demand for biomass boilers.     

The European Union is supporting renewable energy as a means of increasing green energy adoption. Biomass renewables are being widely used in countries such as Germany, Sweden, Austria, and Finland for the production of power and heat. To combat the rising threat of carbon emissions, European countries are increasingly turning to non-conventional energy, indicating that the biomass boiler will rise in popularity in Europe. North America is a rising market for biomass boilers as people become more aware of the importance of using renewable energy sources to minimize carbon emissions. Due to rapid urbanization, expanding industry, and green energy adoption in countries such as India, Japan, and China, Asia Pacific is expected to be the fastest growing market for biomass boilers. Agricultural wastes are used as biomass fuel for energy generation in Latin America. In Latin America, the biomass boiler market is dominated by Brazil, Chile, and Mexico.

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KEY INDUSTRY DEVELOPMENTS:    

In February 2019, ThyssenKrupp, a German corporation, announced an agreement with Babcock & Wilcox Volund of Denmark to minimise pollution and expand the potential technology of biomass boilers in India and neighbouring nations.

In December 2018, Doosan Lentjes will offer its circulating fluidized bed (CFD) boiler technology to a new biomass-based power station in Sodengaura, Chiba Prefecture, Japan. 

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