Biomass Boiler Market to Grow at CAGR of 20% through 2033 – Increased Capacity Expansion of Biomass to Bolster Growth

Biomass boiler market size from USD 7.2 Billion in 2023 to USD 44.58 Billion in 10 years. Rapidly growing investments in the construction and industrial sectors will drive the Biomass Boiler market’s growth. Europe stands out as the leading region in the global biomass boiler market, commanding a significant market share of 43% in 2023.

Newark, May 06, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 7.2 Billion Biomass Boiler market will reach USD 44.58 Billion by 2033. Increased capacity expansion of Biomass, rapid industrialization, and strategic initiatives by the private players may fuel the growth of the Biomass Boiler Market. One of the primary drivers behind the growth of this market is the increased capacity additions in sectors such as sugar, rice, biorefinery, and pulp and paper industries. These industries produce substantial amounts of agricultural waste and wood biomass, which can be utilized as fuel in biomass plants. The growing demand for ethanol further boosts the requirement for agricultural waste biomass boilers and biomass wood. Thus, the expansion of capacity in these industries is expected to fuel the growth of the biomass boiler market in the foreseeable future.

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Scope of Biomass Boiler Market

Report Coverage Details
CAGR         20% from 2024 to 2033
Market Size in 2023 USD 7.2 Billion
Market Size by 2033 USD 44.58 Billion
Largest Market North America
Base Year 2023
Forecast Year 2024 to 2033
Historical Year 2020-2022
Segments Covered Feedstock, Technology
Regions Covered         North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Biomass Boiler Market Size by Feedstock (Woody Biomass, Agricultural Biomass, Urban Residue), By Technology (Stoker Boiler, Fluidized Bed Boiler), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Europe stands out as the leading region in the global biomass boiler market, commanding a significant market share of 43% in 2023. Government schemes such as the Renewable Heating Incentives (RHI) are actively working to curtail fossil fuel dependency, thereby fortifying the market in this region. Asia-Pacific region is poised to witness the most rapid growth in the biomass boiler market. This growth is fuelled by swift urbanization and heightened consumer uptake of renewable heating solutions. Notably, China and Japan are at the forefront of this expansion, driven by substantial infrastructure development.

Woody Biomass has dominated the market accounting for 39% of the total market

Woody Biomass has dominated the market accounting for 39% of the total market. Owing to the availability of an extensive range and diversity of wood biomass for heat energy. Additionally, increasing need and demand for the same in the agriculture sector has resulted in dominating the market in the global region. Whereas, Agriculture Biomass Boiler is expected to provide a lucrative growth rate in the future, owing to the technological breakthrough in the field of the Biomass Boiler Market.

In 2023, the Fluidized Bed Boiler market commanded roughly 70% of the market share

In 2023, the Fluidized Bed Boiler market commanded roughly 70% of the market share. This technology boasts numerous benefits compared to traditional biomass combustion approaches, such as heightened efficiency, decreased emissions, and enhanced fuel adaptability. The growing emphasis on transitioning from fossil fuels to renewable biomass energy, leveraging current infrastructure, is set to bolster market dynamics. Moreover, its expanding suitability within combined heat and power systems, facilitating simultaneous heat and electricity generation, is poised to elevate business prospects even further.

Latest Development:

• In June 2022, Babcock & Wilcox’s B&W Renewable Service subsidiary successfully installed biomass-fired boilers for a significant green energy project in Europe. These boilers generate district heating for various businesses in Denmark, using clean and renewable fuel to provide sustainable heat and reduce emissions.

• In April 2021, The Viessmann Group acquired a 34.3% stake in Value Added Engineering Group (VAE), an Australian HVAC solutions provider. This acquisition expanded Viessmann’s presence in the Asia Pacific region and facilitated its entry into the Australian market, further strengthening its global market share.

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Market Dynamics

Drivers: Rapidly growing investments in the construction and industrial sectors

Increased investments in the construction of new advanced industrial sector facilities and the upgrading of existing ones are expected to drive market growth. Furthermore, the demand for biomass boilers is being fuelled by growing national investments in energy-efficient infrastructure. For example, according to the United States Census Bureau’s report in August 2020, spending on public buildings in the United States reached USD 353.3 billion in June 2020, up from USD 332.8 billion in 2019. These developments are anticipated to stimulate sales in the biomass boiler market.

Restraints: Increased risk to human health in the long run

Although biomass is renewable, the sustainability of biomass boilers hinges on conscientious sourcing and management practices. Practices such as deforestation, changes in land use, and inefficient biomass production can worsen climate change and degrade the environment, potentially impacting human health and well-being in the long term.

Opportunities: Increased capacity expansion of Biomass

One of the primary drivers behind the growth of this market is the increased capacity additions in sectors such as sugar, rice, bio-refinery, and pulp and paper industries. These industries produce substantial amounts of agricultural waste and wood biomass, which can be utilized as fuel in biomass plants. The growing demand for ethanol further boosts the requirement for agricultural waste biomass boilers and biomass wood. Thus, the expansion of capacity in these industries is expected to fuel the growth of the biomass boiler market in the foreseeable future.

Challenge: Increased price of Biomass Boilers in the global market

The increasing prices of biomass boilers may pose affordability challenges for prospective buyers across residential, commercial, and industrial sectors. This obstacle could dissuade new customers from investing in biomass boilers, consequently decelerating the market’s growth trajectory. Furthermore, rising prices of biomass boilers may diminish their competitiveness relative to alternative heating systems like natural gas or oil boilers. This could prompt potential customers to favour these alternatives over biomass boilers, resulting in a reduction in demand for biomass heating solutions.

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Some of the major players operating in the Biomass Boiler market are:

• ETA Heiztechnik GmbH
• Thermax Ltd
• Energy Innovations (UK) Ltd
• Schmid energy solutions
• VAS Energy Systems International GmbH
• Wellons Inc
• Wood Energy
• The Babcock & Wilcox Company
• Advanced Recycling Equipment Inc
• Nexterra Systems Corp

Key Segments cover in the market:

By Feedstock:

• Woody Biomass
• Agricultural Biomass
• Urban Residue

By Technology:

• Stoker Boiler
• Fluidized Bed Boiler

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About the report:

The global Biomass Boiler market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.

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