Global Biomass Boiler Market Projected to Touch a Value of USD 10.8 Billion by 2024
The biomass boiler market has been segmented by end-user into residential, commercial and industrial sector, out of which, the commercial sector has dominated the biomass boiler market with largest market share in previous years and is anticipated to continue its dominance over the forecast period which can be attributed to the growing commercial markets while keeping in mind the reduction of carbon footprint. Further, the woody biomass segment is anticipated to expand at a robust growth and gain significant market share due to its constant demand in overall feedstock market.
In terms of region, Europe accounted for the highest market share in 2016 and is expected to retain its dominance over the forecast period where U.K and Europe are witnessing the demand for biomass boilers. Stringent government regulations to control greenhouse gas emissions are anticipated to drive the growth of Europe biomass boiler market by the end of 2024. Rising awareness among the population to adopt energy saving solutions for emission control is the major reason behind North America to hold the second largest Biomass Boiler Market after Europe.
The global market of biomass boiler is anticipated to reach market valuation of USD 10.8 Billion by the end of 2024 by expanding at a compound annual growth rate of 17.9% over the period 2017-2024. Rising awareness about the ecological risks and increasing government regulations are some of the major factors that are estimated to benefit the expansion of biomass boiler market with noteworthy revenue over the forecast period.
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Eco-Friendly Energy Generation to Fuel the Market Growth
Rise in greenhouse gas emission has led the government agencies of many regions to enforce boiler standards and regulations to promote the use of the biomass energy resources. In addition to that, rising usage of manure as biomass fuel to generate electricity is believed to propel the growth of the biomass boiler market across the globe.
The report titled “Biomass Boiler Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the biomass boiler market in terms of market segmentation by feedstock type, by product type, by end-user, by application and by region.
However, large size of boiler as compared to the ordinary ones coupled with lack of awareness regarding biomass boiler are some of the factors to hinder the growth of the biomass boiler market.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the biomass boiler market which includes company profiling of ETA Heiztechnik GmbH, Alstom SA, Hurst Boiler & Welding Co., Advanced Recycling Equipment, Baxi Group, Jernforsen Energi System AB, Garioni Naval SpA, Foster Wheeler AG, Ecovision Systems Ltd. and Lambion Energy Solutions GmbH.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the biomass boiler market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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