LONDON--(BUSINESS WIRE)--According to the latest market research report by Technavio, the global biomass boiler market is expected to grow at a CAGR of close to 6.43% until 2020.
In this report, Technavio covers the present scenario and growth prospects of the Global Biomass Boiler Market for 2016-2020. To calculate the market size, Technavio researchers have covered various segments categorized by application, feedstock, technology, and end-user.
“There is a vast amount of biomass potential worldwide. Countries like the US, Mexico, Brazil, China, Canada, Chile, and Argentina have huge biomass potential in terms of biomass feedstock, including agricultural waste, wood pellets, and municipal waste. While the use of raw biomass is likely to remain limited, the trade of refined biofuels such as bioethanol, biodiesel, and biomass pellets is expected to rise during the forecast period,” said Vishu Rai, one of Technavio’s lead industry analysts for power.
“However, the cost of gathering and processing this energy resource is quite high. Effectively targeted policy and incentives will help in meeting untapped biomass potential of this market,” added Vishu.
Global biomass boiler market by geography 2015
|
-- EMEA |
36.4% | ||||
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-- Americas |
34.4% | ||||
|
-- APAC |
29.2% |
Source: Technavio research
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EMEA: largest region for the global biomass boiler market
The biomass boiler market in EMEA was valued at USD 832.2 million in 2015. The region is expected to continue its lead in the global biomass boilers market as carbon emission restrictions are expected to become more stringent over the forecast period.
Many countries in the region have renewable energy targets and are supported by their governments through incentives and mandates for renewable technology in individual building and district heating centers. The EU’s mission of cutting its greenhouse gas (GHG) emissions by at least 40% by 2030 compared to 1999 is bringing steady investments in renewable technologies. In addition, tax is levied on carbon emissions, which is driving the use of renewable energy in many sectors. To cope with these taxes, district heating centers are also switching to biomass boilers.
Americas: second largest region for the global biomass boiler market
Biomass boiler market in the Americas was valued at USD 796.2 million in 2015. A major portion of the demand for biomass for heating comes from the industrial and commercial sectors. These sectors use high capacity boilers with high loads to fulfill their heating needs. A large amount of feedstock is available in the region, creating a huge potential market for boilers.
In the US, the biomass thermal utilization act of 2013 provides tax incentives for boilers that have an efficiency of above 75%, which can be used in residential, commercial, and industrial buildings. Though the region has high implementation rate of bio-based sources in the power and transport sectors, there is a high potential for biomass in the heating sector as well.
Biomass boiler market in APAC
The biomass boiler market in APAC was valued at close to USD 671.6 billion in 2015. Asia has become the largest investor in renewable energy as it includes some of the fast growing economies such as India, China, Singapore, and Vietnam, where the need for power has increased drastically. Rising pollution due to the excess use of fossil fuels has made the use of renewable energy a priority in the region.
Growing concerns regarding the volatile prices of crude oil, population density, and energy consumption have resulted in energy insecurities in many countries in APAC. Countries such as China and India are therefore shifting their focus toward biomass for heating, as they have large amounts of arable land available for biomass cultivation. The need for producing heat without increasing carbon emissions and implementation of stringent building norms attract district heating centers to adopt biomass boilers.
Browse related reports:
- Global Biomass Pellets Market 2015-2019
- Global Biomass Power Generation Market 2015-2019
- Biorefinery Market 2015-2019
- China Power Biofuels Market 2015-2019
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