The Global Biomass Boiler Market generated revenue of around USD 5.05 billion in 2020 and is anticipated to grow at a CAGR of over 14.13% during the forecast period from 2021 to 2027 to reach around USD 14.53 billion in 2027. While, cumulative growth opportunity presented by the global Biomass Boiler is around USD 73 billion during 2021 to 2027.
Global Biomass Boiler Market, 2020 – 2027 (USD Million)
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Biomass boilers are very similar to that of gas boilers used for space and water heating. As the name itself suggest, biomass boilers use biomass feedstock as a fuel. Biomass boilers are growing popularity across the world. Especially, Europe and North America are experiencing increasing popularity of biomass boilers as an effective alternative for traditional boilers. Biomass boilers offers a huge benefit of waste management as well. Biomass boilers can use multiple types of biomass fuel.
Woody Biomass Held over 30% Share
Woody Biomass, Agriculture & Forest Residues, Biogas & Energy Crops, Urban Residues and Others (including Landfill Gas) are major biomass fuels used for powering of biomass boilers. Woody biomass is major among all biomass fuels used to power biomass boilers. It held over 30% share in total revenue generation on the account of huge availability of wood biomass across the world. However, Agriculture & Forest Residues is also growing popularity among end-users.
Power Generation is Leading Growth of Biomass Boilers
Heating and Power Generation are two major applications for biomass boilers. Global biomass power generation market was valued at over USD 45 billion in 2020 and it is also expected to post most attractive CAGR of over 8.75% during the forecast period. This in turn expected to drive the future demand for biomass boilers.
Industrial Segment to Rule the Demand
Residential, Commercial and Industrial are major end-user industries for biomass boilers. It accounted for the largest share of total revenue generated in 2020. Biomass boilers cost over USD 12,500 for installation and hence not getting traction form residential users. Whereas, industrial buyers are growing as it can facilitate them with reduction of traditional fuel and the contribute towards environmental preservation.
Key players operating in the global biomass boilers include but not limited to Aara Energy Innovations Ltd, Alstom, Amec Foster Wheeler, Dongfang Electric, Doosan Heavy Industries & Construction, Ecovision Systems Ltd, ETA Heiztechnik GmbH, General Electric Company, Hurst Boiler & Welding Co, Inc., and Mitsubishi Hitachi Power Sytems.
Europe to Dominate Biomass Boilers
Europe held over 40% share in global biomass boilers market revenue generation in 2020 followed by North America with over 25% share in the same year. Stringent environmental regulations coupled with favorable policies drafted by various government in these regions has bolstered the demand for biomass boilers.
Market Segmentation
Global Biomass Boiler Market by Feedstock, 2015 – 2027
Global Biomass Boiler Market by Application, 2015 – 2027
Global Biomass Boiler Market by End-user, 2015 – 2027
Global Biomass Boiler Market by Company, 2015 – 2027
Blog: Target Market Size
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