Biomass boilers are being used extensively across the globe in power generation and heating applications. In the last few years, a high demand for biomass boilers has been observed from hospitals, colleges, hospitals, commercial buildings, farms, households, and district headings. Moreover, the popularity of biomass boiler is likely to grow significantly as it is considered as a low carbon alternative and an effective heat source. The high rate of economic development and the swift industrialization in emerging economies are projected to accelerate market’s growth in the coming years.
As per a research report by Transparency Market Research, in 2015, the global biomass boiler market was worth US$2.42 bn and is anticipated to reach a value of US$10.75 bn by the end of 2024. The market is projected to register a progressive 18.0% CAGR between 2016 and 2024.
Increasing Investments to Bolster Global Biomass Boiler Market
The favorable regulatory framework and government support are the key factors augmenting the global biomass boiler market. The enforcement of boiler standards is attracting investments in the global market, which will accelerate the growth in the next few years. In addition, the tax incentives and feed-in tariffs are likely to supplement the growth of the global biomass boiler market. On the other hand, several challenges related to the handling, supply, and storage of biomass fuel are expected to restrict the market’s growth in the near future. Nevertheless, the renewable heat incentive is projected to offer long-term support for renewable heat technologies in the near future. This factor can support the development of the overall market and offer promising opportunities for players.
The key applications of biomass boilers include heating and power generation. The growing focus on making use of renewable energy is expected to push the players in expanding the application base in the near future. On the basis of end use, the global biomass boiler market can be classified into commercial, industrial, and residential. Among these, the commercial segment is anticipated to lead the global biomass boiler market in the next few years.
Promising Government Policies to Encourage Growth of Asia Pacific Market
From a geographical perspective, in 2015, Europe led and held a share of 67% of the global biomass boiler market. This region is expected to remain in the dominant position and register a healthy 18.80% CAGR between 2016 and 2024. High growth of this region can be attributed to the tremendous ride in the biomass production in the last few years. On the other hand, Asia Pacific is projected to witness substantial growth in the next few years with the introduction of promising government policies associated with the development of biomass energy.
Browse the full Global Biomass Boiler Market report http://www.mrrse.com/global-biomass-boiler-market
The leading players operating in the global biomass boiler market are ETA Heiztechnik GmbH, SVECOM PE Srl, Schmid AG, Mawera UK Ltd., Amec Foster Wheeler plc, Ecovision Systems Ltd., Wood Energy Ltd., Wellons, Inc., Thermax Ltd., Nexterra Systems Corporation, General Electric Company, RENTECH Boiler Systems, Inc., Baxi Group Limited, Kohlbach Holding GmbH, Polytechnik Group, and Justsen Energiteknik A/S.