Industrial Biomass Boiler Market Report Overview
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The industrial biomass boiler market size was USD 81030 million in 2022. As per our research, the market is projected to touch USD 174348.17 million by 2031, exhibiting a CAGR of 8.9% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the global industrial biomass boiler Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The extensive use of hydrocarbons has had a more negative effect on the environment, increasing carbon emissions, GHG emissions, and global warming. Green energy is being promoted by the worldwide community and many governments around the world. By using wood dust and chips, wood pellets, forest waste, etc. as a primary fuel source to produce heat and power, biomass boilers play a significant part in lowering carbon emissions. Heat is released by a biomass boiler, which can be used to create power and heat a dwelling. The commercial complex, residential communities, lodging establishments, businesses, and other locations can all have biomass boilers installed.
COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market
The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.
LATEST TRENDS
"Growth of the market in recent years"
Because the carbon dioxide that is generated while burning biomass is absorbed by developing plants, biomass is regarded as a carbon-neutral source of energy. This is predicted to drive up demand for biomass boilers globally. Government support for the construction of biomass boilers and growing environmental awareness are further factors propelling the growth of the global biomass boiler market. The expansion of the biomass boiler is hampered by its weight and ongoing maintenance for ash collection. The initial cost is higher than with a standard gas-fired boiler, and more area is required for fuel and wood storage, which limits the market for biomass boilers worldwide.
Industrial Biomass Boiler Market Segmentation
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- By Type
Based on type the global industrial biomass boiler market is classified as agriculture biomass, urban residue, woody biomass.
- By Application
Based on application the global industrial biomass boiler market is classified as pulp & paper industry, brewery industry, sawmill industry, CHP production, power generation, others.
DRIVING FACTORS
"The Utilization as a Catalyst to Boost the Market Growth "
The petrochemical and chemical sectors are expected to expand quickly in developing nations like China and India, which would increase demand for industrial boilers. Due to increased funding for the construction of mega power plants all over the world, demand is anticipated to increase even more. The chemical and petrochemical industries, which hold the largest market share for industrial boilers in the application segment, frequently use these vessels.
"Extensive Application in Laundering Process to Multiply the Production and Market Growth"
According to the U.S. Environmental Protection Agency, new boiler regulations should significantly reduce environmental pollution. The majority of the large source boilers can be maintained annually to fulfil emission regulations, but 12.0% of them will need to be replaced or renovated in order to reduce hazardous emissions. Over the projected period, this is expected to present possibilities for manufacturers.
RESTRAINING FACTORS
"Several Challenges Associated with the Local Irritation to Restrain the Market"
As the product is developed, many manufacturing-related issues become steadily more apparent. These systems' manufacture has been plagued by significant problems with materials, deformation, stress corrosion, welding problems, and hydrogen embrittlement. If the design of the product does not take into account its fundamental functionality, the entire production process won't satisfy the needs and objectives of the business. Industrial biomass boilers use biomass, which includes municipal garbage, industrial waste, agricultural and forestry wastes, to produce energy. The biomass waste is heated in an industrial biomass boiler to produce energy economically.
Industrial Biomass Boiler Market Regional Insights
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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"
The North American, European, Asian Pacific, Latin American, and Middle East & Africa regions make up the major segments of the worldwide biomass boiler market. By encouraging renewable energy, the European Union is demonstrating a significant interest in the adoption of green energy. For the generation of power and heat, nations like Germany, Sweden, Austria, and Finland are firmly embracing biomass renewables. European nations are more oriented towards non-conventional energy, which is anticipating the rise of the biomass boiler in Europe, in order to reduce the threat posed by rising carbon emissions. Because of the increased awareness of the need to use renewable energy sources to minimize carbon emissions, North America is the biomass boiler market that is expanding.
KEY INDUSTRY PLAYERS
"Financial Players to Contribute Towards Expansion of Market"
This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.
List of Market Players Profiled
- GE (Georgia)
- Babcock & Wilcox (US)
- Hurst Boiler and Welding (Georgia)
- Aalborg Energie Technik (Denmark)
- AFS Energy Systems (US)
- Andritz AG (Australia)
- Baxi (UK)
- Byworth Boilers (England)
- Clyde Bergemann Power Group (US)
- Dongfang Boiler Group (China)
- Enertime (France)
- ISGEC Heavy Engineering Ltd. (India)
- Thermax (India)
- Treco (US)
- VYNCKE N.V. (China)
- ZBG Industries (China)
REPORT COVERAGE
The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 81030 Million in 2022 |
Market Size Value By |
US$ 174348.17 Million by 2031 |
Growth Rate |
CAGR of 8.9% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type And Application |
Frequently Asked Questions
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What value is the market expected to touch by 2031?
The global industrial biomass boiler market is expected to USD 174348.17 million by 2031.
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What CAGR is the market expected to exhibit by 2031?
The market is expected to exhibit a CAGR of 8.9% by 2031.
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Which are the driving factors of the market?
The chemical and petrochemical industries, which hold the largest market share for industrial boilers in the application segment, frequently use these vessels.
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Which are the key players functioning in the market?
GE, Babcock & Wilcox, Hurst Boiler and Welding, Aalborg Energie Technik, AFS Energy Systems, Andritz AG, Baxi (UK), Byworth Boilers, Clyde Bergemann Power Group, Dongfang Boiler Group, Enertime, ISGEC Heavy Engineering Ltd., Thermax, Treco, VYNCKE N.V., ZBG Industries.
