The growing awareness & emphasis on renewable energy
solutions, advancements in biomass boiler technology, and the
global shift towards carbon neutrality and sustainability are
projected to drive the global wood pellets biomass boilers market's
growth during the forecast period. The Europe region is predicted to witness
prominent growth by 2032.
PORTLAND, Ore., April 23, 2024 /PRNewswire/ -- Allied Market
Research has recently published a report, titled, "Wood Pellets
Biomass Boilers Market Size, Share, Competitive Landscape and Trend
Analysis Report by Type, by Application : Global Opportunity
Analysis and Industry Forecast, 2023-2032." According to the
report, the global wood pellets biomass boilers market generated
$4.6 billion in 2022, and is
anticipated to generate $17.4 billion
by 2032, rising at a CAGR of 14.3% from 2023 to 2032.
Download PDF
Brochure: https://www.alliedmarketresearch.com/request-sample/A300158
Prime Determinants of Growth
The increasing awareness & emphasis on renewable energy
solutions, potential cost savings with wood pellets biomass boilers
compared to traditional heating methods, and supportive policies
& financial incentives by governments across the globe are the
factors expected to drive the growth of the global wood pellets
biomass boilers market in the forecast period from 2023 to 2032.
However, higher upfront costs & installation expenses and
increased maintenance requirements may hamper the market growth in
the coming future. On the contrary, advancements in biomass boiler
technology and global shift towards carbon neutrality &
sustainability are expected to offer remunerative opportunities for
the expansion of the wood pellets biomass boilers market during the
forecast period.
Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$4.6 billion
|
Market Size in
2032
|
$17.4
billion
|
CAGR
|
14.3 %
|
No. of Pages in
Report
|
320
|
Segments
covered
|
Type, Application, and
Region
|
Drivers
|
Growing awareness &
emphasis on renewable energy solutions
Versatility of wood
pellet biomass boilers for various applications
Implementation of
supportive policies and financial incentives by
governments
|
Opportunities
|
Growing awareness
regarding environmental benefits
Technological
advancements in biomass boiler
|
Restraints
|
High costs and
substantial space requirement
|
Type: Fully Automated Biomass Boiler Sub-segment to be the
Most Dominant During the Forecast Period
The fully automated biomass boiler sub-segment accounted for the
largest global wood pellets biomass boilers market share of 36.0%
in 2022 and is expected to grow at the highest CAGR of 14.8% during
the forecast period. This dominance is mainly due to the fully
automated biomass boiler's technological superiority and
integration capabilities. These boilers automate the entire process
from fuel feeding to combustion and heat distribution, ensuring
efficient and consistent performance. In addition, their smart
technology features allow for remote system management and
optimization. The clean combustion of carbon-neutral biomass
further reduces emissions, making these systems a sustainable
alternative to fossil fuel boilers.
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Tables, and Figures) @
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Application: Residential Sub-segment to Flourish Immensely by
2032
The residential sub-segment accounted for the largest global
market share of 66.1% in 2022 and is expected to hold major market
share by 2032. This dominance majorly is driven by wood pellets
biomass boilers' versatility in home heating and hot water
provision. Their ability to support multi-zone heating systems
allows for customized temperature control, enhancing comfort and
energy efficiency. Besides, advanced models capable of combined
heat and power generation offer homeowners the dual benefits of
heating and electricity production, making them particularly
suitable for rural or off-grid areas, where independence from
centralized utilities is crucial.
Region: Europe Market to Hold Major Share by 2032
The wood pellets biomass boilers market in the Europe region accounted for the largest share
of 40.0% in 2022 and is predicted to continue to maintain its
dominance in terms of market share during the forecast period. This
growth is mainly owing to the region's commitment towards renewable
energy projects to reduce carbon emissions and achieve
sustainability targets. The spike in residential usage,
particularly in Germany, coupled
with high fossil fuel prices, has made these boilers an attractive,
sustainable heating solution. Moreover, supportive government
policies and growing environmental consciousness have further
accelerated the adoption of biomass boilers in countries like
Italy and Spain, enhancing the regional market
growth.
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Leading Players in the Wood Pellets Biomass Boilers
Market:
- Drax
- Andritz AG
- Hurst Boiler & Welding Co, Inc.
- Woodco
- Schmid AG energy solutions
- John Cockerill
- Thermax Limited
- Babcock & Wilcox Enterprises, Inc.
- Viessmann
- Forbes Marshall
The report provides a detailed analysis of the key players of
the global wood pellets biomass boilers market. These players are
employing various strategies including launching new products,
entering collaborations, expanding operations, forming joint
ventures, and signing agreements, all aimed at boosting their
market share and securing their competitive position across
different regions. The report is valuable in highlighting business
performance, operating segments, product portfolio, and strategic
moves of market players to showcase the competitive scenario.
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