Albany, NY -- (SBWIRE) -- 04/13/2018 -- According to a latest market study by Transparency Market Research (TMR), the global biomass boiler market will log an impressive 19.9% CAGR from 2014 to 2022. The report, titled "Biomass Boiler Market - Global & U.K. Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022", states that the market's valuation of US$1.80 bn in 2013 will increase to US$8.90 bn by 2022.
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The report states that economic development in China, Brazil, and India has led to the surging demand for energy. This will open opportunities for alternate fuel sources such as biomass boilers for energy needs. Typically, a biomass boiler comprises a wood-fueled heating unit for heating and power generation applications.In addition, the enforcement of standard specifications for boilers has encouraged investments in this market in many parts of the world. Government support in the form of tax incentives and feed-in-tariffs and favorable regulations are bolstering the growth of the global biomass boiler market.
However, factors such as biomass fuel supply, handling, and storage are detrimental to the growth of this market. Nevertheless, various schemes offered by national agencies of countries hold promise for the development of the biomass boiler market during the forecast period. For example, in the U.K., the renewable heat incentive (RHI) offered by the government provides subsidies for renewable heat technologies, biomass being one of them.The report divides the global biomass boiler market on the basis of feedstock type, end user, product type, application, and geography. Agriculture and forest residues, woody biomass, biogas and energy crops, urban residues, and others are the feedstock type segments of this market. Amongst all, in 2013, woody biomass held the largest share of 78% in the global market due to its uses for power and heat generation.
By product type, bubbling fluidized bed boilers, circulating fluidized bed boilers, and stoker boilers are the segments of the global biomass boiler market. It is the biomass stoker boilers segment that dominated the global market in 2013 and is expected to retain its dominance through the forecast period.Industrial, commercial, and residential are the segments that divide the global biomass boiler market on the basis of end-use; of these, it was the commercial sector that was ahead of all other end-use segments in 2013.
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Power generation and heating are the two segments that divide this market on the basis of application. Of the two, heating holds the largest share accounting for almost 80% of the global market in 2013.North America, Asia Pacific, Middle East and Africa, Europe, and Latin America are the regional segments of the global biomass boiler market. In the developing countries of China, India, and Brazil, regional strategies that are framed towards the utilization of secure, affordable, and reliable energy sources have contributed to the growth of the Asia Pacific regional market.