The availability of agricultural land is a major requirement for bioenergy; in other words, the generation of energy is directly proportional to the arable land abundance. Installing the biomass boiler helps save on fuel costs, but more strategically, renovating into the practice of using the biomass boiler system helps companies to take advantage of carbon trading markets.
The global industrial biomass boiler market is expected to grow at a CAGR of 11.04% during the forecasting years of 2019-2027. The market is estimated to reach $21,240 million by 2027. The base year considered for the study is 2018 and the estimated period is between 2019 and 2027.
The support from government regulations, cost efficiency and low environmental impact, and the staggering improvements in technology are chiefly driving the market growth. Increasing government support for industrial biomass boiler installation is the key factor fueling the growth of the market. Moreover, government support, such as funding programs and government grants, that offers tax benefits and investment subsidies play a significant role in triggering the growth of the market.
Adoption of biomass recovery and its conversion to energy source has offered paper and pulp industries with various benefits that include high-efficiency potential, waste volume reduction, hygienic disposal, power generation from recovered produced heat and low cost of capital involvement.
Based on geography, the global industrial biomass boiler has been segmented into geographical regions, namely, North America, Europe, Asia-Pacific, and the Rest of World. Europe had been the largest region for industrial biomass boiler market by revenue in 2018. Europe industrial biomass boiler market is expected to be on up-surging trend owing to government efforts to promote adoption of biomass energy and cost-effective energy generation due to depleting fossil fuel reserves. Moreover, the increasing greenhouse gas emissions along with increasing energy demands are also creating new opportunities for industrial biomass boiler market in the Europe region during the forecast period of 2019-2027.
The company profiles section in the report covers the analysis of important market players that are operating in the global scenario. English Boiler and Tube Inc. (acquired by Superior Boiler), Constructions Industrielles de La, Ecovision Systems Limited, Clyde Bergemann Power Group Inc., Outotec OYJ, Andritz AG, Hurst Boiler & Welding Co. Inc., ETA Heiztechnik GmbH, Alstom SA, AFS Energy Systems, Babcock Power Inc., ESI Scotland, FSE Energy Inc., and Aalborg Energie Technik A/S are some of the contending players.