The North America Wood Pellets Biomass Boilers Market would witness market growth of 13.7% CAGR during the forecast period (2023-2030).
The US market dominated the North America Wood Pellets Biomass Boilers Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,503.5 Million by 2030. The Canada market is experiencing a CAGR of 16.2% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 15.2% during (2023 - 2030).
Some biomass boiler systems are designed to produce heat and electricity through combined heat and power (CHP) technology. These systems offer higher energy efficiency by utilizing the heat generated during electricity production for heating purposes. In a wood pellets biomass boiler system with CHP capabilities, biomass fuel (such as wood pellets) is combusted in a boiler to produce high-temperature steam. The resulting steam is subsequently utilized to power a reciprocating engine or turbine linked to an electrical generator. As the turbine or engine rotates, it generates electricity, which can be utilized on-site or exported to the grid.
Moreover, the adoption of wood pellet biomass boilers has steadily risen across various sectors, including residential, commercial, and industrial applications. This surge in adoption can be attributed to several factors, including growing awareness of climate change, increasing government support for renewable energy initiatives, and advancements in biomass boiler technology. Moreover, the inherent benefits of biomass heating, such as carbon neutrality, energy efficiency, and fuel versatility, have positioned wood pellet biomass boilers as compelling alternatives to conventional heating systems.
Mexico has witnessed significant growth in its renewable energy sector in recent years, driven by supportive policies, declining costs, and increasing investment in clean energy technologies. As per the data from the International Trade Administration, in 2022, the installed capacity of Mexico’s clean energy plants (renewable and non-renewable) was 31,369 MW, which represented an increase of 1.81 percent in comparison to the previous year, when the installed capacity of clean energy accounted for 30,812 MW. In addition, Canada's growing emphasis on emission reduction and renewable energy has led to increasing demand for these boilers across the country. As per the data released in 2021 by the International Energy Agency, Canada has set targets of a 40-45% reduction in GHG emissions by 2030 (benchmarked against 2005) and net zero emissions by 2050. Therefore, the rising renewable energy sector and net zero emission initiatives in North America will assist in the growth of the regional market.
Free Valuable Insights: The Wood Pellets Biomass Boilers Market is Predict to reach USD 11.4 Billion by 2030, at a CAGR of 13.9%
Based on Application, the market is segmented into Residential, and Commercial. Based on Type, the market is segmented into Fully Automated Biomass Boiler, Semi-automated Industrial Biomass Boilers, Combined Heat and Power (CHP) Biomass Systems, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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