“Global Wood Pellets Biomass Boilers Market to reach a market value of USD 11.4 Billion by 2030 growing at a CAGR of 13.9%”
The Global Wood Pellets Biomass Boilers Market size is expected to reach $11.4 billion by 2030, rising at a market growth of 13.9% CAGR during the forecast period.
Environmental concerns and initiatives to reduce carbon emissions have contributed to a rise in the demand for renewable energy sources in North America. As a renewable energy solution, these boilers gained traction as a cleaner alternative to fossil fuels. Consequently, the North American region would acquire nearly 30% of the total market share by 2030.
Governments worldwide are under pressure to address climate change and reduce carbon emissions. Wood pellets are carbon-neutral because they release only the carbon dioxide the trees absorb during their growth, making them an attractive alternative to fossil fuels. In addition, governments enact policies and regulations to promote renewable energy adoption, such as renewable energy mandates, carbon pricing mechanisms, and subsidies for biomass heating systems. Hence, these aspects can increase demand in the market. Additionally, In comparison to fossil fuels like oil and natural gas, which are susceptible to market volatility caused by geopolitical events, supply-demand dynamics, and economic factors, wood pellets typically exhibit a higher degree of price stability. Moreover, businesses and homeowners reduce their exposure to the inherent volatility of fossil fuel sectors by switching to wood pellets. Therefore, these aspects can assist in the growth of the market.
However, the efficient distribution of wood pellets is essential for the widespread adoption of biomass boilers. However, in many regions, there is a lack of established distribution networks to supply pellets to residential, commercial, and industrial consumers. Moreover, rural regions often face more significant infrastructure development challenges than urban areas. Thus, these factors can hamper the growth of the market.
Based on type, the market is segmented into fully automated biomass boiler, combined heat & power (CHP) biomass systems, semi-automated industrial biomass boilers, and others. In 2022, the combined heat and power (CHP) biomass systems segment garnered a 22% revenue share in the market. CHP biomass systems offer higher energy efficiency than conventional separate heat and power generation systems. By simultaneously generating heat and electricity from biomass fuel, these systems maximize the utilization of energy resources and minimize waste, leading to cost savings and environmental benefits.
On the basis of application, the market is bifurcated into residential and commercial. In 2022, the commercial segment witnessed a 25% revenue share in the market. Strict environmental regulations have been enforced by governments and regulatory bodies across the globe to concurrently reduce greenhouse gas emissions and encourage the use of renewable energy sources.
Free Valuable Insights: Global Wood Pellets Biomass Boilers Market size to reach USD 11.4 Billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Europe segment procured a 35% revenue share in the market in 2022. European nations have emerged as leaders in adopting renewable energy policies and pursuing sustainable energy transition objectives to mitigate greenhouse gas emissions. Policies such as the Renewable Energy Directive (RED) and the European Green Deal provided a supportive regulatory framework for deploying biomass boilers. Therefore, the segment will expand rapidly in the upcoming years.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 4 Billion |
| Market size forecast in 2030 | USD 11.4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 13.9% from 2023 to 2030 |
| Number of Pages | 173 |
| Number of Tables | 259 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, Region |
| Country scope |
|
| Companies Included | Andritz AG, Woodco Renewable Energy Limited, Carrier Global Corporation, Babcock & Wilcox Enterprises, Inc., John Cockerill S.A., Hurst Boiler & Welding Co, Inc., thyssenkrupp AG, Thermax Limited and ETA Heiztechnik GmbH |
By Application
By Type
By Geography
The Market size is projected to reach USD $11.4 billion by 2030.
Energy cost savings and price stability are driving the Market in coming years, however, Limited infrastructure and accessibility challenges restraints the growth of the Market.
Andritz AG, Woodco Renewable Energy Limited, Carrier Global Corporation, Babcock & Wilcox Enterprises, Inc., John Cockerill S.A., Hurst Boiler & Welding Co, Inc., thyssenkrupp AG, Thermax Limited and ETA Heiztechnik GmbH
The Residential segment led the Market by Application in 2022; thereby, achieving a market value of $7.1 Billion by 2030.
The Europe region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4 Billion by 2030.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 