Behind the consistently rising sales of biomass boilers globally are several larger forces at play. The regulatory environment for one, has created a scenario where both industrial and residential consumers are gradually being compelled to switch over to greener energy sources. Biomass fits this need well as it can be burned to directly produce heat and it can be used to produce liquid biofuels. Although the United States is the world leader in biomass power generation (half of the country’s renewable energy produced is biomass), many other countries are catching up. This is causing an unprecedented rise in the sales of biomass boilers globally. The United Kingdom, notably, is expecting higher demand for biomass boilers as a result of its Renewable Heat Incentive (RHI) policy.
Despite concerns that most of the biomass obtained for use in biomass boilers today comes from sources that are not sustainable, the global biomass boiler, nevertheless, will continue to gallop ahead at a CAGR of 19.9% between 2014 and 2022. By 2022, the global biomass boiler market is expected to be worth US$8.90 bn, estimates Transparency Market Research.
Regulations Pave the Way for Increased Biomass Boiler Sales
In terms of sales of biomass boiler, Europe was the largest market in the world in 2013. The region has attained this position thanks largely to ambitious targets for the use of biomass energy in its overall energy consumption pie. Programs such as the Renewable Heat Incentive (RHI) have boosted sales of biomass boilers in the United Kingdom. The U.K. aims to implement innovative energy technologies to achieve a targeted reduction of 80% in its GHG emissions by 2050. The widespread use of biomass boilers is integral to this meeting this ambitious plan.
Despite concerns that most of the biomass obtained for use in biomass boilers today comes from sources that are not sustainable, the global biomass boiler, nevertheless, will continue to gallop ahead at a CAGR of 19.9% between 2014 and 2022. By 2022, the global biomass boiler market is expected to be worth US$8.90 bn, estimates Transparency Market Research.
Regulations Pave the Way for Increased Biomass Boiler Sales
In terms of sales of biomass boiler, Europe was the largest market in the world in 2013. The region has attained this position thanks largely to ambitious targets for the use of biomass energy in its overall energy consumption pie. Programs such as the Renewable Heat Incentive (RHI) have boosted sales of biomass boilers in the United Kingdom. The U.K. aims to implement innovative energy technologies to achieve a targeted reduction of 80% in its GHG emissions by 2050. The widespread use of biomass boilers is integral to this meeting this ambitious plan.
In the United Kingdom, biomass is being used not just for heat and power generation, but also for producing fuel that can be used in the transportation sector. Thus, the future of the biomass boilers market in the United Kingdom remains strong.
Cost Savings Afforded by Biomass Boilers are Propelling Purchases
Among the notable benefits of a biomass boiler is the fact that its functioning is similar to a conventional oil or gas boiler, except that the former uses logs of wood or wood pellets to generate heat.
In the United Kingdom, although the cost of a biomass boiler on the market is more than that of a conventional wood stove or boiler, consumers using a biomass boiler can claim a reimbursement of part of their energy bills for using a renewable energy source. The RHI scheme, introduced in 2014, will be applicable for five years. These incentives are applicable to consumers using a biomass stove and biomass boiler. In countries such as Austria too, a sizeable portion of energy is generated by using biomass. More such examples are being seen outside of Europe too, indicating that the demand for biomass boilers will rise steadily northward.
However, the storage of wood pellets and logs calls for massive space and this is proving to be a greater hindrance than expected in the smooth switchover to biomass.
Browse Industry Research Press Release: http://www.transparencymarketresearch.com/pressrelease/biomass-boiler-market.htm
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