The global Biomass Solid Fuel market was valued at US$ 221.7 Bn in 2019 and is expected to exhibit a CAGR of 8.5% over the forecast period (2020-2027), in terms of revenue.
Key Trends and Analysis:
The biomass solid fuel market is expected to witness significant growth over the forecast period, owing to increasing demand for renewable source of energy. Biomass solid fuels are available in different types such as peat moors, wheat straw, palm oil residues, wood chips, sawdust, bagasse, and bark chips among others. These different types of biomass solid fuel are made up of agricultural byproducts, paper, sawmill residue, recycled materials, and animal farm litter among others.
Biomass solid fuel market is classified on the basis of source, application, and end use. Biomass solid fuel is being increasingly used now for energy source. Countries across the globe are investing millions of dollars to adopt green energy source. For instance, in 2018, Nippon Paper Industries, one of the largest paper producers in the world, started operating a bio-power plant at its paper mill in Japan. Such factors are expected to drive the global biomass solid fuel market growth during the forecast period.
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Key Market Takeaways:
The global biomass solid fuel market is expected to exhibit a CAGR of 8.5% during the forecast period, in terms of revenue. The growth of the global biomass solid fuel market is attributed to increasing demand for renewable energy across the globe. Various manufacturing units are shifting their energy source from coal to biomass solid fuel to adopt sustainable energy sources. For instance, in 2019, Toshiba converted the Mikawa coal-fired power plant to operate as a biomass-fired power plant. Besides, according to National Renewable Energy Laboratory (NREL), the production of wood pellets has witnessed rise in the recent years, owing to the emission policy imposed by the European Union (EU). The emission policies are regulated through the European Union’s Emissions Trading System (ETS). It is the key cornerstone of European Union to combat climate change and reducing greenhouse gases from power, industry and aviation sectors. In 2020, the target for emissions from these sectors to be 21% lower than in 2005. These factors are driving the demand for biomass solid fuel during the forecast period.
Among regions, Europe accounted for the largest market share in terms of revenue, in the global Biomass Solid Fuel market in 2019. This is attributed to increasing demand for renewable energy resources in the region. According to International Renewable Energy Agency (IRENA), the installed biomass power capacity in Europe has increased over the last decade, supported by strong legislative policies. It accounts for around half of the global installed capacities.
Prominent players operating in the biomass solid fuel market are focusing on the development of products and systems such as boilers, and heaters among others to strengthen their position in the global market.
Key players operating in the global biomass solid fuel market include—
Svenska Cellulosa Aktiebolaget SCA, BTG Biomass Technology Group, Eni S.p.A., Fulcrum BioEnergy, SOCOTEC Group, Drax Biomass Inc., Aggregated Micro Power Holdings plc, PVM Environmental Products, VGrid Energy Systems, and Vattenfall AB.
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