PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1070382
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1070382
The global Biomass Solid Fuel market was valued at USD 230,408.6 million in 2021, growing with 8.5% CAGR during the forecast period, 2022-2027.
The Biomass Solid Fuel is fuel generated by solid biomass. It is known as a substance that is biodegradable and is a residue or waste from plants, animals, and biological remains from households' kitchens as well as Industrial waste. This fuel is a renewable source of energy and is sustainable when compared to petroleum which is depleting slowly and causing harm to the environment. Bio-fuel on the other hand can never be depleted because it is formed from the carbonaceous waste of animals, humans, and other industrial activities.
Market Dynamics
The global Biomass Solid Fuel market is a developing market that is anticipated to witness huge growth during the forecast period. The global Biomass Solid Fuel market is majorly driven by the increased adoption of sustainable sources of energy and the need to reduce greenhouse gas emissions because of their negative impact on the earth's atmosphere. The continuous growing energy crisis has made various people such as scientists, policymakers and investors advocate the adoption of green sources of energy. There is also a high demand for sustainable sources of energy from multiple industries.
Biomass fuel offers a great solution for the reduction of carbon footprint and at the same time reversing the effects of global warming. For instance, study conducted by the United States department of energy found that the usage of bio-fuel over other fossil fuels such as coal and petroleum leads to a reduction of 148% of global warming potential. Hence it is the most suitable replacement for non-renewable energy sources such as coal, petroleum, and other fossil fuels. Biomass fuel currently contributes to the largest share of the global sustainable sources of energy.
Another major driver for its increased adoption is that it does not need any production process or additional processing as the energy is available in its natural form. Whereas Coal and petroleum undergo extensive processing, which is costly and at the same time harmful to the environment.
Source Takeaway
Based on the source, the global Biomass Solid Fuel market is bifurcated into Crop Residue, Energy Crops, Wood Pellets, Municipal Wastes, and others. The Wood pellets category has a major share in the global market and accounted for over 30% of the Biomass Solid Fuel market in the same year. This is because of a large presence of the Timber Industry in the North American as well as European regions which leaves wood pellets as waste. Also, the availability of technology to harness the energy from wood pellets has made it have a major share of the revenue.
Besides, the crop residue and energy crops category is anticipated to grow at the highest CAGR over the upcoming years. Sources like wood pellets are still not completely environment friendly, because of their emissions which lead to the greenhouse effect. However, crop residue when utilized produces biofuels that are more environmentally friendly. Energy crops such as corn are also popular in demand, because of their by-products such as ethanol which promises a cleaner usage of fuel. Fuels like ethanol also find their usage in reducing carbon footprint from automotive vehicles which is a major carrier for greenhouse gas emissions. Biomass Solid Fuels integrate with various industries and households in meeting their energy requirements and this also helps organizations to offer tailor-made services to customers to meet their energy needs.
Application Takeaway
Based on Application, the global market is bifurcated into Cooking, Heat Processing, Space Heating/Cooling, Electricity Generation, and Others. The cooking category accounted for a major share in 2019 and had more than 30% of the market revenue share in the same year. The increased adoption of Biomass Solid Fuel applications for a cooking category is because of the technology available to convert the energy. At the same time cooking does not require bulk density and provides more energy per unit. Hence it is ideal to use this source of energy for all the households. This segment is also growing at a significant pace in the APAC region because of ease in accessing the energy for cooking, for rural/tier2/tier3 households, where energy is not easily accessible otherwise.
On the other hand, the heat processing and space heating category is anticipated to grow at the fastest CAGR over the upcoming years. This is mainly due to the increased adoption of Biomass Solid Fuels by cold regions globally where access to energy is difficult through other means of renewable sources such as solar energy or wind energy. Heat processing is also increasingly being adopted by industries that use boilers through renewable energy sources.
Regional Takeaway
Based on geography, the global Biomass Solid Fuel market is categorized into North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and Middle East & Africa (MEA). In 2019, North America accounted for a major share and had over 35% of the market revenue share in the same year. The rise in adoption is because of the presence of key players as well as the technologies to produce such renewable sources of energy. Steps taken by the government and policies made in the right direction are other reasons for its dominance in the market.
On the other hand, Asia Pacific is anticipated to witness the fastest growth over the upcoming years. This is because of the high availability of raw materials such as animal waste, human waste, and industrial waste which can be utilized to produce green sources of energy that can be further used to meet the energy demands of the vast population including low-income people. The cost-effective nature of such energy makes the energy accessible to poor people as well, increasing their demand for various energy needs.
COVID-19 Impact
The COVID-19 pandemic had a huge impact across numerous industries and brought disruptions in the supply of raw material as well as finished goods. To win the battle against the COVID-19 pandemic situation governments of numerous countries have imposed complete lockdown and partial lockdown in their countries owing to which there is a halt in the manufacturing sectors and badly hit the economy of the country. The disruptions in the global supply chain made people understand the necessity of energy security and also the need for a continuous supply of energy. One way to cater to this was through biomass fuel, which saw an increase in demand during COVID. Due to its on-demand nature and the ease of availability of raw materials such as Bagasse, wood chips, and pellets, it was able to provide essential energy across sectors and geographies.
Key Vendor Takeaway
Some of the prominent players operating in the industry include Vattenfall AB, PVM Environmental Products, Aggregated Micro Power Holdings plc, BTG Biomass Technology Group, Drax Biomass Inc., SOCOTEC Group, Fulcrum BioEnergy, VGrid Energy Systems, Svenska Cellulosa Aktiebolaget SCA, Toshiba Energy Systems & Solutions Corporation, Eni S.p. A, AFS Energy systems, Detroit stoker co, Biomass systems supply, Messersmith manufacturing, Jansen combustion, and boiler technologies.
The industry is moderately consolidated in nature owing to the presence of many numbers of companies competing for market share. Apart from this, with the rising demand for a Biomass Solid Fuel, the key players have adopted growth strategies such as merger & acquisition, collaboration, strategic partnerships, and product launches to retain their position on the global scale. For instance, Toshiba Energy Systems & Solutions Corporation, in October 2019, announced that SIGMA POWER Ariake Corporation, its consolidated subsidiary, has started constructing a biomass power plant in Japan's Omuta city.
Key features of the study:
This proposed research study on Biomass Solid Fuel market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2022-2027), considering 2021 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Biomass Solid Fuel market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Biomass Solid Fuel market
Impact of COVID-19 on Biomass Solid Fuel market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Biomass Solid Fuel market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Biomass Solid Fuel market, we have also included competitive landscape and key innovator analysis for the Biomass Solid Fuel market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and end-user's attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Biomass Solid Fuel market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new product launch, research & development, regional expansion of major participants involved in the Biomass Solid Fuel market on global as well as regional level.
The global Biomass Solid Fuel market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL BIOMASS SOLID FUEL MARKET KEY PLAYERS
Vattenfall AB
PVM Environmental Products
Aggregated Micro Power Holdings plc
BTG Biomass Technology Group
Drax Biomass Inc.
SOCOTEC Group
Fulcrum BioEnergy
VGrid Energy Systems
Svenska Cellulosa Aktiebolaget SCA
Toshiba Energy Systems & Solutions Corporation
Eni S.p. A
AFS Energy systems
Detroit stoker co
Biomass systems supply
Messersmith manufacturing
Jansen combustion and boiler technologies
GLOBAL BIOMASS SOLID FUEL MARKET, BY SOURCE
Crop Residue
Energy Crops
Wood Pellets
Municipal Wastes
Others
GLOBAL BIOMASS SOLID FUEL MARKET, BY APPLICATION
Cooking
Heat Processing
Space Heating/Cooling
Electricity Generation
Others
GLOBAL BIOMASS SOLID FUEL MARKET, BY END USE
Institutional
Domestic
Industrial
GLOBAL BIOMASS SOLID FUEL MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Singapore
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Rest of MEA