Biomass has emerged as a low-carbon and sustainable alternative for fossil fuels and is being used for heat and power generation. The need to minimize the dependence on fossil fuels has fueled the efforts for finding new and adopting alternative fuels. Biomass is carbon-neutral fuel and is now being adopted across the globe, in both developed and developing nations. Biomass boilers are being used for the generation of power and heat across households, businesses, and communities both big and small.
According to a recent report by Transparency Market Research (TMR), the Global Biomass Boiler Market will be worth US$10,752.4 mn in 2024, expanding at a 18.1% CAGR from 2016 to 2024. Given below in the blog post, TMR answers three important questions with regards to the global biomass boiler market:
Q. Of the different types of biomass, which type is currently leading?
As of now, the most commonly used variety of biomass that is being utilized is woody biomass. Woody biomass accounted for over 77% of the total market in 2015. The popularity of this type of biomass is high as it has been traditionally used by directly burning it for cooking and heating; however, with advent of technology, woody biomass is now converted into electricity. Some of the other types of biomass used as a fuel for biomass boilers include urban residues, energy crops, biogas, and agriculture and forest residue. As the use of woody biomass has recently started causing concerns relating to pollution and climate changes, the market for this segment will see a drop. The agriculture and forest residue will witness healthy growth in the future. The urban residues segment will also emerge as an attractive market.