Surge in understanding on the environmental effects of fossil fuels has resulted into increase in inclination toward the use of renewable sources for the heat and power generation globally. This factor, in turn, is leading to sizable growth prospects in the global biomass solid fuel market. Biomass solid fuels are gaining immense popularity in the recent years owing to their ability to provide environmentally-friendly heat and power generation systems.
According to a research report by Transparency Market Research (TMR), the global biomass solid fuel market is prognosticated to expand at higher CAGR during the forecast period of 2020 to 2030. The analysts of TMR report offer 360-degree analysis of vital factors shaping the growth trajectory of the global biomass solid fuel market. Hence, readers gain thorough analysis of factors such as R&Ds, growth drivers, restraints, historical and present trends, regional analysis, and competition landscape of the market for biomass solid fuel.
Surge in Need for Environmental-friendly Power Generation Sources Boosts Growth in Biomass Solid Fuel Market
Rising efforts of government as well as private organizations around the world in order to discover environmental-friendly power generation sources are driving substantial growth avenues in the global biomass solid fuel market. Biomass solid fuel is produced using a wide range of sources such as wood & woody biomass, solid waste, and agricultural waste, notes a TMR study on the biomass solid fuel market.
Rising Industrialization and Population Drive Demand for Environmental-friendly Fuel Options
Increasing industrialization and growing population across the globe are resulting into increased waste generation and rise in the need for the environmental-friendly fuel options in order to decrease the level of carbon emissions and greenhouse gases. These factors are expected to generate sizable growth opportunities in the biomass solid fuel market.
Biomass solid fuels are being utilized in various applications such as heating and power generation. Moreover, rising product demand for commercial, industrial, and residential purposes is driving the sales growth in the global biomass solid fuel market.
Government authorities of several nations around the world have imposed stringent regulations pertaining to the waste disposal on landfills. This factor is fueling the business opportunities in the global biomass solid fuel market. Moreover, increasing efforts of regulatory bodies in order to promote the use of biomass solid fuel is supporting the growth in the biomass solid fuel market. In addition, governments of many countries globally are increasing the taxes pertaining to the landfills. This factor, in turn, is generating higher demand opportunities in biomass solid fuel market.
Some of the key companies operating in the global biomass solid fuel market include Hurst Boiler & Welding Co, Inc, Svenska Cellulosa Aktiebolaget SCA, Woodyfuel, NIPPON PAPER INDUSTRIES CO., LTD., Drax Biomass Inc., SOCOTEC Group, and Vattenfall AB.
Players in Biomass Solid Fuel Market Observe Sizable Growth Prospects in North America
The global biomass solid fuel market shows presence in many regions such as Asia Pacific, North America, Latin America, Middle East & Africa, and Europe. Among all, the market for biomass solid fuel is prognosticated to gain profitable prospects in North America in the forthcoming years owing to surge in the need for biomass electricity generation in many regional nations including the U.S., notes a TMR study.
The biomass solid fuel market in Europe is expected to gain notable business opportunities in the upcoming years, according to a report by TMR. This growth of the Europe biomass solid fuel market is ascribed to the implementation of strict regulations pertaining to waste landfill disposal in many regional nations including Spain, Italy, and Germany.