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Rapid Industrialization and Economic Growth to Boost Global Biomass Solid Fuel Market

In the last few years, investors, scientists, and politicians have favored the utilization of biomass for the purpose of sustainable energy generation as a way to address the ever-growing energy problem while also reducing the environmental effect of high emission of greenhouse gases. Biomass solid fuel is predicted to be in great demand to meet the demands of a variety of businesses all over the world, which is likely to drive the global biomass solid fuel market. Coal, gas, and oil are the primary sources of energy worldwide; but, due to the increasing pace of depletion of fossil fuels, a superior energy resource is required that can safely substitute fossil fuels while leaving a low carbon imprint.

Constant industrialization as well as economic development are contributing to higher fossil fuel usage. On the flip side, existing reserves of fossil fuel are limited, and they are rapidly diminishing. Biomass solid fuel, as well as other renewable sources of energy, are predicted to be viable fossil fuel substitutes. This factor is expected to trigger expansion of the global biomass solid fuel market. Bagasse as well as other agricultural leftovers are now widely utilized to generate electricity and heat in Brazil, where the need for biomass solid fuel is increasing.

Increasing Demand to Reduce the Usage of Fossil Fuel is Expected to Trigger Growth of the Market

The main benefit of biomass solid fuel lies in the fact that, in most cases, it does not require a standard manufacturing approach since it is usually available in a sufficient state that does not need additional processing. It can be found in nature in its natural state. However, biomass including sawdust and wood chips have the disadvantage of being cumbersome to carry in its natural state, thus it undergoes a densifying procedure. Biomass is compressed into a solid form for hassle free storage, transportation, and application in this process. Bricks and pellets are the most common forms of storage for dense biomass.

Due to rapidly growing industrial output in emerging nations, greenhouse gas emissions such as methane, carbon dioxide, and nitrous oxide continue to rise. This is owing to the high expenses of implementing green technology and using renewable resources. Solid biomass fuel may be utilized as one of the options today to reduce the usage of fossil fuels. The capacity of usable biomass in the world, as per VDEW (German Verband der Elektrizitaetswirtschaft), is comparable to producing more than 150 billion mg per year, or 120 billion mg of coal. The prospect for using biomass solid fuel as an energy source is enormous. However, about 20-30% of accessible biomass is fit for use.

Rise in Biomass Power Generation is Likely to Fuel Demand in the North America Market

In the next few years, the biomass solid fuel market in North America is expected to grow at a rapid rate. The North America market is likely to be dominated by the US. Since the past several years, the country’s need for biomass power production has been rapidly increasing.

In the near future, Europe is likely to be a profitable region in the global biomass solid fuel market. Italy, Spain, and Germany are the region’s most important countries in the regional market. A crucial aspect likely to drive the biomass solid fuel market in Europe is the implementation of strict government laws regarding waste landfill disposal. In the UK, for instance, the waste disposal fee grew by 11% from 2016 to 2019.

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In the global biomass solid fuel market, Asia Pacific is also a promising region. Since the last few years, the regional demand for power has been driven by a significant increase in industrialization as well as urbanization. In Asia Pacific, biomass solid fuel successfully produces power whilst simultaneously controlling trash disposal.

The biomass solid fuel market in the Middle East and Africa, as well as Latin America, is expected to grow at a stable rate. In the years ahead, a steady rise in spending on biomass solid fuels is expected to boost the global biomass solid fuel market in these areas.

Pragati Pathrotkar

Pragati Pathrotkar is Team Lead for the SEO department at Transparency Market Research Pvt. Ltd. She is a specialist in search engine optimized (SEO) content with a wealth of experience gathered from working in leading market research firms.

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