June 22, 2024
Biomass Solid Fuel Market

Biomass Solid Fuel Market Thrives on Renewable Energy Trends

The global biomass solid fuel market has witnessed substantial growth in recent years. Biomass solid fuel is produced from various organic materials including wood, wood waste, straw, and bagasse. It offers various environmental and economic advantages over fossil fuels such as coal. Biomass solid fuel is carbon-neutral and helps reduce greenhouse gas emissions. It is also renewable in nature and provides an alternative to rapidly depleting fossil fuel reserves. The growing emphasis on renewable and clean energy sources to tackle climate change has propelled the demand for biomass solid fuels across various industries.

The Global Biomass Solid Fuel Market is estimated to be valued at US$ 3.14 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.

The Biomass Solid Fuel Market Size find widespread applications as a substitute for coal in power plants. They are also used for heating applications in both industrial and residential sectors. The high density and combustion properties of biomass solid fuels make them suitable for various thermal applications. Additionally, biomass helps improve energy security by reducing dependence on imported fossil fuels.

Key Takeaways

Key players operating in the biomass solid fuel market are Sanofi, Pfizer, GlaxoSmithKline, Merck, AstraZeneca, Johnson & Johnson, F. Hoffmann-La Roche, Novartis, Cipla, Gilead Sciences.

The growing demand for cleaner and greener sources of energy from industries as well as households is propelling the biomass solid fuel market. Biomass solid fuels offer an environmentally friendly substitute for coal and help lower carbon emissions.

Global awareness about the threats of climate change has led many countries to pledge support for renewable sources of energy such as biomass. This is encouraging investment and expansion of biomass solid fuel production facilities around the world.

Market key trends

One of the key trends gaining traction in the Biomass Solid Fuel Market Size is the increased emphasis on waste-to-energy technologies. Many companies are investing in technologies to convert municipal solid waste and agricultural residue into biomass solid fuels through processes like gasification and pyrolysis. This offers an effective way to generate energy from waste while also reducing dependence on landfills. The ability of biomass solid fuels to provide baseload renewable power and replace coal is expected to drive further innovation and adoption of waste-to-energy technologies in the coming years.

Porter’s Analysis

Threat of new entrants: High capital requirements and regulatory barriers limit new competition.
Bargaining power of buyers: Large buyers can negotiate lower prices and demand high quality standards.
Bargaining power of suppliers: Dependence on few raw material suppliers elevates supplier bargaining power.
Threat of new substitutes: Substitute products like natural gas and solar energy exert pressure on industry players.
Competitive rivalry: intense competition among existing competitors to gain market share.

Geographical regions

North America currently holds the highest share in the global biomass solid fuel market, primarily driven by stringent climate policies on renewable energy use. The region accounted for over 35% revenue share of the total market in 2020. Countries in Europe are also major consumers of biomass solid fuel owing to supportive waste-to-energy development plans. The biomass solid fuel market in European Union is projected to grow at over 7% CAGR during the forecast period.

Asia Pacific region is identified as the fastest growing market for biomass solid fuels. Rapid growth in population and industrial activities have increased energy demands in the region. Countries like China, India and Indonesia have initiated national programs to promote biomass as a renewable and sustainable energy source. The Asia Pacific biomass solid fuel market is estimated to create an incremental opportunity of over US$ 700 Mn by 2031.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it