July 13, 2024
Biomass Solid Fuel Market

The Biomass Solid Fuel Market is moving towards sustainability by 2031

The biomass solid fuel market is in trends by growing environment consciousness. Biomass solid fuels are derived from organic, non-fossilized matter and include wood pellets, wood chips and firewood. These solid fuels offer advantages like renewability, sustainability and lower greenhouse gas emissions compared to coal and other fossil fuels. Biomass solid fuels are used widely for heating applications in residential and commercial spaces and also for cooking purposes in developing regions.

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.

Key Takeaways

Key players operating in the Biomass Solid Fuel Market Size are Sanofi, Pfizer, GlaxoSmithKline, Merck, AstraZeneca, Johnson & Johnson, F. Hoffmann-La Roche, Novartis, Cipla, Gilead Sciences. The growing awareness about environment protection and various government initiatives to promote use of renewable energy sources are propelling the demand for biomass solid fuels globally. Many developed nations in Europe and North America have set renewable portfolio standards and are incentivizing utilization of biomass solid fuels for energy security and decarbonization.

The global biomass solid fuel market is expanding into new geographies with rising biomass power plant installations. Asia Pacific region especially China and India represent huge untapped markets for biomass solid fuels due to their rapidly growing economy and energy needs. Large biomass power projects and co-firing of biomass with coal are gaining traction in Asia.

Market key trends

One of the key trends in the Biomass Solid Fuel Market Size is the progress toward smart pellet production. Technological advancements are enabling real-time optimization of pelletizing processes. Parameters like moisture content, density, durability etc. can now be closely monitored and controlled during pellet manufacturing. This is improving the quality and consistency of biomass pellets. Standardization of pellet specifications according to end-use is also emerging as pellet buyers and suppliers realize the importance.

Porter’s Analysis

Threat of new entrants: Biomass feedstock availability and production technology act as entry barriers.

Bargaining power of buyers: Large biomass power producers have more negotiation power over fuel suppliers.

Bargaining power of suppliers: Suppliers have less bargaining power due to availability of substitutes like coal and natural gas.

Threat of new substitutes: Alternate renewable sources like solar and wind energy pose substitution threat.

Competitive rivalry:
Competition is intense due to large number of regional players.

Geographical regions

Asia Pacific accounts for around 35% of global biomass solid fuel market value due to wide availability of feedstock and presence of biomass-based power industries.

Africa is expected to be the fastest growing regional market during the forecast period supported by expanding biomass power generation and heating sector mostly in rural areas with lack of natural gas distribution networks. Initiatives are being taken up to utilize abundant agricultural waste for energy production

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