Government Policies to Favor Industrial Biomass Boilers Market Growth as Industrial Revolution Goes Green
The global market for industrial biomass boilers is likely to witness steady growth as governments focus on promoting use of renewable fuels. With an aim to reduce carbon footprint worldwide, governments are planning on motivating use of alternate green fuel sources such as industrial biomass boilers, with a plan to set up green industrial revolution. For instance, in UK, 2019 witnessed UK government’s plan to reduce greenhouse emissions across the country by end of 2050. Moreover, in December 2020, UK government plans to achieve the said target with its publication – “The Ten Point Plan for Green Industrial Revolution”. It has also come up with “Energy White Paper: Powering the net zero future” that aims to support the use of renewable sources such as industrial biomass boilers. Additionally, it has set up fuel quality standards for industrial biomass boilers that will significantly enhance boiler efficiency and life of industrial biomass boilers. Likewise, IRENA (International Renewable Energy Agency) aims at a 2x increase share of renewable energy sources in the overall energy industry by 2030 and has developed REamp 2030 (Global Renewable Energy Roadmap) to achieve the target. Such initiatives are likely to trigger demand for industrial biomass boilers in turn contributing to their market growth.
Sustainability Quotient of Industrial Biomass Boilers to Spur Demand
As businesses worldwide are focused on reducing their carbon output by 2% every year, shift towards use of renewable energy sources is bound to increase. Industrial biomass boilers are considered as a sustainable substitute to fossil fuels and are an apt solution for process heating across a wide range of commercial and industrial applications. Correctly managed, industrial biomass boilers can deliver a considerable reduction in carbon emissions as compared to fossil fuels. Being carbon clean, industrial biomass boilers produce only a small fraction of emissions compared to other fuel alternatives and generate low levels of atmospheric pollutants such as sulphur dioxide. This factor is expected to influence sales of industrial biomass boilers across various industries in the coming years.
Chemical Industry’s Growth Favors Industrial Biomass Boilers!
Rapidly progressing chemical industry is likely to favor growth of industrial biomass boilers. According to BASF, chemical production worldwide is expected to increase by 4.4% in 2021. This growth will be predominantly observed in emerging markets. In developed economies, a 2.5% growth rate is anticipated by end of 2021. Growing chemical sector has a direct correlation to the use of sustainable fuel alternatives in the wake of growing awareness regarding CO2 emissions, which is likely to present potential growth avenues for manufacturers of industrial biomass boilers soon.
Industrial Biomass Boiler Limitations to Pose Challenges
Albeit their environmental benefits, industrial biomass boilers have few challenges that can hinder their market’s growth. The main hurdle lies in developing a control system strategy for a specific plant. Moreover, the industrial biomass boiler system needs to swiftly react to ensure emission compliance is in place and to achieve this, precise control of the system on fuel input in the combustion chamber is essential. This calls for an efficient management of the entire industrial biomass boiler system in the plant, which may vary from industry to industry depending on the production statistics. This factor becomes crucial as improper management of industrial biomass boilers can lead to accidents in the plant, impacting overall production line. Secondly, as compared to traditional systems, industrial biomass boilers consume a significant amount of floor space due to need of additional fuel handling systems, in turn making “effective control” plans imperative.
Emerging Economies in Asia Pacific Show Higher Lucrativeness
Emerging markets in Asia Pacific have been considered as the go-to countries as they have showcased potential growth opportunities across industries. Mainly, due to low labor cost and land availability, this region is considered as the manufacturing hub of the world. Moreover, apart from geographical advantages, emerging countries such as India and China have been categorized as highly populated, that translates into an opportunity of high volume sales, if managed properly. This has fuelled growth of various sectors such as pharmaceuticals, chemicals and food and beverages, which can be leveraged by manufacturers of industrial biomass boilers to expand their geographical footprint.
Some of the manufacturers of industrial biomass boilers include Andritz AG, Byworth Boilers Limited, Sofinter Group, Bharat Heavy Electricals Limited, GE Power and Thermax Limited.
Key Elements Included In The Study: Global Industrial Biomass Boiler Market
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