Global Biomass Solid Fuel Market was valued at US$ 239.2 Billion in 2022, exhibiting a CAGR of 9.7% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 501.6 Billion by 2030.
Global Biomass Solid Fuel Market, By Source (Wood Pellets, Crop Residue, Energy Crops, Municipal Solid Waste (MSW), Others (Peat, Sawdust, etc.)), By Application (Space Heating/Cooling, Cooking, Heat Processing, Electricity Generation, Others), By End Use (Industrial, Institutional, and Domestic), By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) as published by Coherent Market Insights.
Global Biomass Solid Fuel Market- Driver
Increasing demand of biomass solid fuel for producing energy resources
High demand for biomass solid fuels to produce suitable energy resources such as gases, transportation fuels, and electricity is expected to drive the market growth. Rising demand for biomass for traditional uses is also expected to drive the market growth. Growing investment in modernization and infrastructure for the production of bioenergy and biofuels is in countries including the U.K., Germany, Finland, and Austria is expected to drive the market growth. Biomass solid fuel has numerous environmental and social benefits, unlike fossil fuels. These factors are expected to drive the global biomass solid fuel market growth during the forecast period.
Global Biomass Solid Fuel Market- Opportunities
Advanced technology for extraction of biomass solid fuel
Bioenergy accounts for around 10% of the global energy demand. Conventional untreated biomass including charcoal, firewood, and animal dung accounts for the largest share in the global biomass solid fuel across the globe, and it represents the leading source of energy for large population across the globe. Efficient and advanced conversion technologies allow the extraction of biomass solid fuel from materials such as wood, crops, and waste materials. These materials are available in abundant amount on the earth. Market players are adopting bioenergy in place of fossil fuels as a source of energy, as it can save up to 65% of the current fuel cost.
Global Biomass Solid Fuel Market- Restraints
Conversion from food crops to energy crops
Due to the high income opportunity, low maintenance, and low cost, farmers are inclining towards the cultivation of energy crops, instead of food crops. Given the alarming rate at which the population is increasing, this could result in food insecurity. It will also be difficult if the transition from food farming to the cultivation of energy crops continues. Moreover, increasing threat of deforestation with unrestrained biomass production is expected to hamper the global biomass solid fuel market growth during the forecast period.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/biomass-solid-fuel-market-3977
Key Takeaways:
On the basis of region, North America is predicted to experience fastest profitable growth in the global market revenue in 2022.
On the basis of application, electricity generation segment held dominant position in the global biomass solid fuel market in 2022, in terms of revenue, followed by space heating/cooling and heat processing a.
Global Biomass Solid Fuel Market- Trends
Rapid change in the use of bioenergy as industrial usage
Rising trend of industrial uses of bioenergy is growing rapidly. For instance, according to World Bioenergy Association global production of wood fuel reached 1.9 billion m3 in 2021. Africa and Asia Pacific produced the most wood fuel, with respective contributions of 37% and 36%. Wood pellets are one of the bioenergy sectors with the fastest global growth. In 2021, the world will likely produce 44.3 million tonnes of pellets. Global production of wood charcoal reached 54 million tonnes in 2021, with 67% of that production occurring in Africa.
Global Biomass Solid Fuel Market - Impact of Coronavirus (COVID-19) Pandemic
Low demand has been observed in the global biomass solid fuel market due to the COVID-19 pandemic. Measures like local/national lockdowns and movement restrictions had a detrimental effect on the market's expansion. The World Bioenergy Association claims that the pandemic has a moderate to significant impact on the global bioenergy industry. On-demand and clean energy has been provided by biomass solid fuels, and its role in supplying end-uses for heating and electricity should be acknowledged as an essential product in times of crisis.
