Global Biomass Briquettes Market to Cross USD 700 Million by 2028
The growth of the biomass briquettes market can be attributed to the rising adoption of biomass briquettes as a cleaner fuel for the purpose of power generation leading to lower GHG emissions. Moreover, policy formulations by the governments encouraging the adoption of biomass as alternative energy source is further propelling the market growth over the forecast period.
A recent study by the strategic consulting and market research firm; Report Ocean revealed that the Global Biomass Briquettes Market was worth USD 429.0 million in 2021 and is projected to reach USD 701.5 million by the year 2028, growing at a CAGR of 7.4% during the period of 2022-2028. The growth of the biomass briquettes market can be attributed to the rising adoption of biomass briquettes as a cleaner fuel for the purpose of power generation leading to lower GHG emissions. Moreover, government policy formulations encouraging the adoption of biomass as an alternative energy source further propelling the market growth over the forecast period.
Rising Adoption of Biomass Briquettes as a Clean Fuel Leading to Lower GHG Emissions
Biomass briquettes can be considered an unsurpassed alternative energy source compared to wood fuel. Clean energy in commercial and domestic segments is a tool to advance human health, lower climate change impacts, and save hundreds of millions of people, especially women and children, from toiling during daily fuel collection. Therefore, governments worldwide have formulated several policy measures for adopting biomass as an alternative energy source, thus propelling the growth of biomass briquettes over the forecast period. For instance, the UK Government intends to publish a Biomass Strategy in 2022 that would set out the details regarding the Governments view on how biomass would contribute towards net zero across the economy. It would cover the policies required to deploy biomass in the priority areas for net zero emissions, alongside the outlines to back these policies, including the sustainable supply of resources, and air quality requirements, besides GHG accounting mechanisms.
The Power Generation Segment Likely to Grow at a Considerable Growth rate over the Forecast Period.
The global biomass briquettes market is segmented into thermal energy, power generation, and others. Amidst the segmentation, the power generation segment is likely to grow at a considerable rate over the forecast period. Biomass briquettes offer a cleaner alternative to coal and other fossil fuels for the purpose of power generation. Biomass sources are extensively available, and biomass briquettes do not need different power-generation equipment, thus expanding their adoption seamlessly. This has encouraged several power companies throughout the world to experiment with biomass briquettes. For instance, in December 2021, The Maharashtra State Power Generation Company (MAHAGENCO) in Maharashtra, India, announced the usage of biomass briquettes in one of its power stations on an experimental basis. Conversely, biomass briquettes are widely deployed in thermal power plant stations to mitigate GHG emissions.
Impact Of COVID-19 On the Global Biomass Briquettes Market
The emergence of the COVID-19 pandemic has brutally impacted the global biomass briquettes market. The sudden emergence of the COVID-19 pandemic caused the implementation of tight lockdown measures in some nations, disrupting Biomass Briquette import and export. Various end-use industries had to scale down or completely stop production owing to factors such as contractual obligations, health and safety measures, resource availability, and project delays or cancellations due to the global pandemic. Moreover, COVID-19 directly impacted production and demand, causing supply chain and market disruption that impacted industrial operations. Nevertheless, with the improving market circumstances in the post covid era, the growth of biomass briquettes is likely to recover during the forecast period and offer attractive prospects to the manufacturers and distributors of biomass briquettes all over the world.
Asia-Pacific Region Is Expected to Grow with The Highest CAGR In the Global Biomass Briquettes Market
Regarding regional analysis, the global biomass briquettes market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East, and Africa. Amidst the segmentation, the Asia-Pacific region is expected to be the largest growing market in the global biomass briquettes market. This can be ascribed to the large-scale usage of biomass briquettes in the developing countries of the Asia-who have been the largest consumer of bio-briquettes, particularly in domestic cooking activities due to inadequate availability of cooking fuel. The market has been recently gaining traction among developed economies that use these briquettes for heating boilers in electricity generation. China is expected to observe the most significant growth rate in market penetration due to government policies intended to boost production. Additionally, due to the advancements in Chinese Biomass Fuel production technology, their market share in the international market is growing, and their global competitiveness is improving. Furthermore, the Asia-Pacific region's environmental regulations are progressively becoming more stringent, which is also fuelling the market growth rate over the forecast period.
The global biomass briquettes market is characterized by many local, regional, and global vendors. The key players operating in the global biomass briquettes market are German Pellets, Enviva, Pinnacle Renewable Energy Group, Pacific Bioenergy Corporation, Vyborgskaya Cellulose, Rentech, Graanul Invest Group, RWE Innogy, Lignetics, E-pellets, Drax Biomass, General Biofuels, Blue Fire Renewables, Pfeifer Group, Biomass Secure Power, Viridis Energy, Energex, Protocol Energy, Agropellets, Granules LG and other prominent players. The players maintain their dominance in the market by investing in research and development activities, integrating the latest and advanced technologies into their products, and launching improved products for the customers.
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The report's in-depth analysis provides information about growth potential, upcoming trends, and the global biomass briquettes market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global biomass briquettes market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.