Pune, India, March 08, 2023 (GLOBE NEWSWIRE) -- The rising demand for clean energy resources is expected to have a positive impact on the global market during the forecast period, states Fortune Business Insights, in a report, titled "Biomass Briquette Market Size, Share & Industry Analysis, By Raw Material (Wood, Agricultural Residue, Municipal Solid Waste (MSW), Others), By Application (Power Generation, Thermal Energy, Others) and Regional Forecast, 2023-2030" the rising global warming is expected to create lucrative opportunities for the market in the forthcoming years.
The Report Lists the Main Companies in the Biomass Briquette Market:
- Enviva
- Pacific BioEnergy
- Drax Biomass Inc.
- PFEIFER Group
- Biomass Secure Power Inc.
- Energex Pellet Fuel, Inc.
- Lignetics, Georgia Biomass, LLC
- African Briquet Factory
- Om Greentech Industries.
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Market Drivers & Restraints:
Escalating Shift towards Sustainable Energy Source to Stimulate Growth
The growing environmental concerns have led to the shift towards sustainable energy goals, which, in turn, will enable speedy expansion of the market in the forthcoming years. The growing necessity for clean energy sources is expected to be a vital factor bolstering the growth of the market. The growing awareness regarding the environmental benefits of biomass briquettes is likely to create growth opportunities for the market. For instance, the burning of biomass briquettes does not emit harmful pollutants or does not pose a serious threat to the environment. Furthermore, biomass briquettes are majorly used in power generation, thermal energy, and others. The thermal energy is predicted to hold the lion's share during the forecast period owing to its demand in cooking and heating especially in the rural areas. Additionally, the wood is expected to account for the largest share in the global market owing to its low cost and feasible operation.
However, the low energy output as compared to traditional energy resources and lack of awareness about the benefits of biomass briquettes are factors expected to dampen the growth of the market.
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Segmenation of Market:
The biomass briquette industry is a rapidly growing sector that is gaining popularity due to its eco-friendly nature and cost-effectiveness. This industry is primarily based on the production of biomass briquettes, which are compressed and compacted forms of organic materials such as wood, agricultural residue, municipal solid waste (MSW), and other waste materials.
The raw material used for the production of biomass briquettes plays a crucial role in determining the quality and effectiveness of the final product. Wood is the most commonly used raw material for biomass briquette production, followed by agricultural residue such as rice husk, straw, and bagasse. Municipal solid waste (MSW) is also increasingly being used as a raw material for biomass briquette production. Other waste materials, such as sawdust, charcoal fines, and coconut shell, are also used as raw materials in this industry.
The biomass briquette industry has various applications, including power generation and thermal energy production. Biomass briquettes are widely used as a substitute for coal and other fossil fuels in thermal power plants and other industries. They are also used in households and small-scale industries for cooking and heating purposes.
The power generation sector is the largest consumer of biomass briquettes, accounting for the majority of the market share. This is mainly due to the growing demand for renewable energy sources and the increasing cost of fossil fuels. The thermal energy sector is also a significant consumer of biomass briquettes, with a growing trend towards the use of renewable and sustainable energy sources.
In conclusion, the biomass briquette industry is a rapidly growing sector that is driven by the increasing demand for renewable and sustainable energy sources. The industry has a wide range of raw materials and applications, with wood and agricultural residue being the most commonly used raw materials, and power generation and thermal energy being the main applications.
Covid-19 Impact Analysis:
The coronavirus occurrence has caused the world to a surprising standstill. We understand that this health disaster has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
We are making endless efforts to uplift businesses in this crucial need of the hour. Our expertise and experience can offer enormous benefits to help regain during this global pandemic.
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The report on the biomass briquette market contains:
- Excellent understandings of the market
- Systematic data with in-depth research
- Market drivers exhibiting growth
- Wide-ranging information about the regions
Regional Analysis:
Adoption of Clean Energy Sources to Accelerate Growth in North America
Geographically, the biomass briquette market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The market in North America is expected to witness a rapid growth rate owing to the growing demand and adoption of clean energy sources. As per the EIA report in 2019, the total production of densified biomass fuel reached 11.84 million tons per year and collectively employed around 2,400 employees. Europe is expected to grow tremendously during the forecast period owing to the EU2020 target and sustainable energy goals. The market in Asia Pacific is expected to account for a significant share owing to the growing population and limited availability of energy resources in India and China. The growing agriculture sector is expected to boost the market in the region. The growing rural population dependability on natural resources is expected to augur well for the market in India. The lack of sufficient energy resources is expected to create opportunities for the market in Africa.
Key Industry Development:
December 2019: Mitsubishi introduced a biomass power generation project at Suzukawa Energy Center. The company is committed to sustainable energy development to reduce rising carbon emissions.
November 2018: Toshiba's subsidiary announced the investment of 20 billion yen in the new biomass power plant. Toshiba has plans on investing in emerging technologies
Biomass Briquette Market Segmentation:
By Raw Material:
- Wood
- Agricultural Residue
- Municipal Solid Waste (MSW)
- Others
By Application:
- Power Generation
- Thermal Energy
- Others
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