Industrial Biomass Boiler Market: How is Biomass Leveraged? Industrial biomass boilers have become popular as the world shifts towards more sustainable and environmentally-friendly energy sources. Similarly, the demand for renewable energy has grown significantly in recent years, with increased concern over climate change and a push toward sustainability. In this regard, biomass, a renewable energy source, is widely available and can be used to generate heat and power. According to Inkwood Research, the global industrial biomass boiler market is set to register an 11.58% CAGR during the forecast period 2023-2032. According to the International Energy Agency (IEA), renewable energy was the fastest-growing energy source, accounting for over 70% of global net additions to power capacity in 2019. Also, as per the World Bank statistics, global industrial energy consumption is expected to increase by 40% between 2018 and 2050. Hence, governments worldwide are implementing policies and incentives to encourage using renewable energy sources, including biomass. These policies include feed-in tariffs, tax credits, and renewable energy standards. Implementing such policies and incentives benefits the market growth of industrial biomass boilers.
How does Biomass benefit Major End-Users? Paper and Pulp Industry