Biomass Solid Fuel Market Investment Breakdown, Insights, Scope, Forecast By 2031

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Biomass Solid Fuel: Introduction

• Rapid increase in industrialization and population cross the globe over the last few decades have resulted in higher generation of waste. Governments and private companies are seeking environmentally-friendly power generation sources to reduce the waste as well as greenhouse gas and carbon emission.

• Biomass solid fuel can play a vital role in generation of power and heat, as it is environmental friendly and reduces waste materials to produce power and heat. Thus, biomass solid fuel is expected to be an ideal fuel for power and heat generation.

Key Drivers of Biomass Solid Fuel Market

• Increase in demand for renewable energy is the key driver of the global biomass solid fuel market. Rise in awareness about the environmental effects of fossil fuel has boosted the usage of renewable sources for power and heat generation across the world. Biomass solid fuels can provide environmentally-friendly power and heat generation systems.

• Enactment of stringent regulations regarding waste disposal on landfill by governments is another major factor driving the biomass solid fuel market. Governments of various countries are promoting the use of biomass solid, as it helps resolve the waste disposal issue by creating power and heat. Furthermore, governments are increasing the land fill tax. This is expected to propel the demand for biomass solid fuel in the near future.

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Global Biomass Solid Fuel Market: Segmentation

• The global biomass solid fuel market can be segmented based on source, application, and end-user

• In terms of source, the global biomass solid fuel market can be divided into agricultural waste, wood woody biomass, solid waste, and others. Wood woody biomass and solid waste segments are expected to expand at a high CAGR during the forecast period.

• Based on application, the global biomass solid fuel market can be segregated into power generation, heating, and others. The power generation segment is likely to expand at a high CAGR during the forecast period.

• In terms of end-user, the global biomass solid fuel market can be classified into residential, commercial, and industrial. The industrial segment is expected to expand at a rapid pace during the forecast period. This can be ascribed to the enactment of stringent governmental regulations on companies to opt for low carbon fuel.

Global Biomass Solid Fuel Market: Regional Segmentation

• Based on region, the global biomass solid fuel market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East Africa

• The market in North America is estimated to expand at a significant pace in the next few years. The U.S. dominates the market in the region. Demand for biomass electricity generation has been rising at a significant pace in the country since the last few years.

• Europe is expected to be a lucrative region of the global biomass solid fuel market in the near future. Germany, Spain, and Italy are the prominent countries of the market in the region. Implementation of stringent government policies about waste landfill disposal is a key factor driving the biomass solid fuel market in Europe. For instance, the landfill disposal tax in the U.K. increased by 11% during 2016 to 2019.

• Asia Pacific is also a lucrative region of the global biomass solid fuel market. Significant rise in industrialization and urbanization since the last few years has been driving the demand for electricity in the region. Biomass solid fuel effectively generates power and also controls waste disposal in Asia Pacific.

• The market in Middle East Africa and Latin America is estimated to expand at a steady pace during the forecast period. Steady increase in investment in biomass solid fuels is likely to drive the biomass solid fuel market in these regions during the forecast period.

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COVID-19 Impact on Biomass Solid Fuel Market

• The COVID-19 pandemic has adversely affected the global economy. It has negatively impacted the biomass solid fuel market. The supply chain of biomass solid fuels has been disrupted due to lockdowns and cross-border restrictions on logistics. Thus, demand for biomass solid fuel has decreased over the last few months. However, governments of various countries are taking initiatives to ease lockdowns and provide free movement of goods and laborers. This has helped restore the supply chain of biomass solid fuel. Thus, the biomass solid fuel is projected to expand in terms of demand in the near future.