In the highly fragmented competitive landscape of the , none of the leading companies accounted for a share of over 10% in the overall market in 2014, observes Transparency Market Research in a recent report. The top six companies in the market, including Baxi Group Limited, ETA Heiztechnik GmbH, Polytechnik Group, and Babcock & Wilcox Enterprises, Inc., collectively accounted for a relatively moderate 40% share in the global market in the said year. The remaining 59% share was held by a fragmented chain of suppliers across the globe.
“The market features a high degree of competition. One of the key factors responsible for the situation is the lack of standardized regulations governing the biomass boiler markets across the globe. This has paved the way for inexperienced vendors to go unchallenged in the global market,” states a TMR analyst. Nevertheless, the market has promising growth prospects and is expected to exhibit a remarkable 18% CAGR over the period between 2016 and 2024.
The global biomass boilers market, which valued US$2,426.5 mn in 2015, is expected to rise to US$10,752.4 mn by 2024. Europe is presently the dominant regional market for biomass boilers, accounting for a share of over 67% in the overall revenues of the global market in 2015. The regional market is expected to expand at a nearly 18% CAGR from 2016 to 2024 and retain its dominant position in the global market over the next few years as well. In terms of the key varieties of feedstock used to fuel biomass boilers, the segment of woody biomass leads, holding a share of nearly 77% of the overall market in 2015.
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