PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419022
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419022
Biomass Briquette Fuel Market size was valued at USD 895.4 Million in 2023, expanding at a CAGR of 7.5% from 2024 to 2032.
Biomass briquette fuel is a form of renewable energy sourced from organic materials, typically residues from agriculture and forestry. By utilizing organic waste materials and reducing reliance on non-renewable energy sources, biomass briquette fuel contributes to sustainable energy practices. The use of biomass as fuel is gaining popularity due to its potential as a cleaner, more affordable, and viable alternative to conventional fossil fuels. While briquettes are primarily used in regions where cooking fuels are scarce, there is a growing trend to utilize them in developed countries as well. In these settings, briquettes are employed to generate electricity by heating industrial boilers with the co-firing of coal. The process of briquetting enhances the characteristics of biomass as a renewable energy resource by increasing its density, resulting in a reduced volume requirement for the same energy output. The benefits of processing and densifying biomass extend beyond higher energy content.
The demand for energy on a global scale is continuously increasing due to factors such as population growth, urbanization, and industrialization. In order to meet this growing demand, biomass briquette fuel provides a renewable and sustainable alternative. According to the Center of Climate and Energy Solutions, renewables accounted for nearly 20 percent of utility-scale electricity generation in the United States in 2020, with hydropower being the primary contributor. The rise in public awareness regarding environmental issues and the preference for clean and sustainable energy sources has resulted in an increased demand for biomass briquette fuel. Additionally, ongoing technological advancements in the production of biomass briquettes have led to improved efficiency, cost reduction, and enhanced fuel quality. The market expansion can be further driven by innovations in processing and combustion technologies. However, the limited public awareness about biomass briquette fuel may pose a challenge to the growth of the market.
The Global Biomass Briquette Fuel Market is segmented on the basis of Type, Application, and Region.
The market is divided into two categories based on Type: Bulk Biomass Briquette and Biomass Pellet. The market is primarily dominated by the Bulk Biomass Briquette segment. Biomass briquettes, derived from organic materials such as agricultural residues or forestry waste, serve as a prominent renewable energy source. Through compression and compaction, these briquettes are transformed into a highly efficient fuel source suitable for heating and various other applications.
The market is divided into four categories based on application: Power Generation., Residential and Commercial Heating, Industrial Boilers and Cogeneration. The market is dominated by the Power Generation segment. Biomass power generation plays a significant role in diversifying the renewable energy mix, thereby reducing reliance on fossil fuels and decreasing greenhouse gas emissions.
Geographically, the market for Biomass Briquette Fuel is spread across various regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in the business. Europe is expected to dominate this market, primarily due to the increasing demand for renewable energy. Many European countries have set ambitious targets for renewable energy as part of their commitment to reducing greenhouse gas emissions and addressing climate change. According to Eurostat statistics, renewable energy accounted for 23.0% of energy consumption in the EU in 2022, up from 21.9% in 2021. Additionally, the share of energy from renewable sources used in transport in the EU increased to 9.6% in 2022, compared to 9.1% in 2021. North America and Asia Pacific regions are also projected to drive market growth, as consumers become more aware of the environmental impact and seek sustainable alternatives.
The competitive landscape of the biomass briquette fuel market is influenced by various factors such as government policies, availability of biomass feedstock, and environmental awareness. Different companies may choose to focus on specific regions or industries within this market. The competition often revolves around technological advancements and innovations in biomass briquette production. Manufacturers that prioritize efficient production processes, quality control, and environmental sustainability are more likely to gain a competitive edge. Additionally, companies with a global presence and diversified product portfolios have an advantage in reaching a wider market.
In March 2023, Sai Vasudev Briquettes and Buyofuel announced the beginning of a strategic partnership as the businesses get closer to cleaner energy sources. As per the conditions and goals of the agreement, the firms will provide biomass briquette fuel on Buyofuel's web platform, which boasts a vast network of biofuel producers, raw material suppliers, waste producers, and fuel users.
The scope of this report covers the market by its major segments, which include as follows: