Global Wood Pellets Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
The Wood Pellets Market Report has been segmented on the basis of application, and region.
Wood Pellets Market: Overview
“The Wood Pellets Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Wood pellet is a solid fuel that is manufactured by densifying and crushing waste wood including industrial byproducts such as old paper, forestry wastes, and forestry residues.
It is a renewable, clean-burning, and cost-effective option for home heating. Apart from heating and power generation, these pellets are also used for horse bedding purposes.
Wood Pellets Market: Dynamics
Increasing adoption of recyclable and eco-friendly energy sources for generating power are some of the major factors expected to support the revenue growth of the global market.
In addition, these pellets are a clean-burning and cost-effective fuel option for the heating needs of households.
These pellets emit lower carbon as compared to other greenhouse gases and fossil fuels which is another factor expected to drive the growth of the target market.
Furthermore, growing awareness regarding environmental concerns associated with greenhouse gases emission is fueling demand for biomass fuel i.e., wood pellets which is another factor expected to propel the growth of the target market.
Availability of raw materials and labor at a lower cost is one of the key factors expected to augment the growth of the global market over the forecast period.
Manufacturers are investing in R&D to produce low moisture and high heat-generating wood pellets, which is a factor expected to augment the growth of the global market.
However, direct exposure to wood dust which is generated during the process of manufacturing can cause severe health issues including allergic reactions, skin irritations, etc. which is a key factor expected to hamper the growth of the target market.
In addition, the high cost of a wood pellet stove is projected to challenge the target market growth.
Wood Pellets Market: Segment Analysis
Among application segments, the residential heating segment is expected to account for a significant revenue share in the global market, owing to the increasing inclination toward using recyclable energy sources for heating and other related activities.
Wood Pellets Market: Regional Analysis
North America market for wood pellets is expected to account significant revenue share of the global market, owing to the establishment of new production plants of the wood pellet by manufacturers.
In addition, increasing the consumption of these pellets among various industries to generate power is another factor expected to support the growth of the target market in the region.
Fluctuating cost of fossil fuels including natural gas is another factor expected to fuel the demand for wood pellets.
The wood pellet market in Europe is expected to register significant growth, owing to the increasing adoption of wood pellets for power generation among various industries attributed to subsidies offered by government authorities.
Asia Pacific market is expected to register considerable growth, owing to the escalating cost of fuel. In addition, increasing awareness campaigns regarding the benefits of these pellets including a lower rate of carbon emission during combustion are expected to propel target market growth.
Markets in the Middle East & Africa and Latin America are projected to register considerable growth over the forecast period.
Wood Pellets Market Segmentation:
Segmentation by Application:
- Residential Heating
- Power Plants
- Combined Heat and Power (CHP)
- Commercial Heating
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Drax Group Plc
- Enviva Holdings, LP
- INGPELLET Pte. Ltd.
- The Westervelt Company, Inc.
- Georgia Biomass, LLC
- Energex Ltd.
- Wood Pellet Energy (UK) Ltd.
- Vermont Wood Pellet Co.
- Groupe Savoie Inc.
- Premium Pellet Ltd.
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