Global Wood Pellets Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Wood Pellets Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Market Research.biz. The global wood pellets market report has been segmented on the basis of application, and region.
Global Wood Pellets Market: Overview
Wood pellet is a solid fuel which 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 the horse bedding purpose.
Global 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 revenue growth of the global market. In addition, these pellets are clean-burning and cost-effective fuel option for 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 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 pellet which is another factor expected to propel growth of the target market. Availability of raw materials and labors at lower cost is one of the key factors expected to augment 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 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 growth of the target market. In addition, the high cost of a wood pellet stove is projected to challenge the target market growth.
Global Wood Pellets Market: Segment Analysis
Among application segments, the residential heating segment is expected to account for significant revenue share in the global market, owing to increasing inclination towards using recyclable energy sources for heating and other related activities.
Global Wood Pellets Market: Regional Analysis
North America market for wood pellets is expected to account significant revenue share of the global market, owing to establishments of new production plants of the wood pellet by manufacturers. In addition, increasing consumption of these pellets among various industries to generate power is another factor expected to support growth of the target market in the region. Fluctuating cost of fossil fuels including natural gas is another factor expected to fuel demand for wood pellets. Wood pellet market in Europe is expected to register significant growth, owing to 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.
Global 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
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- 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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