Wood Pellets Industry Overview
The global wood pellets market size was estimated at USD 8.88 billion in 2019 and is expected to register a revenue-based CAGR of 9.4% over the forecast period.
Growing consciousness regarding the use of renewable energy sources for space heating in residential and commercial heating is likely to propel the demand. Wood pellets undergo complete combustion while burning, thereby providing more heat as compared to the other biomass fuels. In addition, clean combustion of wood pellets contributes to its application in pellet stoves and pellet fireplaces along with the tax benefits and incentives associated with renewable energy and energy efficiency.
The demand for wood pellets in fueling the power plants for electricity generation is projected to witness significant growth owing to the rising number of power plants in the country. China has banned the use of coal-fired boilers in the East and Guangdong province. The low cost of the product in the aforementioned regions is also anticipated to drive the market growth in the forthcoming years.
Gather more insights about the market drivers, restrains and growth of the Global Wood Pellets Market
The rising demand for wood pellets from power generation industry is likely to drive the market growth over the forecast period. In addition, increasing awareness regarding the use of renewable energy sources for power generation coupled with the high combustion of wood pellets is likely to augment the product demand.
Favorable government initiatives and global agreements in support of renewable sources of energy are anticipated to drive the market expansion in the forthcoming years. Governments of various countries provide incentives and subsidies to consumers using wood pellets for heating applications. The UK government launched the Domestic Renewable Heat Incentive (Domestic RHI) scheme for promoting the use of renewable heat.
The market players engage in R&D activities to increase the efficiency of the wood pellet manufacturing process. New and advanced designs for pellet mills are being developed to obtain high yield with optimum fuel input. Extensive research is being carried out to achieve high calorific value wood pellets from the available feedstock. All these factors are anticipated to positively influence the growth of the market in near future.
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Wood Pellets Market Segmentation
Grand View Research has segmented the global wood pellets market on the basis of application and region:
Wood Pellets Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Power Plants
- Residential Heating
- Commercial Heating
- Combined Heat and Power (CHP)
Wood Pellets Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global wood pellets market include
- Canfor
- Schweighofer
- Stora Enso
- Drax Group Plc.
- Enviva LP
- Pinnacle Renewable Energy Group
- Pacific BioEnergy
- Ørsted
- ON
- Npower
- RWE
- Vattenfall AB
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The global wood pellets market size is expected to reach USD 18.22 billion by 2027, exhibiting a revenue-based CAGR of 9.4% during the forecast period, according to a new report by Radiant Insights, Inc. Wood pellets can be used as an alternative for fossil fuels as they are eco-friendly, sustainable, and carbon neutral in nature.
Rising demand from the power generation industry is likely to drive the market over the forecast period.
In addition, increasing awareness regarding the use of renewable energy sources for power generation coupled with the high combustion of wood pellet is likely to augment the demand for wood pellets over the forecast period.
The demand for wood pellet is high in developed economies including U.K., Germany, Netherlands, Italy, and U.S. owing to their increasing application for electricity generation in coal-fired power plants and domestic heating.
Further key findings from the report suggest: • The power plants application segment is likely to register a CAGR of 7.4% in terms of revenue, over the forecast period • Residential heating application held the leading wood pellets market share of 46.1% in 2019 owing to simple pellet heating technology coupled with minimum operation and maintenance requirements • Commercial heating is expected to be fastest growing application segment exhibiting a CAGR of 11.8% by revenue owing to increasing use of wood pellets for the heating of federal or municipal buildings, office buildings, educational facilities, and other commercial buildings • Europe accounted for the market share of 85.9% in 2019, owing to the high consumption of the product in U.K., Italy, Germany, Denmark, Sweden, France, and Belgium • Key market players are undertaking mergers and collaborations to expand their reach and increase production capacity, thereby gaining greater market share Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/wood-pellets-market Table of Contents Chapter 1.
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Wood pellet is a solid fuel that is produced by crushing and densifying waste timber like sawdust, forestry residues, industrial byproducts like old paper and forestry wastes.
Wood pellet production doesn't need to add binder as lignin, an element of wood, plays a role of binder and helps to pelletize when it is melted by heat.Wood-Pellets are mainly classified into the following types: white pellet and black pellet.
White pellet is the most widely used type which takes up about 97% of the total sales, while the black pellet has a fast growing speed.Wood-Pellets have wide range of applications, such as power generation, industrial furnace, civil use etc.
And power generation was the most widely used area which took up about 61% of the global total.Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-woodpellets-2021-2027-827 Europe is the largest consumer of Wood-Pellets in the world.
Enviva, Pinnacle, Graanul Invest Group, Drax Biomass International, Vyborgskaya Cellulose and Lignetics, etc.
Market Analysis and Insights: Global Wood-Pellets MarketIn 2020, the global Wood-Pellets market size was US$ 5511.1 million and it is expected to reach US$ 8388.1 million by the end of 2027, with a CAGR of 6.1% during 2021-2027.Global Wood-Pellets Scope and Market SizeWood-Pellets market is segmented by region, by country, company, type, application and by sales channels.
