The latest research study “Wood Pellet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global wood pellet market size reached US$ 12.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.53% during 2023-2028.
Wood pellets are compressed wood particles made from wood scraps and agricultural by-products such as straw. They have a high energy content, density, and low moisture and ash content than unprocessed biomass. They are widely used in large-scale biomass supply chains as they help reduce expenses associated with handling, storing, and transporting materials. Since they are highly cost effective and require minimal maintenance, wood pellets find extensive applications in the commercial and residential sectors for cooking, grilling, and supplying heat across the globe.
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Wood Pellet Market Trends and Drivers:
The global wood pellet market is primarily driven by the rising use of wood pellets as fuel in power plants to produce clean electricity. Moreover, the surging product adoption in pellet stoves and pellet fireplaces for space heating in residential and commercial establishments due to rising consumer awareness regarding the clean combustion of wood pellets is positively influencing the market growth.
Additionally, the shifting preferences toward renewable energy sources on account of the increasing concerns about global warming and climate change represent another major growth-inducing factor. Besides this, several favorable initiatives by governments of numerous countries, including the introduction of incentives, tax benefits, and subsidies to promote the usage of renewable energy sources, have catalyzed market growth. Furthermore, several key players are making investments in research and development (RD) activities to increase the efficacy of the wood pellet production process and manufacture high-calorific value wood pellets from the available feedstock.
In line with this, the introduction of innovative pellet mill designs to produce a high yield with better fuel input is contributing to the market growth. Other factors, including inflating oil prices, escalating demand for clean energy, rapid expansion in the renewable energy sector, and rising environmental consciousness, are also anticipated to drive the market further.
Global Wood Pellet Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Wood Pellet Companies:
Andritz AG, Asia Biomass Public Company Limited, Drax Group PLC, Energex, Enviva LP, Fram Renewable Fuels LLC, Land Energy Limited, Lignetics Inc., Mallard Creek Inc., Pacific BioEnergy Corporation, Stora Enso Oyj, Svenska Cellulosa Aktiebolaget and Tanac S.A.
The report has segmented the market on the basis of region, based on feedstock type and application.
Breakup by Feedstock Type:
- Forest Wood and Waste
- Agriculture Residue
- Others
Breakup by Application:
- Power Plants
- Residential Heating
- Commercial Heating
- Combined Heat and Power (CHP)
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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