Insights on the Wood Pellet Global Market to 2028 – Rising Demand for Wood Pellets from Power Generation Industry Presents Opportunities – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Wood Pellet Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Application [Residential Heating, Commercial Heating, Combined Heat and Power (CHP), and Power Generation]” report has been added to ResearchAndMarkets.com’s offering.
The wood pellet market was valued at US$ 9,630.99 million in 2020 and is projected to reach US$ 23,892.77 million by 2028; it is expected to grow at a CAGR of 12.1% from 2021 to 2028.
Wood pellets are produced using finely ground wood bark; they are majorly used as fuel. These are extensively used in residential houses for efficient burning in smaller stoves. Wood pellets are produced from numerous wood waste products and are considered a source of renewable energy. Currently, along with residential heating, there is increased use of wood pellets for power generation across the globe. These are largely utilized globally as a fuel, which is expected to increase the demand for wood pellets in the coming years. Europe is the leading region for the consumption of wood pellets for power generation. Moreover, North America is the significant exporter of wood pellets, which is expected to increase the production facilities of wood pellets in the coming years.
Based on application, the wood pellet market is segmented into residential heating, commercial heating, CHP (combined heat and power), and power generation. The residential heating segment led the wood pellet market with the highest market share in 2020. Wood-fueled systems are commonly used worldwide for residential heating, and recently wood pellets have been replacing traditional firewood. Wood pellet boilers for residential heating applications promise low emissions, high efficiency, and automatic operation. Wood pellets are used for residential heating in pellet stoves.
They are also used in pellet boilers to generate heat, steam, and electricity in the service industry, power generation, and manufacturing. It is used for power generation and heat generation in the manufacturing and energy sectors, which is driving the wood pellet market. Since the cost of wood pellets remained cheaper than that of other fuels for a long time, it has become a more economical option, addressing the primary concern of the residential sector. As a renewable energy source, wood pellets received incentives and subsidies from the governments in many countries. In recent years, many countries either launched or updated their policies and schemes related to wood pellets for heating applications.
In 2020, Europe contributed to the largest share in the global market. An annual report filed with the USDA Foreign Agricultural Service’s Global Agriculture Information Network represents that the wood pellet market in Europe has been relatively unaffected by the COVID-19 pandemic. As per the report, the region consumed ~29 million metric tons of wood pellets in 2018, which makes it the world’s largest pellet market. Wood pellets are used in residential applications for heating purposes and industrial heat and power generation. The report further states that the region contributes ~30% of world pellet production currently. However, it accounts for the major consumption of wood pellets across the globe. Italy, Germany, and other such countries are considered as the major growth markets for consuming wood pellets in residential heating applications. The UK is one of the major consumers of wood pellets, followed by Italy and Denmark.
Reasons to Buy
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global wood pellet market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
- Growing Awareness About Use of Renewable Energy Sources
- Expanding Demand for Wood Pellets from Europe
- Mandatory Compliances and Operational Challenges Associated with Wood Pellet
- Rising Demand for Wood Pellets from Power Generation Industry
- Significant Investment in Research and Expansion
- Pacific BioEnergy
- Premium Pellet Ltd.
- Pinnacle Renewable Energy
- Wood & Sons
- Graanul Invest
- New England Wood Pellet
- Energex Pellet Fuel, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/xdgs22
Laura Wood, Senior Press Manager
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