Wood Fuel Market size was valued at USD 9.20 Billion in 2020 and is projected to reach USD 18.42 Billion by 2028, growing at a CAGR of 9.02% from 2021 to 2028.
Over the projection period, there is projected to be an increase in demand for wood pellets due to rising awareness regarding the utilisation of renewable energy sources for power generation and high wood pellet combustion rates. The market is comprehensively evaluated in the study on the global wood fuel pellets market. The research provides a thorough analysis of the market’s key segments, trends, drivers, restraints, competitive environment, and other important elements.
By crushing and densifying waste wood, including industrial outputs like old paper, forestry trash, and forestry residues, wood pellets—a type of solid fuel—are created. It is a cost-efficient, clean-burning, renewable choice for home heating. These pellets are utilised for horse bedding in addition to being used for heating and producing electricity. The most popular kind of pellet fuel is wood, which is often produced from compacted sawdust[3] and other industrial byproducts from the processing of lumber, production of wood goods like furniture, and building. Other sources of industrial waste include abandoned treetops and branches from logging operations, empty fruit bunches, palm kernel shells, coconut shells, and empty shells from coconuts.
In order to be used in currently operating coal-fired power plants, so-called “black pellets” were manufactured from biomass and polished to resemble hard coal. The heating value, moisture and ash content, and size of pellets are used to classify them. They can be used as fuels for producing electricity, cooking, and heating in homes or businesses. Due to their high density and low moisture content (below 10%), pellets can be made and burned with a very high combustion efficiency. Since wood pellets are naturally eco-friendly, sustainable, and carbon-neutral, they can be utilised as a replacement for fossil fuels.
Global Wood Fuel Market Overview
Over the projection period, there is projected to be an increase in demand for wood pellets due to rising awareness regarding the utilisation of renewable energy sources for power generation and high wood pellet combustion rates. Pellet fuel is a reliable and affordable solution for home heating that is being used all over the world. It is a renewable fuel source that burns cleanly. As a result, the global need for renewable energy sources is expected to drive expansion in the global wood fuel pellets market. Increasing use of recyclable and environmentally friendly energy sources is one of the key factors anticipated to promote the global market’s revenue growth. Additionally, these pellets are an economical and clean-burning fuel alternative for the households’ demand for heat. The target market is anticipated to expand as a result of the reduced carbon emissions these pellets have compared to other greenhouse gases and fossil fuels.
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Additionally, the demand for biomass fuel, such as wood pellets, is increasing due to growing awareness of environmental issues related to greenhouse gas emissions, which is another factor anticipated to fuel the expansion of the target market. One of the main factors anticipated to boost the growth of the global market over the forecast period is the availability of raw materials and labour at reduced costs. Manufacturers are spending in R&D to create wood pellets with low moisture and high heat output, a development that is anticipated to accelerate the expansion of the global market. Direct exposure to wood dust, which is created during the production process, can, however, result in serious health problems, such as allergic responses and skin irritations, which is a major factor anticipated to restrain the expansion of the industry. market segment. The expansion of the target market is also anticipated to be hampered by the high cost of a wood pellet stove.
Market Segmentation
Global Wood Fuel Market: Major Players
Norfolk Oak
Agropellets
VIGIDAS PACK
BMK Woods
Granules LG
Energex
Neova Vaggeryd
Fram Renewable Fuels
Biogra
Enova Energy Group
Balt Wood
Premium Pellet Ltd.
Biomass Secure Power
Aoke Ruifeng
Pfeifer Group
BIOMAC
Wood Energo
Innogy
Graanul Invest Group
Well Seasoned Firewood
Vyborgskaya Cellulose
Global Wood Group
Viridis Energy
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Global Wood Fuel Market: Types
Wood Logs
Wood Briquettes
Biomass Briquettes
Global Wood Fuel Market: Applications
Power Generation
Thermal Energy
Other
Key Points:
Define, describe and forecast Wood Fuel product market by type, application, end user and region.
Provide enterprise external environment analysis and PEST analysis.
Provide strategies for company to deal with the impact of COVID-19.
Provide market dynamic analysis, including market driving factors, market development constraints.
Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.
