Global wood pellet fuel market is expected to grow with increasing advancements in energy and power generations.
According to TechSci Research report, “Wood Pellet Fuel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, Global wood pellet fuel market is expected to register growth at 7.73% CAGR value during the forecast period, 2023-2027F, to achieve the market value of USD16789.59 million by the year 2027F. The rising demand for energy-efficient solutions and power generation is actively driving the growth of the global wood pellet fuel market in the upcoming five years. The rising demand for eco-friendly alternatives further supports the growth of the global wood pellet fuel market in the next five years. Additionally, increasing deployment of renewable energy facilities around the globe would further enhance the product penetration and thus aids the growth of the global wood pellet fuel market in the future five years.
Industrial growth is also aided by easier availability of wood pellet fuel feedstock and low cost of production. These factors have further supported the higher consumption in the industrial sector. Rising concerns among the population regarding excessive use of fossil fuels and natural gas and its increasing prices would further fuel the growth of the global wood pellet fuel market in the forecast years through 2027F. Moreover, emissions of greenhouse gases will also facilitate the growth of the global wood pellet fuel market in the future. Norms laid down by the Sustainable Forestry Initiative and Forest Stewardship Council may hamper the market growth since they regulate the deforestation and woodcutting processes. The untapped potential of lignocellulosic waste in emerging economies, such as China and India, is anticipated to offer lucrative opportunities for the market players.
Browse over 110 market data Figures spread through 154 Pages and an in-depth TOC on “Global Wood Pellet Fuel Market”
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The global wood pellet fuel market is segmented by feedstock, heating application, application, regional distribution, and company analysis. Based on feedstock, the market is fragmented into forest wood & waste, agriculture residue, and others like bark, twigs, gardening waste, etc. Forest wood and waste segment is anticipated to hold the largest revenue share of around USD11936.13 million. The segment is also expected to register the fastest growing CAGR of about 8.04% CAGR during the forecast period, 2023-2027F. Increasing deforestation activities and growing demand for wood for various industrial purposes is further anticipated to drive the growth of the global wood pellet fuel market in the upcoming five years. Moreover, the forests are the cheapest sources of raw material to produce the wood pellet. Also, the wood pellets
By the method of heating application, the market is further segmented into free-standing pellet stoves, pellet stove inserts, and pellet boilers. Based on application, the market is further fragmented into CHP/district heating, power plants, residential heating, and commercial heating. On the basis of regional distribution, the market is divided into Europe, Asia-Pacific, North America and the Rest of the World. The market size of the USA was USD711.25 million in 2021.
Some of the market players dominating the global wood pellet fuel market include:
- Wood Pellet Energy UK (LTD)
- Drax Group Plc
- Enviva
- German Pellets GmbH
- Stora Enso Oyj
- Pacific BioEnergy
- Wood & Sons
- Land Energy Girvan Limited
- AS Graanul Invest
- Energex American, Inc.
- An Viet Phat Group (AVP Group)
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“Europe wood pellet fuel market’s value was over 49.41% in 2021, and the region is expected to further dominate the regional analysis in the upcoming five years on the grounds of increasing demands for the wood pellets for energy generation in the residential and commercial sectors. Growing demands for the power plants and rapidly surging energy generation in the region further support the growth of the global wood pellet fuel market in the future five years. In Europe, the Renewable Energy Sources (RES) demand was rapidly growing and accounted for around 17% of the total energy consumption in the region from 2017 to 2020. The steps are taken to control the carbon emission from the energy sector, market liberalization, policy changes, climate changes, etc., have led to product acceptance in the European countries rapidly. New market players are expected to invest in research and develop a technologically advanced method of energy generation through wood pellets. Increasing investments in the research segment and focusing their resources on further development of the technology would also substantiate the brand establishment for the new market entrants,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Wood Pellet Fuel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Feedstock (Forest Wood & Waste, Agriculture Residue, and Others {Bark, Twigs, Gardening Waste, etc.}), By Heating Application (Free Standing Pellet Stove, Pellet Stove Inserts, and Pellet Boilers), By Application (CHP/District Heating, Power Plants, Residential Heating, and Commercial Heating) By Region”, has evaluated the future growth potential of global wood pellet fuel and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global wood pellet fuel market.
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