Wood pellets are finely powdered dried biofuel processed through a pellet dye process at high temperatures and pressure. It is typically burned to generate heat or process steam and electricity. These wood pellets are made from compressed sawdust, a by-product of other industries.Sizing and Forecast
The wood pellets market size has grown rapidly in recent years. It will grow from 10.73 billion in 2023 to $12.04 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to government incentives, expansion of biomass power plants, environmental awareness, fluctuations in fossil fuel prices, economic growth.
The wood pellets market size is expected to see rapid growth in the next few years. It will grow to $18.9 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to carbon pricing and emissions reduction, international trade and export opportunities, growing residential consumption, rise in demand for renewable energy, rising power generation sector. Major trends in the forecast period include advanced pellet production technology, sustainable sourcing, pellet certification and standards, r&d and innovation, partnership and collaboration.
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Segmentation & Regional Insights
The wood pellets market covered in this report is segmented –
1) By Feedstock: Forest And Wood Waste Resources, Agricultural Residue and Waste, Food Waste, Virgin Lumber, Energy Crops
2) By Production Process: Sawdust Preparation, Screening, Hammering, Pelletizing, Cooling And Packaging
3) By Application: Heating, Power Generation, Combined Heat And Power (CHP)
4) By End-User: Residential, Commercial, Industrial
Europe was the largest region in the wood pellets market in 2023. Asia-Pacific is expected to be the fastest growing region in the wood pellets market report during the forecast period. The regions covered in the wood pellets market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Increasing global demand for renewable energy is expected to propel the growth of the wood pellets market going forward. Renewable energy is defined as energy derived from natural sources and are replenished at a faster rate than it is consumed. Wood pellets are a renewable energy source made from a variety of wood waste products. For instance, in June 2023, according to the Energy Information Administration, a US-based government agency, renewable energy consumption has increased 13.2 quads in 2022 from 12.1 quads in 2021 in United States. Therefore, increasing global demand for renewable energy is driving the growth of the wood pellets market.
Key Industry Players
Major companies operating in the wood pellets market include <b> Enviva Inc., Energex American Inc., Graanul Invest AS, Pinnacle Renewable Energy, Fram Renewable Fuels LLC., Segezha-Group, Lignetics Inc., Asia Biomass Public Company Limited, Sinclar Group Forest Products, Lauzon Inc., Wood Pellet Energy UK Ltd., United Company, Highland Pellets LLC, Groupe Savoie Inc, I.C.S. (Lacroix) Lumber Inc., Drax Group plc, The Westervelt Company, Rentech Inc., German Pellets GmbH, Forest Energy Corporation, New England Wood Pellet, Pacific BioEnergy Corporation, Maine Woods Pellet Company, Bear Mountain Forest Products, Marth Wood Shavings Supply Inc., Michigan Wood Pellet Fuel LLC., Somerset Pellet Fuel, Trae Fuels Ltd., Vermont Wood Pellet Company, Appalachian Wood Pellets </b>
The wood pellets market report table of contents includes:
1. Executive Summary
2. Wood Pellets Market Characteristics
3. Wood Pellets Market Trends And Strategies
4. Wood Pellets Market – Macro Economic Scenario
5. Global Wood Pellets Market Size and Growth
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31. Global Wood Pellets Market Competitive Benchmarking
32. Global Wood Pellets Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Wood Pellets Market
34. Wood Pellets Market Future Outlook and Potential Analysis
35. Appendix
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