IMARC Group, a leading market research company, has recently releases report titled “Wood Pellet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global wood pellet market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Wood Pellet
Wood pellets are a compressed form of biomass fuel, typically made from sawdust, wood shavings, or other wood residues. They offer a clean and efficient alternative to traditional fossil fuels, reducing greenhouse gas emissions and dependence on non-renewable energy sources. They are commonly used in pellet stoves and boilers to generate heat in residential settings. They are also utilized for power generation as large-scale biomass power plants burn wood pellets to produce electricity, contributing to renewable energy production and a lower carbon footprint. Additionally, wood pellets are employed in combined heat and power (CHP) systems to simultaneously generate electricity and useful heat. They can be used as animal bedding material due to their absorbent properties, providing a comfortable and clean environment for livestock.
How Big Is the Wood Pellet Market?
The global wood pellet market size reached US$ 13.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 22.2 Billion by 2032, exhibiting a growth rate (CAGR) of 5.7% during 2024-2032.
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What are the growth prospects and trends in the wood pellet industry?
The global shift towards renewable energy sources to combat climate change is stimulating the demand for wood pellets. They are considered a carbon-neutral energy source, as the carbon dioxide released when burning wood pellets is offset by the carbon absorbed during the growth of the tree. Besides this, governing agencies of several countries are implementing policies and financial incentives to promote the use of renewable energy, including biomass. Subsidies, tax credits, and renewable energy targets are encouraging both residential and industrial consumers to adopt wood pellets for heating and power generation.
In addition, wood pellets offer an opportunity for energy independence. Countries and regions looking to reduce their reliance on imported fossil fuels view wood pellets as a domestically produced and sustainable alternative, reducing exposure to energy supply disruptions and price volatility.
Moreover, wood pellets produce lower greenhouse gas emissions compared to coal and natural gas. This environmental advantage makes them an attractive choice for industries and power plants aiming to reduce their carbon footprint and comply with emissions regulations. Furthermore, advancements in pellet manufacturing technology are making production more efficient and cost-effective, which is propelling the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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
- Tanac S.A.
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