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Wood Pellets Market Set Growth at 11% CAGR by 2031; Demand for Carbon Neutral and Sustainable Fuel Continues to Bolster Industry Growth

The global wood pellets market is anticipated to generate an absolute dollar opportunity with an opulent CAGR of 11% during the forecast period 2021-2031. There was a massive slowdown witnessed by the wood pellets market during the lockdown days due to the Covid-19 pandemic all over the world. Consumers in developed countries exhibit rising dependency on renewable sources such as pellet-based fuel, thereby driving sales.

Moreover, high price point of fossil fuel is accentuating the demand for pellet-based fuel sourced primarily from wood waste, agricultural residue and forest waste. Leading manufacturers are focused on implementing compliance plans, which include dedicated biomass power plants and co-firing.

Eased restrictions and everyone slowly coming back to their daily routines have resulted in the recovery of the wood pellets market that commenced in 2021. Major market players are regaining their positions through production expansion, capacity utilization, and online selling in 2021 keeping in view the covid-19 norms.

Key Takeaways

  • The ever-increasing demand in the residential and commercial heating segment is compelling manufacturers to extract wood pellets extensively through 2031. Co-firing countries are estimated to witness a prolific growth in the consumption of wood pellets.
  • Due to easy availability and low production costs wood pellets market is estimated to showcase robust growth during the forecast years.
  • The increasing prominence of pellet-based power plants that are ideal for the coal industry are accentuating the sales of wood pellets in the industrial sector.
  • Governments all over the world are emphasizing driving the adoption of renewable energy in every sector possible including transportation, residential and industrial sectors. Backed by these factors, the wood pellets market is anticipated to attract massive sales.
  • A noticeable decrease in greenhouse gases is visible all over the world which is increasing the consumption of wood pellets in the industrial sector. Meticulous advancements in combustion technology have created impressive growth opportunities for the wood pellets market.
  • Bio-based energy sources are gathering impetus in developing countries, for electricity generation. The reason is attributed to rising energy consumption and favorable government policies.
  • The European region is anticipated to dominate the wood pellets market with maximum market share. Owing to the widespread adoption of power boilers in residential heating segments, the wood pellets market is expected to generate lucrative opportunities in the renewable energy sector.

Competitive Landscape

Enviva Partners LP, Pinnacle Renewable Energy Inc., Wood Pellet Energy (UK) LTD, Andritz AG, Energex, and Georgia Biomass, LLC, are some of the key companies profiled in the full version of the report.

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Key players are accelerating their capacity expansion efforts in a bid to sustain global leadership. In order to revamp their repository, they are entering strategic agreements with raw material suppliers such as Swedish softwood lumber suppliers. This move is projected to boost the production capacity of leading manufacturers. In view of respiratory problems caused by wood dust, some players are innovating novel manufacturing processes by escalating R&D activities.

More Insights into the Wood Pellets Market

Over the recent years, the European region has witnessed increased adoption of power boilers and residential heating segments. The regional Wood Pellets Market is fueled by enhanced product penetration in countries such as FranceAustriaItaly, and Germany. Moreover, European Union’s stringent regulations against carbon emissions are pushing the sales of wood pellets.

Asia Pacific region is anticipated to register stupendous growth during the projection period. The prevalence of renewable energy is responsible for the regional growth of the wood pellets market in countries like South KoreaChinaJapan, and India.

Owing to grave environmental concerns and surging government incentives towards sustainability are likely to propel global wood pellets market growth. With an incredible CAGR of approximately 11% wood pellets market is poised for stupendous growth throughout the forecast years.

Agricultural residue and wood waste are the prominent sources of wood pellets that make them cost-efficient and easily available. Being one of the factors for prosperous market growth in the future.

The pellet-based power plant is preferred over the coal-based power plant due to its energy-saving capabilities which is why the wood pellet market is gaining massive traction in the industrial sector.

Reputed companies like Enviva Partners LP, Pinnacle Renewable Energy Inc., Wood Pellet Energy (UK) LTD, Andritz AG, Energex, and Georgia Biomass, LLC are focusing on strategic alliances, mergers & acquisitions, joint ventures, collaborations, product approvals and partnership agreements in order to get an edge over others in the global wood pellets market.

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Wood Pellets Market: Segmentation

The global wood pellets market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.

By Feedstock

  • Forest and Wood Waste Resources
  • Agricultural Residue and Waste
  • Food Waste
  • Virgin Lumber
  • Energy Crops

By End-use Industry

  • Residential/Commercial Heating
  • CHP/District Heating
  • Co-firing

By Region

  • North America
  • Latin America
  • Europe
  • MEA
  • Asia Pacific

Table of Content

1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

1.3. List of Data Sources

2. Executive Summary

2.1. Market snapshot

3. Wood Pellets Market Dynamics

4. Wood Pellets: Trend Analysis & Application Assessment

5. Wood Pellets: Regional Estimates & Trend Analysis

To be continued…!

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The post Wood Pellets Market Set Growth at 11% CAGR by 2031; Demand for Carbon Neutral and Sustainable Fuel Continues to Bolster Industry Growth appeared first on Future Market Insights.

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