Sarasota, FL, Feb. 22, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Biomass Pellets Market for Industrial and Residential Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022”. According to the report, the global biomass pellets market accounted for USD 7.65 Billion in 2016 and is expected to reach USD 15.9 Billion by 2022, growing at a CAGR of around 11.0% between 2017 and 2022.
The global biomass pellets market is expected to witness significant growth over the forecast period on account of rising environmental awareness and government regulations. Biomass is used as a heating fuel and can be derived from various sources such as woody plants, timber industry, sawdust, sugarcane crop, and switch grass. The growing disposable income and the consequent demand for nonconventional sources of energy are expected to drive the demand for biomass pellets market within the forecast period. Furthermore, the rapid depletion of fossil fuels and global warming are expected to aid the growth of biomass pellets market. However, the raw materials and the extraction process are expensive. This could restrain the growth of the biomass pellets market over the years.
Browse through 13 Market Tables and 22 Figures spread through 110 Pages and in-depth TOC on “Global Biomass Pellets Market: By Type, Application, Size, Share, Trends, Analysis, Segment and Forecast 2016 – 2022”.
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Industrial applications segment dominated the biomass pellets market with a major share of total volume consumed. Low greenhouse gas emission and various governmental regulations have paved the way for the industries to adopt biomass pellets for heating fuel. Residential applications segment is expected to experience growth within the forecast period owing to increasing environmental awareness.
North America is expected to witness lucrative growth within the forecast period. North America accounted for the second largest market share following Europe. The demand for biomass pellets has been increasing in the past few years owing to the increasing demand for biomass pellets in the industrial sector, strict environmental regulations, and increasing concern for global warming. The rapid rate of depletion of fossil fuels and demand for the reduction of greenhouse gasses are creating opportunities in the North America market. This is expected to fuel the market growth further.
Browse the full "Biomass Pellets Market for Industrial Applications and Residential Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022" report at https://www.zionmarketresearch.com/report/biomass-pellets-market
Europe accounted for the largest share in the global biomass pellets market in terms of volume consumed and revenue generated. The driving factors for the huge demand for biomass pellets in the region are low greenhouse gasses emission and increased government initiatives for renewable technologies. The region is expected to witness significant growth on account of various subsidies and legislations by the governing bodies.
Asia Pacific is expected to be the fastest growing regional segment for the biomass pellets market within the forecast period. Asia Pacific accounted for the third largest market share of the global biomass pellets market following Europe and North America. The population explosion mainly in countries like China and India has increased the demand for sustainable energy. This is expected to drive the biomass pellets market further. In addition, Renewable Energy Law passed in China has put the adoption of biomass fuel development at top priority.
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Latin America is expected to witness significant growth within the forecast period. The low greenhouse gasses emission and increasing demand for sustainable energy are expected to drive the market further. Brazil is the largest manufacturer of biomass pellets in the region.
Some of the key players included in the biomass pellets market are Energex Corporation, Forest Energy Corporation, Helius Energy, New England Wood Pellet, Woodstone, Forth Energy, International WoodFuels, and MGT Power among others.
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This report segments the global biomass pellets market as follows:
Global Biomass Pellets Market: Application Segment Analysis
- Industrial Applications
- Residential Applications
Global Biomass Pellets Market: Regional Segment Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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