New York, US, May 20, 2022 (GLOBE NEWSWIRE) -- Biomass Pellets Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Biomass Pellets Market Information by Source, Type, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 5.50% CAGR to reach USD 9.5 Billion by 2030.
Market Synopsis
Biomass pellets are a form of biofuel that is developed using organic matter such as sawdust and wood wastes. Biomass can be described as an organic matter that can be used as fuel. Biomass pellet is a clean-burning, renewable, and cost-effective fuel that greatly reduces pollutant emissions and enhances the thermal value of the biomass waste throughout heating. Biomass pellets generate extremely low greenhouse gases, and therefore, do not contribute to global warming. They are also used as an alternative to coals in power plants, to heat stoves and boilers.
Biomass pellets are developed using waste such as coconut shells, treetops, fruit bunches, and palm kernel shells. They are highly significant sustainable energy sources when fossil-fuel reserves get over out and carbon emission regulations become stricter. These are vastly utilized in coal-fired boilers to bring down carbon emissions from the units and factories.
Biomass pellets have numerous benefits, which are easy to transport and store, efficient, low carbon emission, scalable combustion, and reliable. These pellets have garnered remarkable traction among the end-users, who are trying to bring down carbon emissions and achieve economic advancement.
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Market Competitive Landscape:
The important companies in the biomass pellets market are
- AS Graanul Invest (Estonia)
- Pinnacle Renewable Energy Inc (Canada)
- Drax Group plc (UK)
- Enviva (US)
- German Pellets GmbH (Germany)
- Fram Fuels (US)
- Abellon CleanEnergy Limited (India)
- Ecostan (India)
- Lignetics (US)
- Zilkha Biomass Energy (US)
- Premium Pellets Ltd (Canada)
- JP Green Fuels (India)
- The Westervelt Company Inc (US)
- New England Wood Pellet (US)
- Forest Energy Corporation (US)
Market USP Covered:
Market Drivers:
The biomass pellets market greatly benefits from the surging public knowledge with regard to the significance of environmental conservation. Biofuels and various renewable sources of energy including solar and wind are experiencing extremely high demand owing to this shift. Demand for clean energy has risen at a notable pace, especially in developed regions like Europe and North America.
Furthermore, heightened environmental concerns should provide impetus to the trend in developing regions like South Asia Pacific and East Asia. These regions are exhibiting promising growth potential. Market Research Future says that these regions will be some of the most eminent renewable energy generators in the future. Consistent surge in countries like Japan, China, India, and various South East Asian countries will be favorable for the biomass pellets market.
Given the advantages of biomass, biomass pellets will soon emerge as one of the most vital sources of energy. Biomass pellets are carbon neutral, renewable, and most importantly, are widely available. Considering these factors, governments of many nations are offering numerous various schemes as well as subsidies promoting the application of energy sourced from biomass, including biomass pellets. For instance, the Biomass Thermal Utilization Act (BTU Act) in North America focuses on recognizing and promoting the economic and environmental benefits of biomass-derived fuels as well as energy sources. This act offers 15% to 30% credit to clean wood heating systems for commercial and domestic applications.
Market Restraints:
Costly extraction processes, significant cost of raw materials and low product quality are major restraints for the worldwide market.
However, with emergence of favorable government regulations and rules shifting their focus on the adoption of non-conventional and renewable energy sources, players will be offered attractive business opportunities during the analysis period.
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COVID 19 Analysis
The COVID-19 outbreak has had a substantial impact on the biomass pellets industry, good as well as bad. Biomass pellets are witnessing a decline in their demand from various end-use sectors due to the massive rise in Covid-19 cases worldwide, along with the stringent lockdown.
However, a host of government measures focused on bolstering the worldwide economic growth has re-ignited the product demand. Surge in industrial production as well as economic growth can mean that the biomass pellets market will exhibit robust growth in subsequent years.
Market Segmentation
By Type:
Different types of biomass pellets in the market are agri-pellets, torrefied pellets, wood pellets, and others.
Out of these, the wood pellets enjoy maximum demand across a myriad of end-use industries.
By Source:
Depending on source, the biomass pellets industry caters to industrial waste, energy crops, food waste, agriculture residue, virgin lumber, and many others.
In 2019, agriculture residue and the industrial waste segments took the lead.
By Applications:
With respect to application, the biomass pellets market can cater to industrial heating, residential heating, Power generation, and others.
Between these, the power industry will grab the biggest share in the worldwide market and is anticipated to enhance the biomass pellets market growth scope in the years to come.
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Regional Insights
Europe will be the most eminent market for biomass pellets in the years to follow, given the substantial consumption of wood pellets. Another key reason for the robust demand in the region can be the soaring number of government regulations focused on reducing greenhouse gas emissions. In the region, the top gainer is the UK, with the country emerging as the leading consumer of biomass pellets. The country consumes nearly 40% of the total biomass pellets developed in Europe. Strict regulations in the U.K. foster environmental protection and the heightened focus on clean energy sources shall have a tremendous effect on the regional market.
Asia-Pacific will soon experience the fastest growth in the worldwide market between 2020 and 2027, on account of the accelerated adoption of biomass pellets in numerous industrial heating sectors. In the region, Thailand and China are the major contributors, where the consumption of wood pellets in residential heating and commercial heating is exceptionally high.
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