Douglas - Isle of Man, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Douglas Insights has evaluated every aspect of the wood pellets market and revealed the changes in market trends due to the rising global demand for clean energy and economical residential heating in cold regions. By adding wood pellets market research reports to its comparison engine, Douglas Insights will allow analysts, market researchers, businesses, and industry experts, to accurately identify market trends, future predictions, growth drivers, key restraints, market limitations, and challenges.
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Market Insights
The global wood pellets market is expected to grow at a healthy rate in the coming decade, with an estimated compound annual growth rate (CAGR) of 11% from 2022 to 2032. The main driver for the wood pellets market is the global rise in demand for renewable energy to curb the use of fossil fuels that add to global warming and climate change. Countries' need to meet emission targets, stringent government policies and growing demand for sustainable, carbon-neutral fuel are all contributing to the growth of the wood pellets market.
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Another notable key driver of this market is the rising support from innovations and advancements in wood pellet boilers. Wood pellet boiler manufacturers have introduced self-cleaning systems and made them widely available, allowing them to gain popularity due to their lower maintenance and user input. Boiler manufacturers, wood pellet companies, and key market players are also aggressively marketing the cost efficiency of wood pellets and the benefits of biomass boilers to increase awareness and encourage sales.
In cold regions, wood pellets are becoming increasingly popular for residential heating due to the significantly lower costs of using wood pellet stoves and furnaces compared to natural gas alternatives. This rise in demand has opened growth opportunities for market players to capitalise on engineered wood pellets that burn cleanly due to their uniform moisture content and size.
Power generation and residential heating remain the major application for wood pellets globally, with a combined dominant share of nearly 80 per cent. The remainder consists of commercial heating and combined heat and power. In terms of market regions, Europe holds the lead in the wood pellets market, owing to its stringent environmental policies for energy generation and the growing adoption of wood pellets for power boilers and residential heating in many cold nations.
The Asia Pacific region holds the second largest share of the wood pellets market for the forecast period, with great growth opportunities due to its rising investments in coal power plants. There are also good growth opportunities for key market players in the use of wood and forest waste resources, saw dust fine wood pellets, and Brazilian eucalyptus wood pellets.
However, the availability of alternatives like solar and wind energy and low consumer awareness are the main restraints hindering the growth of the global wood pellets market. Regardless, the growing adoption of wood pellets, increasing marketing efforts by key players, and rising residential demand for economical heating will help overcome these restraints during the forecast period.
Some of the key global players in the wood pellets market include Enviva LP, German Pellets, Pinnacle Renewable Energy Inc., Graanul Invet, AVP Group, Drax Group, Energex, Sinclar Group Forest Products, Wood Pellet Energy (UK) Ltd., TANAC SA, F.E. Wood & Sons, Lauzon, Vermont Wood Pellet Company, Highland Pellets LLC, Farm Fuels, Groupe Savoie Inc., and I.C.S. (Lacroix) Lumber Inc.
Report Segmentation
Application Segment
- Pellet Stove Inserts
- Pellet Boilers
- Free Standing Pellet Stoves
End-use Segment
- Heat Generation
- Residential Heating
- Commercial Heating
- Power Generation
- Co-firing
- Combined Heat & Power (CHP)
- Others (absorbents, horse bedding)
Geography Segment
- North America
- United States
- Canada
- Europe
- Germany
- U.K.
- France
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- Japan
- Rest of Asia Pacific
- Latin America (LATAM)
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- Rest of Middle East & Africa
Key questions answered in this report
- COVID 19 impact analysis on global Wood Pellets industry.
- What are the current market trends and dynamics in the Wood Pellets market and valuable opportunities for emerging players?
- What is driving Wood Pellets market?
- What are the key challenges to market growth?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which product type segment holds a larger market share and why?
- Are low and middle-income economies investing in the Wood Pellets market?
- Key growth pockets on the basis of regions, types, applications, and end-users
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Unique data points of this report
- Statistics on Wood Pellets and spending worldwide
- Recent trends across different regions in terms of adoption of Wood Pellets across industries
- Notable developments going on in the industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2028 (forecast)
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