NEWARK, Del, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The Wood Pellets Market is projected to be valued at US$ 10,037.6 million in 2023 and is expected to rise to US$ 24,345.6 Million by 2033. The sales of wood pellets are expected to record a significant CAGR of 10.2% during the forecast period.
The wood pellets market is experiencing significant growth due to escalating environmental concerns and increasing government initiatives toward sustainability.
Wood pellets are a form of biomass energy derived from renewable sources such as wood waste, sawdust, and agricultural residues. These pellets are widely used as a renewable energy source for heating and power generation, offering a cleaner and more sustainable alternative to fossil fuels.
The market for wood pellets is expanding rapidly as governments worldwide implement policies and incentives to promote renewable energy sources.
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The growing demand for wood pellets is driven by their advantages, including high energy density, low emissions, and ease of storage and transportation. Additionally, the wood pellets market is witnessing increased investments in production capacity and advancements in pellet manufacturing technology.
With the growing awareness of climate change and the need for sustainable energy solutions, the wood pellets market is expected to grow significantly in the coming years.
Wood Pellets Market: Regional Analysis
North America dominates the wood pellets market with an expected revenue of US$ 200 million in 2022, driven by increasing residential demand from the United States. The region sees a growing popularity of wood pellet stoves due to their cost-efficiency compared to natural gas and incentives like the Wood and Pellet Heater Investment Tax Credit (ITC).
Europe accounts for nearly 78% of the wood pellets market, with widespread adoption in power boilers and residential heating segments. Stringent carbon emissions regulations in the European Union contribute to the sales of wood pellets, with countries like France, Austria, Italy, and Germany showing enhanced product penetration.
Asia Pacific holds 11% of the market share and is seen as an attractive pocket for the wood pellets market. The region's surging coal power plants present an opportunity for wood pellets to replace coal in power generation facilities fueled by thermal upgrading technology.
The residential sector shows a higher implementation in the wood pellets market, accounting for a revenue of US$ 3.5 billion. Wood pellets are gaining popularity among household users due to their green and sustainable attributes, finding applications not only for cooking and heating but also as cat litter and horse bedding.
Recent Developments
Drax announced the acquisition of the whole issued share capital of Pinnacle Renewable Inc. in April 2021. Pinnacle may continue to be headquartered in British Columbia as a subsidiary of Drax. Over 480 Pinnacle workers, including current leadership, may be welcomed into the Drax Group.
July 2020 - Enviva paid US$ 164.0 million in cash for all limited liability interests in Georgia Biomass Holding LLC, a Georgia limited company and indirect owner of a wood pellet manufacturing facility in Waycross, Georgia, after accounting for certain collateral adjustments. Georgia Biomass was acquired as a business combination and accounted for using the purchase method.
Enviva Partners L.P. built a new manufacturing factory in Lucedale, Mississippi, in October 2019. These new factories may cost the corporation about US$ 140 million. The firm has eight production sites in the southeastern United States, producing more than 3 million metric tonnes of pellets yearly. The construction of these additional plants can take 15 to 18 months.
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Scope of the Wood Pellets Market Report
| Attributes | Details | ||
| Growth Rate | CAGR of 10.2% from 2023 to 2033 | ||
| Base Year of Estimation | 2023 | ||
| Historical Data | 2018 to 2022 | ||
| Forecast Period | 2023 to 2033 | ||
| Quantitative Units | Revenue in US$ billion and Volume in Units and F-CAGR from 2023 to 2033 | ||
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis | ||
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Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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