New York, May 13, 2024 (GLOBE NEWSWIRE) -- Market Explanation:
The global Wood Pellet Market was valued at USD 9.58 billion in 2023 and is anticipated to generate an estimated revenue of USD 14.42 billion by 2032, with a CAGR of 4.70% from 2024 to 2032.
Wood pellets are rendered from crushed wood fibre. They are rendered essentially from the remnants left over from the sawmilling procedure when logs are transformed into lumber and alternative precious wood commodities. Growingly, harvesting remnants in the forest and substandard quality logs once departed as refuse are also a starting point for raw materials for wood pellets. The wood pellet market growth can be attributed to the fact that by rendering wood pellets from the fiber that was at some point of time ignited or astray, the wood pellet framework is decreasing refuse and converting the debris into treasured low-carbon biofuel.
Moreover, the escalating commodity demand for renewable energy worldwide, predominantly to decrease the reliance and utilization of fossil fuels, which causes global warming, together with a notable surge in the structuring of power plants and massive surfacing of the renewable energy sector covering both advanced and advancing nations, are amongst the elements impacting the market development.
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Fundamental Stats from the Report:
- The global market for wood pellet was valued at USD 9.58 billion in 2023.
- The market is expected to grow at a 4.70% CAGR during the forecast period 2024-2032.
- The wood pellet market size is anticipated to grow to 14.42 billion by 2032.
Key Findings from the Report:
- The market for wood pellet is expanding due to uncomplicated obtainability and curtailed production prices of agricultural remnant and wood refuse that are the distinguished sources of wood pellets is pushing the market towards expansion.
- The market is mainly segmented on the basis of application, end-user, and region.
- Europe dominated the market with the largest wood pellet market share in 2022.
Market Key Players:
- German Pellets
- Pinnacle Renewable Energy
- Enviva LP
- Wood & Sons
- Drax Group
- Stora Enso
- Svenska Cellulosa
- Brookridge Grou
- Wood Pellet Energy
- Vermont Wood Pellet
- Farm Fuels
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Important Market Developments:
Growth Drivers:
- One of the main elements driving the wood pellet market demand is the speedy escalation in approval of wood pellets as an energy transporter and the surge in demand for viable fuels made from viable or optional raw materials, including refuse, plants, or vegetables, which assist in productively aiming the determined decarbonization targets.
- The wood pellets are excessively opaque, and their sparse humidity material permits them to effortlessly ignite with escalated kindling productivity. Their escalated solidity also sanctions firm repository and reasonable conveyance along the miles that have been pushing the market growth ahead.
Trends:
- The forecast period will witness substantial growth in the wood pellet market trends, mostly because of the growing energy intake due to the escalation in global population and speedy industrialization, and the discharge of greenhouse gases via the ignition of fossil fuels.
Challenges:
- The market for varied shipping organizations, brokers, and traders is excessively intricate and splintered in nature. Further, the conveyance of wood pellets has distinct features that restrict the aggregate of ports and ways that are both cost-effective and able to manage massive quantities of wood pellets.
Regional Insights:
Europe: The wood pellet market in Europe is expected to escalate due to the escalating intake of power generation covering the region and several kinds of grants offered by government sources of energy.
Asia Pacific: The Asia Pacific will grow at a significant rate. This expected growth can be attributed to the existence of approved government schemes to accelerate the usage of wood pellets.
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Segmentation Overview:
By Application Outlook:
- Heat
- CHP
- Power
By End-user Outlook:
- Industrial
- Residential and Commercial
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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