New York, United States , July 18, 2024 (GLOBE NEWSWIRE) -- The Global Wood Pellets Market Size is to Grow from USD 18.06 Billion in 2023 to USD 34.53 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.70% during the projected period.
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Wood pellets are compressed wood particles made mostly from wood waste and agricultural waste (such as straw). When compared to unprocessed biomass, they are dense, contain little moisture and ash, and have a high energy density. Besides that, wood pallets are frequently utilized in the domestic and business sectors for cooking, grilling, and providing heat due to their low cost and low maintenance requirements. They are also used in large-scale biomass supply chains to assist save expenses on biomass storage, handling, and transportation. Wood pellets are a type of fuel made from sawdust and industrial waste from the manufacture of wood products including furniture, construction, and timber processing. They are considered a viable alternative to fossil fuels such as natural gas and coal. Virgin trees are ideal for producing wood pellets. Wood pellets are cylindrical, measuring 6-12 mm in diameter and 1-3 cm long. They're dry and easy to store. A rapidly expanding population, a robust industrial sector, and rapid infrastructure development have all contributed to a large growth in electricity demand. The demand for renewable energy is a significant factor driving the growth of the wood pellet industry. Wood pellets are a readily available renewable energy source. Wood pellets are CO2-neutral, which means the carbon emitted during combustion contributes to the natural carbon cycle. Furthermore, increasing certification processes for export to Europe and other nations where several rules regulate the creation of renewable energy is a major hurdle to the wood pellets market's growth.
Browse key industry insights spread across 230 pages with 120 Market data tables and figures & charts from the "Global Wood Pellets Market Size, Share, and COVID-19 Impact Analysis, By Feedstock (Forest Waste, Agriculture Waste, and Others), By Application (Heating, Combined Heat & Power (CHP), and Power Generation), By End-user (Residential, Commercial, and Industrial) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The forest waste segment is anticipated to hold the largest revenue share of the wood pellets market during the projected timeframe.
Based on the feedstock, the wood pellets market is divided into forest waste, agriculture waste, and others. Among these, the forest waste segment is anticipated to hold the largest revenue share of the wood pellets market during the projected timeframe. Forest waste materials, such as sawdust and wood shavings, are being used to enhance environmental sustainability and the transition to circular economies. Diversifying feedstocks through environmentally friendly waste use complies with various global initiatives aimed at responsible and safe resource utilization, as well as sustainable biomass development.
The power generation is predicted to grow at the fastest CAGR in the wood pellets market during the projected timeframe.
Based on the application, the wood pellets market is divided into heating, combined heat & power (CHP), and power generation. Among these, the power generation segment is predicted to grow at the fastest CAGR in the wood pellets market during the projected timeframe. Demand is going to increase as cities, industries, and populations expand. Furthermore, biomass gasifiers are in high demand, as rural electrification allows for localized power generation. Wood pellets are used in the power generation business to produce power comparable to coal.
The industrial segment dominated the market with the highest market share in the wood pellets market during the projected timeframe.
Based on the end-user, the wood pellets market is divided into residential, commercial, and industrial. Among these, the industrial segment dominated the market with the highest market share in the wood pellets market during the projected timeframe. The product can be used as a renewable energy source in a wide range of applications for industry, including food processing, drying, and manufacturing. They can be applied to industrial dryers, thermal equipment, and boilers to provide energy for specialized tasks while minimizing reliance on fossil fuels.
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North America is expected to hold the largest share of the wood pellets market over the forecast period.
North America is expected to hold the largest share of the wood pellets market over the forecast period. Wood pellet demand in North America is mainly fueled by regional price competitiveness with propane and home heating oil, and it also involves the increasing replacement of traditional burners to increase automatic feed-in and comfort. The favorable climate conditions for heating in residential and commercial buildings are expected to help fuel market growth. North America, particularly the United States and Canada, is a significant producer and consumer of wood pellets. The region's extensive forest resources provide an abundance of raw materials for pellet production. In the United States, wood pellets are largely utilized for home heating and, to a lesser extent, electricity generation.
Asia Pacific is predicted to grow at the fastest pace in the wood pellets market during the projected timeframe. The Asia-Pacific region's wood pellet industry is quickly expanding, driven by a desire to diversify energy sources and reduce dependency on coal. Countries like South Korea, Japan, and China are showing a rising interest in wood pellets for power generation and industrial heating. Demand in this region is mostly driven by government policies aimed at reducing greenhouse gas emissions and encouraging the use of renewable energy. However, the market explores obstructions such as developing the supply chain and infrastructure, as well as ensuring the sustainability of raw materials.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the wood pellets market are The Westervelt Company, Snow Timber Pellets, Energex Inc., Wood Pellet Energy, Farm Fuels, Lignetics Inc., Mallard Creek Inc., Pacific BioEnergy Corporation, Drax Group Plc, SINGPELLET Pte. Ltd., Enviva LP, Georgia Biomass, LLC, Pinnacle, AVP Group, and Others.
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Recent Developments
- In March 2023, Pinnacle Renewable Energy, a prominent wood pellet producer, entered into a new long-term supply arrangement with Ørsted, a leading renewable energy firm. Pinnacle would supply Ørsted with 1.2 million metric tons of wood pellets per year for ten years.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the wood pellets market based on the below-mentioned segments:
Global Wood Pellets Market, By Feedstock
- Forest Waste
- Agriculture Waste
- Others
Global Wood Pellets Market, By Application
- Heating
- Combined Heat & Power (CHP)
- Power Generation
Global Wood Pellets Market, By End-User
- Residential
- Commercial
- Industrial
Global Wood Pellets Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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