IMARC Group, a leading market research company, has recently releases report titled “Wood Pellet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global wood pellet market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the wood pellet market?
The global wood pellet market size reached US$ 12.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.53% during 2023-2028.
What are wood pellets?
Wood pellets are derived from wood residues and agricultural by-products such as straw. These compressed wood particles possess high energy content, low moisture, and ash content compared to raw biomass. Wood pellets are widely used in residential and commercial sectors due to their cost-effectiveness and low maintenance requirements. They find applications in cooking, grilling, and providing heat. Additionally, they play a crucial role in large-scale biomass supply chains, reducing costs in storage, handling, and transportation processes.
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What are the growth prospects and trends in the wood pellet industry?
The market is being driven by the growing adoption of wood pellets in power generation, which is one of the primary factors behind its expansion. Additionally, the market is witnessing growth due to the increasing awareness among individuals about the advantages of using renewable energy sources and the exceptional combustion properties of wood pellets.
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Furthermore, the increasing concerns about global warming and climate change, caused by rising quantities of heat-trapping greenhouse gases in the atmosphere, are also contributing to the market growth. Furthermore, the market is benefiting from the surge in oil prices and the escalating use of wood pellets in heating federal and municipal buildings, office buildings, and educational facilities, presenting lucrative opportunities for end-users. Furthermore, several government bodies in various countries are providing subsidies and incentives to promote the adoption of renewable energy sources for power generation, thus positively impacting the global sales of wood pellets.
Moreover, key market players are concentrating on mergers and collaborations to expand their customer base while also focusing on sourcing waste wood materials and sawdust to increase production volumes, ultimately leading to enhanced sales and profitability.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Feedstock Type:
- Forest Wood and Waste
- Agriculture Residue
- Others
Breakup by Application:
- Power Plants
- Residential Heating
- Commercial Heating
- Combined Heat and Power (CHP)
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Andritz AG, Asia Biomass Public Company Limited, Drax Group PLC, Energex, Enviva LP, Fram Renewable Fuels LLC, Land Energy Limited, Lignetics Inc., Mallard Creek Inc., Pacific BioEnergy Corporation, Stora Enso Oyj, Svenska Cellulosa Aktiebolaget and Tanac S.A.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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