Wood Pellets Market to Grow at Blistering Pace With Quest for Sustainable and Cost-Efficient Sources of Energy that Provides Higher Efficacy & Increased Productivity

Projection points out that the worldwide wood pellets market is anticipated to grow in leaps and bounds during the projection years. Wood pellets have gained supremacy over fossil fuels and natural gas owing to their affordability quotient. With higher efficiency in heating and lower prices as compared to other resources, wood pellets have emerged as an efficient heating device, primarily developed for solid fuel. During the COVID-19 outbreak, the market experienced steep declines in demand and shortages of raw materials. However, the wood pellets market is swiftly regaining its position across the world by maintaining a consistent supply.

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Wood pellets can extensively be recycled and reused to a greater extent. The report suggests that growing awareness about the usage of renewable sources of energy in residential as well as commercial space heating is expected to elevate the demand for wood pellets throughout the coming years. On being evaluated against biomass fuels that precipitate pieces whilst burning, wood pellets completely combust and are eco-friendly. To this end, several incentives and tax benefits coupled with the immaculate combustion capabilities have paved the way for wood pellets application in pellet fireplaces and stoves. The adoption and proliferation in deployment of alternative renewable energy sources in diverse parts of the world viz solar photovoltaic, wind energy, and geothermal might pose some restraints in market growth. The latest technological advancements in the space along with the ramped-up research and development activities are likely to boost the wood pellets usage and demand during the forecast period.

Favorable Government Initiatives & Accelerated Demand in Heating Applications Paves the Way For Market Expansion

Over the recent past, the application of wood pellets in heating has significantly increased leading to a surge in their demand. Additionally, the oversupply during the pandemic phase has resulted in declining prices. These price drops have gained wood pellets excellent prominence and fueled the demand for these pellets. Wood pellets are widely used to cook and generate heat across commercial and residential spheres. Besides, diverse subsidies and incentives offered by several governments across the globe, on the usage of wood pellets in heating applications have created tailwinds for the market. On the whole, the aforementioned factors are envisaged to propel numerous gains across the wood pellets market and provide greater productivity to the users.

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Europe Sustains Regional Dominance in the Wood Pellets Market

The study foretells that Europe would lead the global wood pellets market during the prophesied period. Considering increased demand for wood pellets in clean energy generation is anticipated to steer the European market. Pellets have also been used in coal conversion projects in local government or public administration facilities like schools and offices. Furthermore, the regional market is booming with cutting-edge technological advancements which have made Europe reach the top regions across the wood pellets market.

Strategic moves by major players across the wood pellets market to sustain their leading positions include technology rollouts, mergers and acquisitions, and research and development activities. Fram Renewable Fuels LLC, Enviva, Segezha Group JSC, Drax Group Plc, and AS Graanul Invest are the most competitive players in the global market.

Global Wood Pellets Market is Segmented as Below:

By Application
• Heating Applications
• Residential Heating
• Commercial Heating
• CHP (Combined Heat and Power)
• Power Generation

By Feedstock
• Forest and Wood Waste Resources
• Agricultural Residue and Waste
• Food Waste
• Virgin Lumber
• Energy Crops

By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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