Press release
Wood Pellet Market is calculated to grow at 8.5% CAGR during 2022-2029, reaching USD 16.7 Billion | Size, Share, Trends & Forecast
Wood Pellet Market
Wood Pellet Market was valued at USD 8.7 billion in 2021 and is projected to reach USD 16.7 billion in 2029 increasing at a CAGR of 8.5% from 2022-2029.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/wood-pellets-market-outlook-analysis-industry-research/
The factors driving growth of the Wood Pellet Market includes increasing use of wood pellets for producing electricity, growing emphasis on reducing greenhouse gas emissions, environment friendly properties of wood pellet and rising demand for renewable source of energy. As per the data available at Statista, the Global Renewable Energy Market was calculated around 1.4 trillion in 2017 and is expected to reach USD 2.15 trillion by the end of 2025, which will accelerate the Global Wood Pellet Market in the approaching years. Moreover, increasing focus on reducing the use of fossil fuels, growing adoption of advanced technologies by manufacturers and rising application of wood pellets in the residential areas, are some of the additional factors supplementing the Wood Pellet Market size. In addition, increasing investments by leading players on research and development, rise in the launch of innovative products, and growing population growth rates, are further contributing towards the market growth.
However, growth of the Wood Pellet Market is hindered attributed to regulations laid down by governing bodies on wood procurement.
The prominent players operating in the market are Enviva LP, Drax Group plc, International WoodFuels, LLC, German Pellets GmbH, Pinnacle Renewable Energy Inc., Energex., Lignetics, Canfor, Stora Enso, and Piveteau Bois.
Based on Application the Heating segment is predicted to capture the largest market share during the forecast period
Increasing use of wood pallets in the residential sector for cooking, grilling, and supplying heat to homes, subsidies provided by Governments on wood pellet and cost-effective features of wood pellet, are some of the factors responsible for the growth of the segment.
As per the Wood Pellet Market Outlook, Power Generation segment is projected to expand at a remarkable CAGR over the forecast period attributed to growing application of wood pellet for electricity generation across the globe.
Based on Region, the European region is anticipated to hold the highest market share over the forecast period
According to the Wood Pellet Market Analysis, increasing application of wood pallet in residential heating, growing adoption of advanced technologies by manufacturers, rise in the launch of innovative products, rapid industrialization and high per capita incomes, are some of the important factors augmenting the market growth in European region.
Key Development
In 2021, Drax Group plc officially acquired Pinnacle Renewable Energy, which is a major supplier of sustainable biomass fuel based in Canada
Market Segmentation
Segmentation by Production
Conventional Pellets
Stream-Treated Pellets
Segmentation by Application
Heating
Power Generation
Segmentation by Feedstock
Forest Wood & Waste
Agriculture
Residue
Others
Segmentation by Grade
Premium
Standard
Utility
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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