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Wood Pellets Market: Keen Growth, Market Insights and Major Trends Forecast 2024-2029
Wood Pellets Market
What Is The Projected Market Size Of The Global Wood Pellets Market And Its Growth Rate?
• The market size of wood pellets was $11.96 billion in 2024 and projected to reach $13.42 billion in 2025, progressing at a CAGR of 12.2%.
• The significant growth factors are government incentives, expansion of biomass power plants, environmental awareness, and fluctuations in fossil fuel prices, coupled with economic growth.
• The wood pellets market is expected to escalate rapidly to $21.49 billion in 2029 at a CAGR of 12.5%, due to carbon pricing and emissions reduction, international trade and export opportunities, growing residential consumption, rise in demand for renewable energy, and an increasing power generation sector.
What Is Driving The Growth In The Wood Pellets Market?
The ascending demand for renewable energy on a global scale is anticipated to fuel the wood pellets market. Renewable energy is characterized as energy derived from natural sources that replenish faster than its consumption. Wood pellets are a renewable energy source manufactured from a variety of wood waste products. For instance, Energy Information Administration in June 2023 reported an increase in renewable energy consumption from 12.1 quads in 2021 to 13.2 quads in 2022 in the United States. Hence, the increasing global demand for renewable energy is fostering the growth of the wood pellets market.
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Who Are the Key Players Driving Wood Pellets Market Growth?
Key players in the market include:
• Enviva Inc.
• Energex American Inc.
• Graanul Invest AS
• Pinnacle Renewable Energy
• Fram Renewable Fuels LLC.
• Segezha-Group
• Lignetics Inc.
• Asia Biomass Public Company Limited
• Sinclar Group Forest Products
• Wood Pellet Energy UK Ltd.
• Highland Pellets LLC
• Groupe Savoie Inc
• Drax Group plc
• The Westervelt Company
• Forest Energy Corporation
• New England Wood Pellet
• Pacific BioEnergy Corporation
• Maine Woods Pellet Company
• Bear Mountain Forest Products
• Michigan Wood Pellet Fuel LLC.
• Somerset Pellet Fuel
• Trae Fuels Ltd.
• Vermont Wood Pellet Company
• Appalachian Wood Pellets
What Are The Key Trends In The Wood Pellets Market?
Key trends in the wood pellets market include:
• Advanced pellet production technology
• Sustainable sourcing
• Pellet certification and standards
• R&D and innovation
• Partnerships and collaborations
What Are The Segments Of The Global Wood Pellets Market?
• By Feedstock: Forest And Wood Waste Resources, Agricultural Residue and Waste, Food Waste, Virgin Lumber, Energy Crops
• By Production Process: Sawdust Preparation, Screening, Hammering, Pelletizing, Cooling And Packaging
• By Application: Heating, Power Generation, Combined Heat And Power (CHP)
• By End-User: Residential, Commercial, Industrial
Which Region Leads The Wood Pellets Market?
Europe was the largest region in the wood pellets market in 2024. However, Asia-Pacific is predicted to be the fastest-growing region in the wood pellets market during the forecast period. The wood pellets market report includes regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Wood Pellets Market Global Market Report?
- Market Size Analysis: Analyze the Wood Pellets Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Wood Pellets Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Wood Pellets Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Wood Pellets Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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