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Wood Pellets Market Anticipated To Witness Robust Growth, Surpassing $21.49 Billion By 2029
Wood Pellets
What Is the Current Wood Pellets Market Size and Its Estimated Growth Rate?
In the past few years, the size of the wood pellets market has witnessed a swift expansion. With an estimated value of $11.96 billion in 2024, it is expected to escalate to $13.42 billion in 2025, indicating a compound annual growth rate (CAGR) of 12.2%. Factors contributing to this substantial growth during the historical period includes government incentives, the expansion of biomass power plants, growing environmental consciousness, fluctuations in the prices of fossil fuels, and overall economic growth.
In the coming years, the market size for wood pellets is anticipated to experience a surge in growth. The projection is for the market to expand to $21.49 billion by 2029, achieving a compound annual growth rate (CAGR) of 12.5%. Factors contributing to the expected growth during the projected timeline include carbon pricing and efforts to lower emissions, opportunities in international trade and exports, increased residential use, growing demand for renewable energy and a rising power generation sector. Future trends to watch include advancements in pellet production technology, sustainable sourcing practices, pellet certification and standardization, research and development, and strategic partnerships and collaborations.
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How Are Emerging Segments Shaping the Wood Pellets Market Landscape?
The wood pellets market covered in this report is segmented -
1) By Feedstock: Forest And Wood Waste Resources, Agricultural Residue and Waste, Food Waste, Virgin Lumber, Energy Crops
2) By Production Process: Sawdust Preparation, Screening, Hammering, Pelletizing, Cooling And Packaging
3) By Application: Heating, Power Generation, Combined Heat And Power (CHP)
4) By End-User: Residential, Commercial, Industrial
Subsegments:
1) By Forest And Wood Waste Resources: Sawdust, Wood Chips, Bark
2) By Agricultural Residue And Waste: Straw, Corn Stover, Rice Husk
3) By Food Waste: Food Processing, Organic Waste
4) By Virgin Lumber: Logs, Wood Shavings
5) By Energy Crops: Miscanthus, Switchgrass, Short Rotation Woody Crops
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Which Growth Factors Are Influencing Wood Pellets Market Expansion?
The upward trend in global demand for renewable energy is set to fuel the expansion of the wood pellets market in the future. Renewable energy is characterized as energy that is harnessed from natural resources and replenished at a pace faster than consumption. Wood pellets, made from various wood waste products, are one such source of renewable energy. For example, the Energy Information Administration, a US government agency, reported in June 2023 that renewable energy usage rose from 12.1 quads in 2021 to 13.2 quads in 2022 in the United States. Consequently, this growing global interest in renewable energy is triggering the development of the wood pellets market.
Who Are the Dominant Players Across Different Wood Pellets Market Segments?
Major companies operating in the wood pellets 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 Latest Developing Trends in the Wood Pellets Market?
Major corporations in the wood pellet industry are striving to develop innovative capabilities, such as industrial pellet plants, to amplify production competence, curtail expenses and promote sustainability through improved raw material sourcing. Industrial pellet plants manufacture pellets from biomass resources, acknowledged for their energy intensity and environmental friendliness. These pellets are popular for their ease of handling in renewable energy usage and sustainable practices. For instance, in December 2022, US-based nonprofit organization Golden State Natural Resources initiated two industrial wood pellet projects. The Tuolumne site is anticipated to generate 300,000 tons of wood pellets annually, while the Lassen site targets to produce 700,000 tons per year, with a focus on using sustainably sourced biomass for eco-friendly production. The produced wood pellets are intended to be shipped by rail to ports, ready for exporting to clients utilizing bio-based fuel for energy. An Environmental Impact Report (EIR) is expected to be compiled following public review to evaluate the potential environmental ramifications from the project.
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Which Geographic Regions Are Expected to Dominate the Wood Pellets Market in the Coming Years?
Europe was the largest region in the wood pellets market in 2024. Asia-Pacific is expected to be the fastest growing region in the wood pellets market report during the forecast period. The regions covered in the wood pellets market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Wood Pellets Market?
2. What is the CAGR expected in the Wood Pellets Market?
3. What Are the Key Innovations Transforming the Wood Pellets Industry?
4. Which Region Is Leading the Wood Pellets Market?
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