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2025-2034 Wood Pellets Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
Wood Pellets
What Will the Wood Pellets Industry Market Size Be by 2025?
In recent times, the wood pellets market size has witnessed a swift expansion. Its growth is anticipated to soar from $11.96 billion in 2024 to $13.32 billion in 2025, reflecting a compound annual growth rate (CAGR) of 11.3%.
What's the Long-Term Growth Forecast for the Wood Pellets Market Size Through 2029?
Anticipations are high for the wood pellets sector, with its market size poised for accelerated expansion in the upcoming years. It is projected to escalate to a staggering $21.12 billion by 2029, asserting a compound annual growth rate (CAGR) of 12.2%. The swell in growth predicted for the upcoming years can be credited to a host of factors such as carbon pricing and emission reductions, international trade and export possibilities, growing consumption in residential sector, increased demand for renewable energy, and an expanding power generation sector. The forecast period will bare witness to major trends including advanced technology in pellet production, sustainable procurement, stringent pellet certification and standards, advancements in research and development, and increased partnerships and collaborations.
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What Are the Key Growth Drivers Fueling the Wood Pellets Market Expansion?
The growth of the wood pellets market is expected to accelerate due to the global rise in demand for renewable energy. By definition, renewable energy comes from natural sources and replenishes more quickly than it is used. Wood pellets, which are conceived from an array of wood waste materials, form a type of renewable energy. As an example, the Energy Information Administration, a government body based in the US, reported in June 2023 that the consumption of renewable energy surged from 12.1 quads in 2021 to 13.2 quads in 2022 in the United States. Thus, the surge in global demand for renewable energy is fueling the expansion of the wood pellets market.
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What Are the Key Trends Driving Wood Pellets Market Growth?
Leading firms in the wood pellet market are concentrating on creating advanced solutions such as industrial pellet factories to improve production effectiveness, reduce expenses, and bolster sustainability with better raw material sourcing. These plants generate pellets from biomass, known for their high energy density and environmental friendliness. Because of their ease of handling, these pellets are popular for renewable energy and sustainable practices. In December 2022, for example, Golden State Natural Resources, a nonprofit public benefit corporation based in the US, initiated two industrial wood pellet initiatives. The Tuolumne site is expected to produce 300,000 tons of wood pellets each year, and the Lassen site is targeting an output of 700,000 tons annually, with a strong emphasis on sustainably sourced biomass for green production. These wood pellets will be shipped by train to ports for delivery to clients who use biobased fuel for energy generation. Following public scrutiny, an Environmental Impact Report (EIR) will be compiled to evaluate the potential environmental implications of the project.
How Is the Wood Pellets Market Segmented?
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 Companies Are Leading the Charge in Wood Pellets Market Innovation?
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
Which Regions Are Leading the Global Wood Pellets Market in Revenue?
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.
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