Wood Pellets Market Surging at 11% CAGR Driven by Increasing Application in Commercial and Residential Heating: FMI Study
2021 Analysis and Review: Wood Pellets Market by End-use Industry – Residential/Commercial Heating, CHP/District Heating, Co-Firing for 2021-2031
The global wood pellets market is anticipated to grow steadily at 11% CAGR between 2021 and 2031. Rising concerns about environmental protection from pollution generated by fossil fuel and government incentives for adoption of sustainable alternatives are driving wood pellets market.
Wood pellets are renewable energy sources which are derived from sawdust, wood shaving, and wood dry chips. Agricultural wood and wood waste are major sources of wood pellets due to their ease of availability and lower production cost. Increasing applications of alternative fuels compared to traditional sources will create opportunities for wood pellets market sales.
Government initiatives adopted in major countries such as Germany, UK, and France are encouraging renewable energy sources development. France is planning to convert its Cordemais plant (1,200 MW capacity) from coal-based to one that burns pellet fuel obtained from discarded wood by 2022. Such initiatives are likely to boost the wood pellet market share demand in coming years.
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“Pellet based power plant is gaining traction as a preferred alternative for coal-based power plant. As a result, increasing demand for carbon neutral and sustainable fuel is bolstering wood pellets market growth,” aid an FMI analyst.
Stringent regulations imposed to curb carbon emissions are driving sales of wood pellets in the Europe.
South Africa is a major consumer of wood pellets for residential cooking purposes.
Expansion of energy sector and construction of power plants are contributing to the growth of wood pellets market in Asia Pacific.
Owing to favorable government policies, bio-based energy sources are gaining traction in developing economies for electricity generation.
Increasing use of power derived from renewable energy sources in residential, transportation, and industrial sectors will drive market growth.
Increasing focus on the reduction in the emission of greenhouse gases is increasing the consumption of wood pellets. Thus, wood pellets market will grow consistently in coming years.
Lack of awareness in the emerging countries is restraining wood pellet market growth.
Lack of reimbursement facilities might hamper market growth.
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Key players are focusing on improving their penetration across the world to increase their market share. For instance,
In August 2020, Enviva Partners, LP, a leading global energy company specializing in sustainable wood bioenergy, announced the acquisition of a world-class wood pellet production plant in Waycross, Georgia.
The Waycross plant has a production capacity of approximately 800,000 metric tons per year. After this acquisition, Enviva’s total annual wood pellet production capacity will touch approximately 4.9 million metric tons and the Waycross plant is now called, “Enviva Pellets Waycross.”
Key players operating in the wood pellet market are:
Pinnacle Renewable Energy Inc.
Wood Pellet Energy (UK) LTD,
Georgia Biomass, LLC.
More Insights on the Wood Pellets Market:
Future Market Insights, in its new offering, provides an unbiased analysis of the wood pellets market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the wood pellet with a detailed segmentation:
Forest and Wood Waste Resources
Agricultural Residue and Waste
By End-use Industry
Key Questions Covered in the Report
How will the wood pellets market expand through 2031?
Which top manufacturing companies are leading the global wood pellets market?
What are the key drivers and trends that will stimulate the wood pellets market?
What are the challenges that will affect the sales of wood pellets sales?
Which region will remain the most lucrative throughout the forecast period?
Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 89031091