Wood Pellet Fuel Market to Grow with 7.73% CAGR through 2027
Global wood pellet fuel market is expected to grow with
increasing advancements in energy and power generations.
According
to TechSci Research report, “Wood Pellet Fuel Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2017-2027”, Global wood pellet fuel market is
expected to register growth at 7.73% CAGR value during the forecast period,
2023-2027F, to achieve the market value of USD16789.59 million by the year
2027F. The rising demand for energy-efficient solutions and power generation is
actively driving the growth of the global wood pellet fuel market in the
upcoming five years. The rising demand for eco-friendly alternatives further
supports the growth of the global wood pellet fuel market in the next five
years. Additionally, increasing deployment of renewable energy facilities
around the globe would further enhance the product penetration and thus aids
the growth of the global wood pellet fuel market in the future five years.
Industrial growth is also
aided by easier availability of wood pellet fuel feedstock and low cost of
production. These factors have further supported the higher consumption in the
industrial sector. Rising concerns among the population regarding excessive use
of fossil fuels and natural gas and its increasing prices would further fuel
the growth of the global wood pellet fuel market in the forecast years through
2027F. Moreover, emissions of greenhouse gases will also facilitate the growth
of the global wood pellet fuel market in the future. Norms laid down by the
Sustainable Forestry Initiative and Forest Stewardship Council may hamper the
market growth since they regulate the deforestation and woodcutting processes.
The untapped potential of lignocellulosic waste in emerging economies, such as
China and India, is anticipated to offer lucrative opportunities for the market
players.
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Figures spread through 154 Pages and an in-depth TOC on " Global
Wood Pellet Fuel Market"
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The global wood pellet fuel
market is segmented by feedstock, heating application, application, regional
distribution, and company analysis. Based on feedstock, the market is
fragmented into forest wood & waste, agriculture residue, and others like
bark, twigs, gardening waste, etc. Forest wood and waste segment is anticipated
to hold the largest revenue share of around USD11936.13 million. The segment is
also expected to register the fastest growing CAGR of about 8.04% CAGR during
the forecast period, 2023-2027F. Increasing deforestation activities and
growing demand for wood for various industrial purposes is further anticipated
to drive the growth of the global wood pellet fuel market in the upcoming five
years. Moreover, the forests are the cheapest sources of raw material to
produce the wood pellet. Also, the wood pellets
By the method of heating
application, the market is further segmented into free-standing pellet stoves,
pellet stove inserts, and pellet boilers. Based on application, the market is
further fragmented into CHP/district heating, power plants, residential
heating, and commercial heating. On the basis of regional distribution, the
market is divided into Europe, Asia-Pacific, North America and the Rest of the
World. The market size of the USA was USD711.25 million in 2021.
Some of the market players
dominating the global wood pellet fuel market include:
·
Wood
Pellet Energy UK (LTD)
·
Drax
Group Plc
·
Enviva
·
German
Pellets GmbH
·
Stora
Enso Oyj
·
Pacific
BioEnergy
·
Wood
& Sons
·
Land
Energy Girvan Limited
·
AS
Graanul Invest
·
Energex
American, Inc.
·
An
Viet Phat Group (AVP Group)
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“Europe wood pellet fuel
market's value was over 49.41% in 2021, and the region is expected to further
dominate the regional analysis in the upcoming five years on the grounds of
increasing demands for the wood pellets for energy generation in the
residential and commercial sectors. Growing demands for the power plants and
rapidly surging energy generation in the region further support the growth of
the global wood pellet fuel market in the future five years. In Europe, the Renewable
Energy Sources (RES) demand was rapidly growing and accounted for around 17% of
the total energy consumption in the region from 2017 to 2020. The steps are
taken to control the carbon emission from the energy sector, market
liberalization, policy changes, climate changes, etc., have led to product
acceptance in the European countries rapidly. New market players are expected
to invest in research and develop a technologically advanced method of energy
generation through wood pellets. Increasing investments in the research segment
and focusing their resources on further development of the technology would
also substantiate the brand establishment for the new market entrants,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Wood Pellet Fuel Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Feedstock
(Forest Wood & Waste, Agriculture Residue, and Others {Bark, Twigs,
Gardening Waste, etc.}), By Heating Application (Free Standing Pellet Stove,
Pellet Stove Inserts, and Pellet Boilers), By Application
(CHP/District Heating, Power Plants, Residential Heating, and Commercial
Heating) By Region”, has evaluated the future
growth potential of global wood pellet fuel and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global wood pellet fuel market.
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