Wood Pellets Market Implementation – Demand, Scope, Analysis, & Market size
Wood pellets, known for generating low emission and high power is gaining attention as an alternative to fossil fuels. Consumption of wood pellets for heating and power generation offers great advantages over burning fossil fuels, including renewability, low requirement of work input, cheap operating costs, and less emission of harmful substances. Wood has gained much attention as a biofuel in the past decade, especially in Europe.
The global wood pellets market is expected to grow at a CAGR of 15.2% from 2017 to 2025.
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Based on feedstock, the market is segmented into forest residues, agricultural residues, and energy crops. On the basis of the type of pellet heating appliance, the market segmentation includes free standing pellet stoves, pellet stove inserts, and pellet boilers.
According to the application, it is categorized into power generation in industries, co-firing in industries, heating in residential sites, and heating in commercial sites. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Market Dynamics:
Drivers:
- The demand for wood pellets is driven by regulatory policies focused toward increasing the utilization of renewable energy for domestic, industrial, and commercial applications for heat and power generation.
- Rising environmental concerns have resulted in the need to find alternatives for fossil fuels, which can reduce carbon footprint and increase the energy content.
Restraints:
- Low availability of woody biomass coupled with wavering feedstock prices is expected to hamper growth of the global wood pellets market during the forecast period.
Market Players:
The top players in the global wood pellets market include Corinth Wood Pellets LLC, Green Circle Bio Energy Inc., Energex, New England Wood Pellets LLC, Pinnacle Renewable Energy Inc., Graanul Invest AS, Mitsubishi Corporation, Weyerhaeuser, Borregaard LignoTech, and German Pellets GmbH.
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KEY TAKEAWAYS
MARKET LANDSCAPE
By Feedstock
- Forest Residues
- Agricultural Residues
- Energy Crops
By Pellet Heating Appliances Type
- Free Standing Pellet Stoves
- Pellet Stove Inserts
- Pellet Boilers
By Application
- Power Generation in Industries
- Cofiring in Industries
- Heating in Residential Sites
- Heating in Commercial Sites
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