Global Wood Pellets market trends 2024, Forecast To 2033
13 Feb, 2024
The wood pellets market has undergone rapid growth, increasing from $10.73 billion in 2023 to $12.04 billion in 2024, with a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period is attributed to government incentives, the expansion of biomass power plants, growing environmental awareness, fluctuations in fossil fuel prices, and overall economic growth. Looking forward, the wood pellets market is poised for rapid growth, projecting a size of $18.9 billion in 2028 at a CAGR of 11.9%. The anticipated growth is associated with carbon pricing and emissions reduction initiatives, international trade and export opportunities, the growing residential consumption of wood pellets, increased demand for renewable energy sources, and the rising prominence of the power generation sector. Notable trends in the forecasted period include advancements in pellet production technology, sustainable sourcing practices, adherence to pellet certification and standards, a focus on research and development, and collaborative partnerships within the industry.
Global Wood Pellets Market Key Driver
The wood pellets market is set to grow with the increasing global demand for renewable energy. With renewable energy consumption in the United States increasing from 12.1 quads in 2021 to 13.2 quads in 2022, the demand for wood pellets as a renewable energy source is on the rise. The global push for renewable energy is a key driver for the growth of the wood pellets market.
Get A Free Sample Of The Global Wood Pellets Market ReportGlobal Wood Pellets Market Segments
The global 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
By Geography: The regions covered in the Wood Pellets market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Europewas the largest region in the wood pellets market in 2023. Asia-Pacificis 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.
Major Wood Pellets Industry Players
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, Lauzon Inc., Wood Pellet Energy UK Ltd., United Company, Highland Pellets LLC, Groupe Savoie Inc, I.C.S. (Lacroix) Lumber Inc., Drax Group plc, The Westervelt Company, Rentech Inc., German Pellets GmbH, Forest Energy Corporation, New England Wood Pellet, Pacific BioEnergy Corporation, Maine Woods Pellet Company, Bear Mountain Forest Products, Marth Wood Shavings Supply Inc., Michigan Wood Pellet Fuel LLC., Somerset Pellet Fuel, Trae Fuels Ltd., Vermont Wood Pellet Company, Appalachian Wood Pellets
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Wood Pellets Market Overview
Wood pellets are finely powdered dried biofuel processed through a pellet dye process at high temperatures and pressure. It is typically burned to generate heat or process steam and electricity. These wood pellets are made from compressed sawdust, a by-product of other industries.
Wood Pellets Global Market Report 2023 provides data on the global wood pellets market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The wood pellets market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.