Wood Pellets Market to grow by USD 5,283.83 Million from 2022 to 2027 | Increasing use of bioenergy drive the market

NEW YORK, Aug. 9, 2023 /PRNewswire/ -- The Wood Pellets Market is experiencing rapid growth as a sustainable and eco-friendly alternative to traditional fossil fuels, driven by increasing demand for bioenergy and strict regulations on CO2 emissions. Wood pellets are widely used for power generation, combined heat and power systems, and heating in residential, commercial, and industrial settings. According to the latest market analysis report by Technavio, Wood Pellets Market is set to achieve a staggering Compound Annual Growth Rate (CAGR) of 7.84% between 2022 and 2027, propelling the market size to skyrocket by an astonishing USD 5,283.83 million between 2022 to 2027.

The Wood Pellets Market Analysis Report provides a detailed segmentation based on end-users, applications, and geography. Geographically, the market is divided into North America, Europe, Asia-Pacific (APAC), South America, and the Middle East and Africa. Additionally, the report includes historic market data from 2017 to 2021, providing valuable insights for companies to refine their marketing strategies and gain a competitive edge. Click here to view the report.

Technavio's research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• AS Graanul Invest
• Binderholz GmbH
• BioPower Sustainable Energy Corp.
• CT Pellet
• Drax Group Plc
• ECARE
• Energy Pellets of America LLC
• Enviva Inc.
• Highland Pellets LLC
• JP Green Fuels Pvt. Ltd.
• Land Energy Girvan Ltd.
• Laxmi Subhi Sales Corp.
• Lignetics Inc.
• Pfeifer Holding GmbH
• PREMIUM PELLETS s.r.o
• PRODESA

Key takeaways of the Wood Pellets Market report:

• Growing Bioenergy Adoption: The rising adoption of bioenergy as a sustainable alternative to fossil fuels is a key driver behind the market's growth. Wood pellets, derived from organic matter, offer a renewable and eco-friendly energy source.
• Decline in Coal Usage: The market is witnessing a trend of declining coal usage in the power industry, as countries shift towards cleaner and renewable energy sources like wood pellets for power generation.
• Europe is the Leading Region: Europe is expected to be the dominant region in the wood pellets market, contributing around 73% of the market's growth. Strict policies promoting renewable energy sources and government support through incentives and grants are fueling the demand for wood pellets in the region.
• Installation Challenges: The installation requirements for biomass boilers and feedstock storage pose challenges to market growth, especially in urban areas with space constraints. Overcoming these challenges will be crucial for sustained market expansion.
• Positive Environmental Impact: Wood pellets offer a carbon-neutral and environmentally friendly energy source, contributing to reduced greenhouse gas emissions and mitigating climate change.
• Diverse Product Range: The market offers various types of wood pellets, including those used for power generation, heating, and other camping gear and accessories, providing a wide range of options for consumers. To get an insight into the Wood Pellets Market product range, download the sample report here.

The wood pellets market is set to experience substantial growth driven by the increasing demand for bioenergy and a shift away from coal in the power industry. Europe emerges as a dominant force in the market, promoting renewable energy and sustainable practices. However, the industry must address challenges related to biomass boiler installations and feedstock storage to ensure continued progress. As companies strategize to enhance their presence in the market, alliances, partnerships, mergers, and product/service launches are likely to play crucial roles in shaping the industry's future. Buy the report to get full insights into the Wood Pellets Market and make informed decisions.

Below, find a few related reports:

Global Wood Fuels Market: The camping furniture market size is estimated to grow at a CAGR of 9% during the forecast period. The wood fuels market is segmented based on geographic regions into three key areas: Americas, APAC (Asia-Pacific), and EMEA (Europe, Middle East, and Africa). Additionally, based on the type of product, the market can be divided into two main categories: wood pellets and wood chips.

Global Biomass Pellets Market: The Global Biomass Pellets market to grow at a CAGR of 11.0 % over the period 2014-2019. The report covers the Global Biomass Pellets market landscape and its growth prospects in the coming years. The report also includes the segmentation of the Global Biomass Pellets market by end-user as well as geographical segmentation.

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SOURCE Technavio