Wood Pellet Market Size Will Surpass $12.4 Billion by 2030 at 5.8% CAGR Growth | Vantage Market Research
WASHINGTON, July 11, 2023 (GLOBE NEWSWIRE) -- The Global Wood Pellet Market accounted for USD 8.4 Billion in 2022 and is expected to have USD 12.4 Billion by 2030 at a CAGR of 5.8% over the forecast period of 2023-2030.
The Wood Pellet market is one of the fastest-growing markets economically, and consistent expansion is expected in the forecast period. Regardless of the industry's difficulties, various factors could influence its growth. This report evaluates current trends and future developments to provide a comprehensive industry view. It also includes information on the major industry players and their expansion initiatives.
The research examines worldwide producers and suppliers in-depth, as well as their recent state and future possibilities. It also discusses the global drivers of demand for this market in-depth, such as increased investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, one of the key factors affecting the expansion of the Wood Pellet market is the growing need for renewable and sustainable energy sources. More customers are looking for alternatives to conventional fossil fuels as worries about climate change and environmental sustainability continue to rise. Because they are renewable, carbon-neutral, and produce fewer greenhouse emissions than fossil fuels, Wood Pellets, created from compressed sawdust and other waste wood components, are desirable. A popular option for household and commercial heating systems, Wood Pellet stoves and boilers also become increasingly effective and affordable. As a result, the Wood Pellet industry is expected to expand in the upcoming years.
We forecast that the residential sector will account for more than 45% of all sales by 2030. This is because adopting renewable energy sources to heat houses and reduce carbon emissions is becoming increasingly popular. Wood Pellets provide homes with a cheap and sustainable answer in light of rising fossil fuel prices and the need to lessen reliance on non-renewable energy sources. Additionally, Wood Pellets are a popular option for household heating since they are simple to use and store. Additionally, it is anticipated that government policies and programs supporting renewable energy sources would increase demand for Wood Pellets in the residential sector.
Europe presently holds the largest market share in the Wood Pellet business. According to the most recent study, Europe will account for over 75% of worldwide Wood Pellet output by 2030. This is primarily attributable to government subsidies, rising demand for renewable energy, and a well-developed infrastructure for producing and transporting Wood Pellets. Furthermore, Europe has tight restrictions to minimize carbon emissions, which has increased the usage of Wood Pellets as a clean and environmentally acceptable alternative to traditional fuels such as coal. As a result, Europe is projected to continue to dominate the Wood Pellet industry in the future.
Market Dynamics
Rising Demand from the Residential Sector Drives the Market
Residents' carbon footprints might be reduced using Wood Pellets, a renewable and sustainable energy source. Wood Pellets are also less expensive than typical fossil fuels such as oil or gas, making them appealing to homes trying to reduce heating bills. Wood Pellet production technology has advanced, increasing its availability and adaptability beyond usage in stoves and boilers. This tendency is anticipated to continue, making the Wood Pellet industry a viable area for future growth.
Increased Adoption of Biomass Power Plants to Promote Market Growth
Increased use of biomass power plants can help the Wood Pellet industry expand in various ways. As more power plants switch to biomass as a fuel source, the demand for Wood Pellets as a fuel grows. This demand might help to build a stable market for the Wood Pellet sector, boosting expansion. Second, using Wood Pellets as a fuel source in biomass power plants may be viewed as a more environmentally friendly alternative to fossil fuels. As more nations and businesses strive to lower their carbon footprint, the demand for sustainable energy sources such as Wood Pellets is expected to rise, boosting the growth of the Wood Pellet market.
Top Players in the Global Wood Pellet Market
Energex Inc. (Australia)
Enviva LP (U.S.)
Graanul Invest (Estonia)
Drax Biomass (U.S.)
Pinnacle (Canada)
Sinclar Group Forest Products (Canada)
Lauzon (Canada)
Wood Pellet Energy Ltd. (UK)
United Company (U.S.)
Highland Pellets LLC (U.S.)
Groupe Savoie Inc. (Canada)
I.C.S. (Lacroix) Lumber Inc. (Canada)
Vermont Wood Pellet Company (U.S.)
AVP Group (Germany)
Farm Fuels (U.S.)
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Top Trends in the Global Wood Pellet Market
According to Vantage Market Research (VMR), one trend in the Wood Pellet market is the increased usage of Wood Pellets for heating. The demand for Wood Pellets as a renewable energy source has increased in recent years as people become more conscious of the environmental effect of fossil fuels. Furthermore, the low cost of Wood Pellets has made them an appealing alternative to conventional fuels. Furthermore, as pellet production processes have advanced, Wood Pellets have grown more efficient and dependable, making them a viable option for heating oil or natural gas. The growing popularity of Wood Pellets as a heating source has resulted in the creation of additional manufacturing facilities to satisfy the rising demand, resulting in the expansion of the industry.
The rising demand for industrial pellets is another trend that VMR anticipates will persist in the Wood Pellet market. As more countries strive to reduce their carbon footprint and reliance on fossil fuels, the use of biomass as a renewable energy source is growing. Because of their high energy density and low carbon impact, industrial pellets are an excellent alternative for industries such as agriculture, power generation, and heating systems. Furthermore, developments in Wood Pellet technology and production techniques are projected to increase pellet quality and consistency, making them a cost-effective and dependable energy source. Consequently, demand for industrial pellets is expected to increase, making it a significant trend to watch in the Wood Pellet industry.
Top Report Findings
Based on Application, the Power Generation segment is a significant section of the global Wood Pellets market. Wood Pellets are increasingly being used as a renewable energy source in power generation facilities worldwide. They offer a sustainable alternative to fossil fuels made from wood waste and residues. The Power Generation segment in the global Wood Pellets market is expected to witness significant growth in the coming years as countries strive to reduce their carbon emissions and transition to cleaner energy sources.
Based on End-User, the Industrial segment in the global Wood Pellets market is experiencing significant growth. This can be attributed to the increasing demand for Wood Pellets as a renewable energy source in power generation, heating, and cooking industries. Wood Pellets are considered a cost-effective and environmentally-friendly alternative to fossil fuels. Additionally, government initiatives promoting renewable energy sources are also propelling the growth of the industrial segment in the global Wood Pellets market.
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Commercial Segment in the Wood Pellet Market to Generate Over 38% Revenue
According to our projections, the commercial sector will account for more than 38% of overall sales by 2030. This is because Wood Pellets are employed as a fuel source in industry, agriculture, and power generation sectors. These businesses use much energy, and Wood Pellets offer a sensible and environmentally friendly substitute for conventional fossil fuels. In addition, government policies aimed at lowering carbon emissions and boosting renewable energy have helped the commercial Wood Pellet business expand.
On the other hand, the rising demand for the residential segment increased in 2022, accounting for the bulk of sales for several reasons. Since Wood Pellets come from a sustainable energy source, they are desirable for homeowners who wish to lessen their carbon imprint. Wood Pellets are a suitable replacement for conventional heating methods since they are very efficient and consistently produce heat. Wood Pellets are now even more enticing to homes searching for a cheap heating solution due to the escalating cost of fossil fuels. Moreover, governments promote using Wood Pellets for home heating, driving up demand in this market. Consequently, it is anticipated that in the years to come, the home heating segment will continue to dominate the Wood Pellet industry in terms of sales.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Wood Pellet Market Forecast Report (2023-2030).
Global Wood Pellet Market Segmentation
By Application
Power Generation
Heating
Combined Heat and Power (CHP)
By End-User
Industrial
Commercial
Residential
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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Scope of the Report:
Report Attributes | Details |
Market Size in 2022 | USD 8.4 Billion |
Revenue Forecast by 2030 | USD 12.4 Billion |
CAGR | 5.8% from 2023 to 2030 |
Base Year | 2022 |
Forecast Year | 2023 to 2030 |
Key Players | Energex Inc., Enviva LP, Graanul Invest, Drax Biomass, Pinnacle, Sinclar Group Forest Products, Lauzon, Wood Pellet Energy Ltd., United Company, Highland Pellets LLC, Groupe Savoie Inc., I.C.S., Lumber Inc., Vermont Wood Pellet Company, AVP Group, Farm Fuels |
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