Market Segmentation
The rapid rate of depletion of fossil fuels has resulted in the need for other sources of electricity generation. In addition, increasing awareness regarding the harmful effects of burning fossil fuels, such as the emission of greenhouse gases and global warming, has led to a focus on new renewable & cleaner alternatives for power generation. The combustion of fossil fuels results in the transfer of geological carbon into the atmosphere, which is the primary factor contributing to global warming. Wood pellets are a major source of power generation owing to the consideration that they are manufactured using residues or wastes from sawmills, the wood processing industry, and other timber-related industries. Rising concerns regarding global warming and climate change, coupled with rising oil prices, are expected to boost renewable energy demand. In addition, increased government spending on the utilization of renewable energy for power generation is likely to augment its awareness, boosting its consumption. Wood fuel is considered to be “carbon neutral,” which can be elaborated as the completion of the carbon cycle, where the emission of CO2 occurs after the burning of wood, and it remains a part of the overall flux of carbon. Carbon dioxide emitted during the process of burning wood pellets is almost equivalent to the CO2 required by plants for their growth.
The first agreement regarding significant climate change for reducing greenhouse gas (GHG) emissions was the Kyoto Protocol developed by the United Nations Framework Convention on Climate Change (UNFCCC). This protocol was effective from February 2005, which set a target for reducing the greenhouse gas emissions by the signatory countries to over 5% below the levels in 1990 from 2008 to 2012. The U.S. was not a part of the Kyoto Protocol, but the Environmental Protection Agency in the country recognized the threat of greenhouse gas emissions and imposed various carbon regulations on industries emitting carbon. In addition, the U.S. introduced two bills, namely The American Clean Energy and Security Act, also known as the Waxman–Markey Bill in the House, and the American Power Act, also known as the Kerry-Lieberman Bill, in the Senate. The Waxman–Markey Bill involves a reduction of over 20% of greenhouse gas emissions from their levels in 2005 by 2020, and the Kerry–Lieberman Bill includes over 17% reduction over the same period. The energy policies in the U.S. are still unclear. However, renewable energy policies in various regions of the Asia Pacific, including South Korea and Japan, are expected to augment the demand for wood pellets in the region.
Adverse health effects caused by the wood pellet industry include round-the-clock noise pollution; release of particulate matter in the air; fires and spontaneous explosions caused when highly inflammable wood pellets are subjected to high temperatures in the storage facilities; and other global impacts of climate change contributed by the industry. Wood dust is generated during the manufacturing process of wood pellets. Exposure to this dust causes respiratory problems such as asthma and lung cancer. Other health effects caused due to prolonged exposure to wood dust include allergic reactions, irritation to skin, and nasal cancer. Wood dust is a combination of resins, cellulose fibers, and contaminants, including wood preservatives, coatings, microbial, fungal spores, sealants, and glues such as pentachlorophenol, formaldehyde, copper naphthenate, and glycols. Exposure to wood dust causes irritation to the skin, eyes, and lower & upper respiratory tract. Allergic symptoms are less frequent and always involve sensitization of the individual to any particular component of wood dust, which may include the eyes, skin, upper and lower respiratory tract, including more severe symptoms of asthma such as wheezing and shortness of breath. Prolonged exposure to wood dust may result in a rare form of nasal cancer.
This section will provide insights into the contents included in this wood pellets market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2021 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance