The global wood pellets market size is expected to reach USD 18.22 billion by 2027, exhibiting a revenue-based CAGR of 9.4% during the forecast period, according to a new report by Grand View Research, Inc. Wood pellets can be used as an alternative for fossil fuels as they are eco-friendly, sustainable, and carbon neutral in nature. This factor is anticipated to drive the growth of the market.
Rising demand from the power generation industry is likely to drive the market over the forecast period. In addition, increasing awareness regarding the use of renewable energy sources for power generation coupled with the high combustion of wood pellet is likely to augment the demand for wood pellets over the forecast period.
Rising concerns regarding global warming and climate change coupled with rising oil prices are expected to boost the demand for renewable energy. In addition, the increased government spending on the utilization of renewable energy for power generation is likely to augment the demand for wood pellets over the forecast period.
The market is characterized by the presence of large-scale manufacturers catering the global demand. The demand for wood pellet is high in developed economies including U.K., Germany, Netherlands, Italy, and U.S. owing to their increasing application for electricity generation in coal-fired power plants and domestic heating.
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Further key findings from the report suggest:
The power plants application segment is likely to register a CAGR of 7.4% in terms of revenue, over the forecast period
Residential heating application held the leading wood pellets market share of 46.1% in 2019 owing to simple pellet heating technology coupled with minimum operation and maintenance requirements
Commercial heating is expected to be fastest growing application segment exhibiting a CAGR of 11.8% by revenue owing to increasing use of wood pellets for the heating of federal or municipal buildings, office buildings, educational facilities, and other commercial buildings
Europe accounted for the market share of 85.9% in 2019, owing to the high consumption of the product in U.K., Italy, Germany, Denmark, Sweden, France, and Belgium
Key market players are undertaking mergers and collaborations to expand their reach and increase production capacity, thereby gaining greater market share
Grand View Research has segmented the global wood pellets market on the basis of application and region:
Wood Pellets Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Combined Heat and Power (CHP)
Wood Pellets Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
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