The global wood pellet market size is projected to reach USD 15.47 billion by 2025 expanding at 9.2% CAGR, according to a new report by Grand View Research, Inc. The product is obtained by recycling the timber and forest residues into clean, renewable biomass fuel. Increased government spending on renewable energy for power generation is expected to stimulate market development. Rising demand for cleaner and renewable sources for power generation owing to instability in fossil fuel prices is also expected to propel the product demand.
Moreover, wood pellets help reduce the Greenhouse Gas (GHG) and carbon emissions, which is likely to augment their usage; thereby boosting market growth. On the other hand, increasing integration among timber industries towards pelletization is likely to be a major concern for the manufacturers over the forecast period. However, several policies and agreements, such as the Kyoto Protocol, the Paris Agreement of COP21, and the American Clean Energy and Security Act, are estimated to drive the product demand. In addition, increasing R&D activities to develop innovative manufacturing procedures for wood pellets are projected to have a positive impact on the market growth.
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Further key findings from the study suggest:
Power plants accounted for 34.1% of the total revenue share in 2017 owing to the utilization of wood pellets in providing heat for electricity generation by direct firing or co-firing with coal in these plants due to its ability to undergo complete combustion
The consumption of the product in residential heating is expected to expand at a CAGR of 9.5% from 2018 to 2025 on account of the simple pellet heating technology coupled with minimum operation and maintenance requirements
The industry in Asia Pacific is expected to register high growth owing to rising product demand in power plants applications as a result of increased awareness for electricity generation through renewable sources
Europe region also accounted for a significant market share in 2017 on account of high product penetration in residential heating coupled with increased awareness regarding GHG emission
Major companies in the global wood pellets market focus on R&R for the development newer manufacturing technologies and integration across the stages of value chain to gain a competitive edge over others
Grand View Research has segmented the global wood pellet market on the basis of application and region:
Wood Pellet Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Combined Heat and Power (CHP)
Wood Pellet Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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