SAN FRANCISCO, August 18, 2022 /PRNewswire/ — The global market size for wood pellets is expected to reach USD 18.22 billion by 2027, with 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 to fossil fuels, as they are eco-friendly, sustainable and carbon neutral in nature. This factor is expected to drive the growth of the market.
Key industry insights and findings from the report:
- The power plant application segment is likely to register a CAGR of 7.4% in terms of revenue over the forecast period.
- Residential heating application had the leading wood pellet market share of 46.1% in 2019 due to simple pellet heating technology coupled with minimum operation and maintenance requirements.
- Commercial heating is expected to be the fastest growing application segment with a CAGR of 11.8% by revenue due to increasing use of wood pellets for heating federal or municipal buildings, office buildings, educational facilities and other commercial buildings.
- Europe responsible for the market share of 85.9% in 2019, due to the high consumption of the product in the United Kingdom, Italy, Germany, Denmark, Sweden, Franceand Belgium.
- Key market players are undertaking mergers and collaborations to expand their reach and increase production capacity thereby gaining greater market share.
Read full 118-page market research report, “Wood Pellets Market Size, Share and Trends Analysis Report by Application (Power Plants, Residential Heating, Commercial Heating, CHP Heating), by Region, and Segment Forecasts, 2020 – 2027“, published by Grand View Research.
Wood Pellets Market Growth and Trends
Rising demand from the power generation industry is likely to drive the market over the forecast period. Moreover, increasing awareness regarding the use of renewable energy sources for power generation along with the high combustion of wood pellets is likely to increase the demand for wood pellets over the forecast period.
Growing concerns about global warming and climate change coupled with rising oil prices are expected to increase the demand for renewable energy. Moreover, the increased government spending on the use of renewable energy for power generation is likely to increase the demand for wood pellets over the forecast period.
The market is characterized by the presence of large-scale manufacturers that meet global demand. Demand for wood pellet is high in developed economies, including the UK, Germany, The Netherlands, Italyand USA due to their increasing application for electricity generation in coal-fired power plants and domestic heating.
Wood Pellets Market Segmentation
Grand View Research has segmented the global wood pellet market on the basis of application and region:
Wood Pellets Market – Application Outlook (Volume, Kiloton; Revenue, USD Million, 2016 – 2027)
- Power plants
- Residential heating
- Commercial heating
- Combined heat and power (CHP)
Wood Pellets Market – Regional Outlook (Volume, Kiloton; Revenue, USD Million, 2016 – 2027)
- North America
- Asian Pacific Ocean
- central & South America
- middle east & Africa
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Browse Grand View Research’s research reports for the green building materials industry.
About Grand View Research
Grand View Research, US-based market research and consulting company, provides syndicated as well as custom research reports and consulting services. Registered in California and headquarters in San Francisco, the company consists of more than 425 analysts and consultants, who add more than 1200 market research reports to its large database every year. These reports provide an in-depth analysis of 46 industries in 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities ahead.
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