The Wood Pellets Market was valued at USD 8.5 billion in 2022 and is projected to reach USD 13.14 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.6% during the forecast period from 2023 to 2030.
Wood Pellets Market Report have emerged as a significant player in the global market, witnessing substantial growth in recent years. The market’s value, estimated at USD 8.5 billion in 2022, is expected to witness a remarkable surge, reaching USD 13.14 billion by 2030. This growth trajectory reflects a steady CAGR of 5.6% over the forecast period from 2023 to 2030.
Wood pellets, derived from biomass sources such as sawdust, wood chips, and agricultural residues, have gained prominence as a renewable energy source. Their eco-friendly nature, coupled with their efficient combustion properties, has propelled their demand across various sectors. The increasing focus on reducing carbon emissions and transitioning towards sustainable energy alternatives has further fueled the market’s expansion.
The forecasted growth of the wood pellets market is driven by several factors. Firstly, the rising awareness regarding the adverse environmental impacts of fossil fuels has led to a surge in demand for cleaner energy sources. Wood pellets, being a carbon-neutral fuel, offer a viable solution to mitigate greenhouse gas emissions. Moreover, the implementation of stringent regulations and policies promoting renewable energy adoption has bolstered the market’s growth.
Furthermore, the versatility of wood pellets has contributed to their increasing popularity. These pellets find extensive applications in residential heating, power generation, and industrial processes. The residential sector, in particular, has witnessed a significant upsurge in demand for wood pellets as a sustainable heating solution. Additionally, the power generation sector has embraced wood pellets as a renewable energy source, reducing its reliance on fossil fuels.
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► Market Segmentation:
↪ By Application
- Heating
- Power Generation
- CHP
↪By End-use
- Residential
- Commercial
- Industrial
► Key Players:
Energex, Enviva LP, Graanul Invest, Drax Biomass, Pinnacle, Sinclar Group Forest Products, Lauzon, Wood Pellet Energy (UK) Ltd., United Company, Highland Pellets LLC, and other players are listed in a final report.
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