Wood Pellets Market to Reach US$ 31 Bn by 2030, TMR Study

WILMINGTON, DE / ACCESSWIRE / October 18, 2022 / Transparency Market Research Inc. - Products in the global wood pellets market are increasingly gaining popularity across the world as a viable source of renewable energy in cold temperature regions. The emergence and growing adoption of engineered wood pellets for residential heating applications in these regions is also supporting market growth. Furthermore, increasing adoption of wood pellet stoves by people residing in cold regions, owing to their economic cost is also boosting demand within the global wood pellets market. According to a recent professional intelligence study, the global wood pellets market is estimated to grow at a CAGR of 11% over the forecast period of 2020 to 2030.

Manufacturers in the global wood pellets market are focusing their efforts on expanding their production capabilities to manufacture wood pellets made completely from sawdust. These products, made from 100% sawdust, are used extensively for burner applications. These products are found to be extremely helpful for water heating, as well as room heating applications in cold regions. Owing to their sustainable nature, low cost, and ability to provide consistent heating for burning applications, sawdust wood pellets are expected to increasingly replace liquid petroleum gas or LPG for heating applications in coming years. Moreover, increasing awareness about benefits of using these renewable sources for generating energy is also boosting their adoption.

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Wood Pellets Market - Key Findings of the Report

• Manufacturers Focusing on Diversifying Feedstock Sources: The dearth of adequate sawmill shavings and residues for production of wood pellets has compelled the manufacturers to start looking for alternative sources of feedstock. Manufacturers in the global wood pellets market are focusing on diversifying their sources and producing industrial, as well as residential grade wood pellets from sources such as wood chips, tree barks, and industrial round wood. Several emerging players in the Brazil are also using eucalyptus trees to produce next-gen wood pellets that can help in producing sustainable bio-energy.
• Emergence of Fire Damaged Trees as Alternative Source for Wood Pellet Production: Manufacturers in the global wood pellets market are constantly on the lookout for alternative sources of raw materials to produce wood pellets. Along with using sawmill shaving and residues, several manufacturers are also using fire damaged trees to produce wood pellets. This trend is particularly dominant in Asia Pacific and Europe regions. These alternatively sourced wood pellets, produced from fire damaged wood are slowly replacing fossil fuels for energy generation.

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Wood Pellets Market - Growth Drivers

• Rising demand for renewable energy around the world bolsters growth within the global wood pellets market
• Increasing use of wood pellets for heating in residential, as well as commercial settings fuels their adoption
• Rising applications of wood pellets in power generation favors expansion of the global wood pellets market

Wood Pellets Market - Key Players

Some of the dominant companies operating in the global wood pellets market include TANAC SA, Grannul Invest, Pinnacle Renewable Energy, Inc., F.E. Wood & Sons, Enviva LP, Energex, AN VIET PHAT Energy Co., Ltd., German Pellets, and Drax Group PLC. Leading players are focused on increasing their production of high-quality wood pellet products to attract a larger base of consumers. Some other notable growth strategies employed by dominant players in the global wood pellets market include strategic agreements and collaborations, signing new contracts, and expanding their production capacities to fulfil growing demand from their customers.

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Wood Pellets Market: Segmentation

Wood Pellets Market, by Application

• Residential Heating
• Commercial Heating
• CHP (Combined Heat & Power)
• Power Generation

Wood Pellets Market, by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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• Wood Pellets Market