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A recently published study by FMI expects the global demand for wood pellets market to increase at a CAGR of 11% during the forecast period between 2022 and 2032, reaching a total of US$ 26.15 Billion in 2032, according to a report from Future Market Insights (FMI). From 2017 to 2021, sales witnessed significant growth, registering a CAGR of 8%.
Wood pellets form a clean, environmentally beneficial, sustainable, and renewable biomass. The increasing global demand for renewable energy is driving the demand for wood pellets to reduce the usage of fossil fuels that contribute to global warming. This is expected to contribute to the growth of the industry over the forecast period.
Consumers in developed regions such as Europe have greater environmental sentience, which continues to account for their increasing reliance on renewable sources. Bio-based energy sources are gathering impetus in developing countries for electricity generation. The reason is attributed to rising energy consumption and favorable government policies.
A significant reduction in the emission of greenhouse gasses is increasing the consumption of wood pellets in the industrial sector. Continued innovations in combustion technology are to be accredited for the impressive growth of the wood pellets market.
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Key Takeaways from the Market Study
“The manufacturers are increasing the availability of self-cleaning systems in wood pellet boilers that require minimal user input. Even though these boilers are gaining popularity, they require frequent maintenance in order to have the highest working proficiency.” says an analyst at FMI.
Key players in the wood pellets market are Enviva Partners LP, Pinnacle Renewable Energy Inc., Wood Pellet Energy (UK) LTD, Andritz AG, Energex, and Georgia Biomass, LLC.
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Key Segments Profiled In the Industry Survey
4. Wood Pellets: Trend Analysis & Application Assessment
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FMI, in its new offering, presents an unbiased analysis of the global wood pellets market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of feedstock (Forest and Wood Waste Resources, Agricultural Residue and Waste, Food Waste, Virgin Lumber, Energy Crops), end-use industry (Residential/Commercial Heating, CHP/District Heating, Co-firing) & region.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Future Market Insights Inc. is Knowledge Partner at Gulf Coatings Show, Sharjah, 17-19 October 2022 where we will be launching our Market Report ‘Coatings 2022: State of the Industry in Middle East’, Register to receive a digital copy of the Market Report and to join our content sessions.
Future Market Insights Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware – 19713, USA T: +1-845-579-5705 Report: https://www.futuremarketinsights.com/reports/wood-pellets-market For Sales Enquiries: [email protected] LinkedIn| Twitter| Blogs
The post Wood Pellets Market Worth US$ 26.15 Billion by 2032, Growing at a CAGR of 11% – Exclusive Report by Future Market Insights appeared first on Future Market Insights.
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