Biomass Pellets Market is predicted to reach USD 10.5 Billion at a CAGR of 5.50% during the forecast period

Pune, India, August 2023, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Biomass Pellet Market.

Market Research Future (MRFR) has published a cooked research report on the “Global Biomass Pellets Market” that contains information from 2022 to 2032. The Global Biomass Pellets Market is estimated to register a CAGR of 5.50% during the forecast period of 2022 to 2032.

MRFR recognizes the following companies as the key players in the Global Biomass Pellets Market Drax Group Plc, Enviva, German Pellets GmbH, AS Graanul Invest, Pinnacle Renewable Energy Inc, Lignetics, Zilkha Biomass Energy, Fram Fuels, Abellon CleanEnergy Limited, Ecostan, JP Green Fuels, The Westervelt Company, Inc, Forest Energy Corporation, and New England Wood Pellet.

Market Highlights

The Global Biomass Pellets Market is accounted to register a CAGR of 5.50% during the forecast period and is estimated to reach USD 10.5 Billion by 2032.

The Biomass Pellets Market refers to the global market for biomass pellets, which are a type of biofuel made from various organic materials, such as wood, agricultural residues, and other plant-based sources. Biomass pellets are compressed and formed into small, dense pellets, making them a convenient and efficient form of biomass energy. They are used as a renewable and sustainable alternative to fossil fuels in various applications, including power generation, heating, and industrial processes. One of the primary drivers of the Biomass Pellets Market is the increasing global focus on renewable energy sources and sustainable practices. Biomass pellets offer several environmental advantages, such as reducing greenhouse gas emissions and promoting carbon neutrality. As the world seeks to reduce its dependence on fossil fuels and combat climate change, the demand for biomass pellets as a cleaner and greener energy option is rising.

Segment Analysis

The Global Biomass Pellets Market has been segmented based on Type, Source and Application.

Based on Type, the market is segmented into Wood Pellets, Agri Pellets, Torrefied Pellets, and Others. In 2022, the wood pellets category led the global market for biomass pellets. The substantial growth in demand for wood pellets in the residential and commercial heating sectors is a primary factor driving the growth rate. Producers are compelled to manufacture wood pellets in large quantities to meet this increasing demand for efficient and environmentally friendly heating solutions.

Based on Source, the market is segmented into Industrial Waste & Co-product, Agriculture Residue, Food Waste, Energy Crops, Virgin Lumber, and Others. The agriculture residue segment is expected to continue dominating the market during the forecasted period, as it did in 2022. Nations like Brazil, India, and others have a significant contribution to GDP from the agricultural sector, resulting in abundant and readily available crop residue. Manufacturers utilize this surplus agricultural waste to produce biomass pellets, making them increasingly popular as an eco-friendly and renewable energy source.

Based on Application, the Market has been segmented Power Generation, Industrial Heating, Residential Heating, and Others. In 2022, the power generation sector dominated the biomass pellets market. Governments worldwide are increasingly striving to shift towards biomass power generation due to factors such as urbanization, industrialization, and population growth, which drive the demand for sustainable and renewable energy sources.

Regional Analysis

The Global Biomass Pellets Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Biomass Pellets Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Biomass Pellets Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Global Biomass Pellets Market comprises of Middle East, Africa, and Latin America.

In 2022, the Europe Biomass Pellets market held the dominant position with a market share of 45.80%. Within Europe, the region is a leading consumer of wood pellets for electricity generation purposes. The increasing adoption of renewable energy sources, driven by government incentives and policies, is expected to fuel the demand for biomass pellets throughout the forecast period.

The North America Biomass Pellets Market is expected to experience significant growth from 2023 to 2032. This growth is attributed to the increasing number of power plants in the region, which is expected to drive a substantial demand for biomass pellets used as fuel for electricity generation.

In 2022, the Asia Pacific Biomass Pellets market accounted for a healthy market share. China has taken significant steps to curb pollution by prohibiting the use of coal-fired boilers in regions such as Guangdong, leading to an increased demand for biomass pellets as an alternative renewable energy source.

Key Findings of the Study

·         The Global Biomass Pellets Market is expected to reach USD 10.5 Billion by 2032, at a CAGR of 5.50% during the forecast period.

·         The German Biomass Pellets market currently holds the largest market share, while the U.K Biomass Pellets market.

·         Based on Application, the Market has been segmented into Power Generation holding the largest market in 2022.

·         Drax Group Plc, Enviva, German Pellets GmbH, AS Graanul Invest, Pinnacle Renewable Energy Inc, Lignetics, Zilkha Biomass Energy, Fram Fuels, Abellon CleanEnergy Limited, Ecostan, JP Green Fuels, The Westervelt Company, Inc, Forest Energy Corporation, and New England Wood Pellet.

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