Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Biomass Pellet Market.
In terms of value, the Global Biomass Pellet Market reached USD 8.7 billion in 2018 and is expected to exhibit a CAGR of over 9% during the forecast period, 2019–2025. The low availability and high prices of fossil fuels have influenced the energy and power sector to find possible substitutes for energy production. Biomass pellets being a renewable and clean source of energy acts as a suitable substitute for energy production. The European market is expected to witness healthy growth during the forecast period and is the leading producer and exporter.
The global biomass pellets market has been segmented based on source, type, application, and region.
By source, the global biomass pellets market has been segmented into industrial waste, agricultural waste, energy crops, food waste, virgin lumber, and others. Among these, the industrial waste and agricultural waste segments collectively held a market share of over 73% in 2018, as a significant amount of waste is produced from these two sources as compared to others.
The types included in the scope of the global biomass pellets market are wood pellets, agri-pellets, torrified pellets, and others. The wood pellets segment has the largest market share in 2018 and is expected to register the highest CAGR during the forecast period. The segment’s growth is attributed to the low cost of raw materials and high energy generation capacity when co-fired with other fuels.
Based on application,
The power industry held the highest market share in 2018 as pellets are a clean source of fuel used in energy generation. It is expected to be the fastest-growing segment during the forecast period. The power industry in the Americas and Europe are extensively using biomass pellets since 2012. For instance, according to the International Energy Association (IEA), Atikokan is the largest 100% biomass-fueled power plant in North America, generating renewable, dispatchable, and peak capacity power. The plant stopped using coal in 2012 and underwent a USD 130.9 million conversion to solely run on wood pellets.
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Forest Energy Corporation (US), German Pellets GmbH (Germany), Drax Group plc (UK), AS Graanul Invest (Estonia), Zilkha Biomass Energy (US), Fram Fuels (US), JP Green Fuels (India), The Westervelt Company, Inc (US), New England Wood Pellet (US), Abellon CleanEnergy Limited (India), Enviva (US), Pinnacle Renewable Energy Inc (Canada), Ecostan (India), and Premium Pellets Ltd (Canada) and Lignetics (US).
The global biomass pellet market has been analyzed for five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Europe held the largest market share in 2018 and is expected to register the highest CAGR during the forecast period due to the initiatives taken by the government authorities to use clean source for energy production over fossil fuels. Asia-Pacific accounted for the second-largest market share in 2018, led by China, India, and Japan, which are shifting towards renewable sources for energy production. Followed by North America, which also has other alternatives such as hydropower, wind energy, and others for the production of clean source. The Latin American and the Middle East & African markets are expected to witness slow growth during the forecast period.