The global Wood Pellets market is forecast to reach USD 17.16 Billion by 2027, according to a new report by Reports and Data. Wood pellets are renewable sources of energy, derived from sawdust, wood shaving, dry shavings, and others. These offer vital advantages such as cost efficiency and a low impact on the environment compared to traditional fuel sources. Wood pellets will be an excellent alternative to fossil fuels, especially coal, liquefied petroleum gas, natural gas, and others in the years to come, as they will significantly improve the efficiency of the system.
Favorable government policies of the European Union towards renewable energy sources should be a determining factor for the prospects for the wood pellet market in the coming years. Various government regimes, including tax credits, quotas, auction systems, and lower manufacturing and investment costs due to the expansion of production capacity were crucial factors for the deployment of renewable energy sources in the region.
Although wood pellets are receiving considerable attention in developed economies, the lack of awareness in emerging countries is likely to affect the growth of the wood pellet market in the years to come. The main reason behind this is the limited availability of production facilities in Latin America and the Middle East and Africa. These regions are still in the nascent stage and are expected to grow at a considerable rate throughout the study period. However, increased government efforts to promote the use of these products will create potential growth opportunities for growth in the region during the study period.
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The COVID-19 impact:
The COVID-19 pandemic is expected to have a slight downward impact on the global Wood Pellets market in 2020, the reason being the halt in the power plant, commercial heating, and CHP heating applications, which are responsible for the significant demand. After the pandemic, however, trends discussed in the study of the Global Wood Pellets Market do hold ground.
Also, supply chain disruptions and production shutdowns have resulted in a downgraded outlook for residential heating applications, which are a significant market. But, during most of the lockdown period, people remained indoors, the increase in consumption for heating purposes led to significant demand.
Key participants include:
Canfor, Schweighofer, Stora Enso, Drax Group Plc. Enviva LP, Pinnacle Renewable Energy Group, Pacific BioEnergy, Lignetics, Rentech Inc. and Svenska Cellulosa Aktiebolaget, among others.
Further key findings from the report suggest
- Europe is expected to have a significant share of the overall wood pellet market over the forecast period. The growing demand for products from the residential and industrial sectors should stimulate growth in the region in the coming years. The replacement of a coal-fired power plant with a pellet plant will lead to demand for products in the industrial sector. Besides, the growing focus on renewable energy sources in the region will have a positive impact on the growth of the industry over the forecast period.
- The residential heating sector will represent the second-largest market share of wood pellets throughout the forecast period. The growing consumption of products in North America and European countries will stimulate growth in the segment. They have taken initiatives to increase dependence on renewable energy sources to reduce carbon emissions.
- Premium grades are widely used by the pellet boiler and pellet stoves as a fuel source. Countries like Germany, Sweden, Denmark, Austria, and others consume this type of grade for residential heating due to cold climates.
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For the purpose of this report, Reports and Data have segmented into the global Wood Pellets market on the basis of Grade, Feedstock Type, Application, and Region:
Grade Outlook (Revenue, USD Billion; 2017-2027)
Feedstock Type Outlook (Revenue, USD Billion; 2017-2027)
- Forest & Food Waste
- Agriculture Residue
Application Outlook (Revenue, USD Billion; 2017-2027)
- Power Plants
- Residential Heating
- Commercial Heating
- CHP Heating
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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