As per the latest report published by Variant Market Research, Global Biomass Pellets Market is estimated to reach $25.7 billion by 2024; growing at a CAGR of 11.7% from 2016 to 2024. Biomass pellets are usually used as a heating fuel in various industries. Main applications of Biomass pellets are for heating purpose as a heating fuel and as a power source, which is expected to boost the global biomass pellets market over the forecasted period. These pellets are usually produced from many sources including sugarcane crop, the timber industry, sawdust, switch grass and woody plants. Biomass is a perfect alternative for conventional fossil fuels for generating power and for heating. With increasing adoption of biomass pellets as a renewable energy source, the market is also observing substantial growth.
Major factors driving the global biomass pellets market are the rapid depletion of fossil fuels, rising global warming, increasing demand for nonconventional or additional sources of energy, and increasing disposable income. However, the expensive process of extraction and raw materials may hamper the market growth. Furthermore, increasing adoption of these materials for power generation would unfold with numerous growth opportunities in the forecasted years.
Major segments of the global market are application, and geography. Application segment comprises heating sector, and power sector. By application, market is bifurcated into heating sector, and power sector. By geography, global biomass pellets market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of Germany, Sweden, UK, Denmark, Italy, France, Rest of Europe. Asia-Pacific is segmented into Japan, China, South Korea, Rest of Asia-Pacific, while RoW is bifurcated into South America, Middle East, and Africa.
The key market players operating in the market are MGT Power, Forest Energy Corporation, Drax Biomass Inc., Energex Corporation, Forth Energy Ltd., Helius Energy, International WoodFuels, LLC, Woodstone, Westervelt Renewable Energy, LLC, and New England Wood Pellet, among others.
The key takeaways from the report
- The report will provide detailed analysis of Biomass Pellets Market with respect to major segments such as application
- The report will include the qualitative and quantitative analysis with market estimation over 2015 - 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Biomass Pellets Market has been included in the report
- Profile of the key players in the Biomass Pellets Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Biomass Pellets Market
- Heating Sector
- Power Sector
- North America
- ·Rest of Europe
- ·South Korea
- ·Rest of Asia-Pacific
- ·South America
- ·Middle East