Global wood pellet fuel market stood at USD10,533.55 million in 2021, which is expected to grow further at a CAGR of 7.73% to achieve the market value of USD16,789.59 million by 2027F. The market growth can be attributed to the increasing demand for fuel and energy generation. The rising consumption of energy and its generation from various non-renewable resources is shifting the derivation from more eco-friendly options and thus driving the growth of the global wood pellet fuel market in the upcoming five years. Rising concerns for environmental depletion and surging demand for more economical and ecological variants for energy generation further support the growth of the global wood pellet fuel market in the next five years. Increasing sources of biomass production and growing biological wastes will also facilitate the growth of the global wood pellet fuel market in the future five years. Increasing research and development for the technologically advanced methods of turning biological matter into usable energy sources or fuel further substantiates the growth of the global wood pellet fuel market in the forecast years through 2027.
The global wood pellet fuel market is segmented by feedstock, heating application, application, regional distribution, and company analysis. Based on feedstock, the market is fragmented into forest wood & waste, agriculture residue, and others like bark, twigs, gardening waste, etc. By the method of heating application, the market is further segmented into free-standing pellet stoves, pellet stove inserts, and pellet boilers. Based on application, the market is further fragmented into CHP/district heating, power plants, residential heating, and commercial heating. On the basis of regional distribution, the market is divided into Europe, Asia-Pacific, North America and the Rest of the World. The market size of the United States wood pellet fuel market was USD711.25 million in 2021.
Power plants segment is anticipated to hold the largest revenue shares of the market and dominate the application segment of the market in the upcoming five years on the grounds of increasing demands for power generation. A surge in energy consumption to power the industries, residential, and commercial sectors further aid the growth of the global wood pellet fuel market in the future five years.
Wood Pellet Energy UK (LTD), Drax Group Plc, Enviva, German Pellets GmbH, Stora Enso Oyj, Pacific BioEnergy, Wood & Sons, Land Energy Girvan Limited, AS Graanul Invest are among the major market players in the global platform that lead the market growth of the wood pellet fuel.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022EF
Forecast Period: 2023F-2027
Objective of the Study:
- To analyze the market size of global wood pellet fuel market from 2017 to 2021.
- To estimate and forecast the market size of global wood pellet fuel market from 2022E to 2027F and growth rate until 2027F.
- To classify and forecast global wood pellet fuel market based on feedstock, heating application, application, regional distribution and company analysis.
- To identify dominant region or segment in the global wood pellet fuel market.
- To identify drivers and challenges for global wood pellet fuel market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global wood pellet fuel market.
- To identify and analyze the profile of leading players operating in global wood pellet fuel market.
- To identify key sustainable strategies adopted by market players in global wood pellet fuel market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of global wood pellet fuel market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these products and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Manufacturers, suppliers, distributors and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to wood pellet fuel
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global wood pellet fuel has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Wood Pellet Fuel Market, By Feedstock:
o Forest Wood & Waste
o Agriculture Residue
- Wood Pellet Fuel Market, By Heating Application:
o Free Standing Pellet Stove
o Pellet Stove Inserts
o Pellet Boilers
- Wood Pellet Fuel Market, By Application:
o CHP/District Heating
o Power Plants
o Residential Heating
o Commercial Heating
- Wood Pellet Fuel Market, By Region:
? United Kingdom
? South Korea
o North America
? United States
o Rest of the World
? Rest of the World
Company Profiles: Detailed analysis of the major companies present in global wood pellet fuel market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).