Biomass Pellets Market Size, Share, Growth Analysis, By Source(Agricultural Residue, Wood Sawdust, and Others), By End Use(Power Generation, Industrial Heating, Commercial and Domestic Heating, and Others), By Region - Industry Forecast 2024-2031

Q: What is the market size of Biomass Pellets Market?

Global Biomass Pellets Market size was valued at USD 6.5 billion in 2022 and is poised to grow from USD 6.86 billion in 2023 to USD 10.52 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

Report ID: SQMIG10G2035 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 64 | Figures: 70

Biomass Pellets Market Regional Insights

Europe accounts for a prominent share of global biomass pellets sales. This can directly be attributed to the high focus on sustainability and quick adoption of eco-friendly power generation practices in this region. The launch of stringent mandates to curb emissions and efforts of European countries to reach their net zero carbon goals are also estimated to benefit demand for biomass pellets in the future. Germany and the United Kingdom are slated to be the top markets for biomass pellet suppliers in this region.

The Asia Pacific regional market for biomass pellets is forecasted to emerge as the fastest-growing regional market in the world. Increasing focus on sustainability among consumers and governments in this region is fueling the demand for biomass pellets. The high availability of agricultural waste in countries such as India and China allow biomass pellet manufacturers to set up their manufacturing facilities in this region. Rapid urbanization and industrialization coupled with attractive incentives for the adoption of biomass products by governments are also slated to bolster market growth in the Asia Pacific region going forward.

Biomass Pellets Market Report Snapshots

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Biomass Pellets Market size was valued at USD 6.5 billion in 2022 and is poised to grow from USD 6.86 billion in 2023 to USD 10.52 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

Biomass pellet suppliers are continually focusing on expanding their sales potential by taking advantage of supportive government initiatives and evolving consumer preferences. Rising demand for renewable and eco-friendly energy sources will also benefit biomass pellets companies in the future. Market players are focusing on setting up their manufacturing facilities in countries such as India, Indonesia, and China to take advantage of the massive availability of agricultural residue and low labor costs. Biomass pellets vendors are also investing heavily in the R&D of novel types of biomass pellets with better energy density and eco-friendliness to maximize their business potential over the coming years. Market players are also focusing on expanding their production capacity to keep up with surging demand. 'Fram Renewable Fuels', 'German Pellets GmbH', 'Drax', 'Kushal Timber Private Limited', 'AS Graanul Invest', 'Rentech Inc.', 'Enviva Inc.', 'Ecostan India Private Limited', 'Premium Pellets Ltd.', 'Nishant Bioenergy Private Energy', 'JP Green Fuels', 'Abellon CleanEnergy Limited', 'MVM Bio Green Energy', 'Lignetics of Idaho Inc.', 'Zilkha Biomass Energy LLC'

Biomass pellets have emerged as a popular way of reducing emissions and substituting conventional pollution-causing energy sources with eco-friendly ones. Growing consumer awareness regarding sustainability and imposition of stringent mandates by the government to push sustainability are also slated to boost demand for biomass pellets going forward,

Enhancement of Biomass Conversion: Biomass pellet manufacturers can focus on optimizing the biomass conversion process to create more sustainable and high-energy density pellets that are more capable of replacing traditional energy sources. Pellet densification and torrefaction are some key trends that companies should keep an eye out for in the future.

Europe accounts for a prominent share of biomass pellets sales. This can directly be attributed to the high focus on sustainability and quick adoption of eco-friendly power generation practices in this region. The launch of stringent mandates to curb emissions and efforts of European countries to reach their net zero carbon goals are also estimated to benefit demand for biomass pellets in the future. Germany and the United Kingdom are slated to be the top markets for biomass pellet suppliers in this region.

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Biomass Pellets Market Size, Share, Growth Analysis, By Source(Agricultural Residue, Wood Sawdust, and Others), By End Use(Power Generation, Industrial Heating, Commercial and Domestic Heating, and Others), By Region - Industry Forecast 2024-2031

Biomass Pellets Market Regional Insights

Biomass Pellets Market Report Snapshots

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