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).

Q: Which region accounted for the largest share in Biomass Pellets Market?

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.

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

Biomass Pellets Market Dynamics

Drivers

High Focus on Sustainability

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,

Restraints

High Production Costs

Setting up a biomass pellet production plant is an expensive task, and this results in higher production costs, which are restraining biomass pellets market growth to a certain extent. Moreover, a lack of awareness regarding the benefits of biomass pellets could also slow down market development in the future.

Biomass Pellets Market Report Snapshots

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FAQs

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 Dynamics

Biomass Pellets Market Report Snapshots

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What is the market size of Biomass Pellets Market?

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Which region accounted for the largest share in Biomass Pellets Market?

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