USD 8.68 billion
Report ID:
SQMIG10B2032 |
Region:
Global |
Published Date: April, 2024
Pages:
178
|Tables:
61
|Figures:
75
Industrial Wood Pellet Market size was valued at USD 9.16 Billion in 2023 and is poised to grow from USD 9.66 Billion in 2024 to USD 14.82 Billion by 2032, growing at a CAGR of 5.50% during the forecast period (2025-2032).
Wood pellets are the most common type of pellet fuel and are generally made from compacted sawdust and related industrial wastes from the manufacture of wood products, milling of lumber, and furniture, and construction. According to the World Bioenergy Association, pellets may substitute coal in power generation facilities. Industrial wood pellets are energy dense, and low in moisture, used in Biomass dedicated energy plants, combined heat and power plants, and others. Moreover, their high energy content, and density combine for producing efficient, portable, and reliable forms of low carbon combustion.
Industrial Wood Pellet market may grow due to the stringent government initiatives which are promoting biofuels for energy production. Also, the rising awareness towards environmental safety coupled with increased need for clean energy are driving the market growth during the forecast period.
US Industrial Wood Pellet Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 8.68 billion
Largest Segment
Power generation
Fastest Growth
Combined Heat & Power (CHP)
Growth Rate
5.50% CAGR
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Global industrial wood pellet market is segmented based on the feedstock, application, and region. Based on feedstock, the market is segmented into forest waste, and agricultural waste. Based on application, the industrial wood pellet market is segmented into power generation, and combined heat & power (CHP). Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Feedstock
Based on feedstock, global industrial wood pellet market is segmented into forest waste, and agricultural waste. The forest waste segment is predicted to capture the market during the forecast period as by-products from laboriously managed forests are the main cause of producing industrial wood pellets. Moreover, the large portion of these by-products is from traditional forestry operations including sawmills, and others.
Analysis by Application
Based on application, the industrial wood pellet market is segmented into power generation, and combined heat & power (CHP). The power generation segment is anticipated to hold the largest market share. The industrial wood pellets are better for the environment as compared to coal or any other fossil fuels that legacy power plants utilized to produce electricity.
The combined heat & power (CHP) segment is anticipated to grow at a healthy pace during the forecasting timeline owing to the voluntary target within the updated Renewable Energy Directive for the member states for increasing renewable energy in heating, and cooling by 1.32 percentage per year, that will further create business opportunities for heating purposes.
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Europe is anticipated to capture the global industrial wood pellet market during the forecast period. Increasing consumption rate of pellet-based energy in the U.K. is propelling the wood pellets growth in the region. The high demand from large-scale power plants for wood pellets in the U.K., Belgium, and the Netherlands may boost the demand in the region as residential applications of pellets is insignificant.
North America is anticipated to grow substantially during the anticipated period due to the growing residential demand from the United States, increasing substitutes of traditional burners for developing automatic feed-in & comfort. However, Canada is growing at a healthy pace due to increasing usage in the residential heating and power plants sector.
Asia Pacific is, however, estimated to hold a considerable market share during the anticipated timeline thanks to the increasing growth rate of wood pellets from China, South Korea, and Japan in the region. The demand for wood pellets is boosting the power plants for electricity generation and may significantly grow due to the increasing number of power plants in the region.
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Drivers
Demand from End User Industries is Bolstering Market Growth
Restraints
Complicated Customs to Hinder Market Growth
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Global industrial wood pellet market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Top Player's Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global industrial wood pellet market analysis, the contributions of the Asia Pacific region in terms of industrial wood pellets due to the presence of key market players across the region led to the fastest growth of the region. Furthermore, the government initiatives and policies that are favourable to the growth of the industrial wood pellets market such as government grants and funding programs that provide investment subsidies and tax benefits.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 8.68 billion |
Market size value in 2031 | USD 14.05 billion |
Growth Rate | 5.50% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Industrial Wood Pellet Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Wood Pellet Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Wood Pellet Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Wood Pellet Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG10B2032
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