Global Wood Pellets Market

Wood Pellets Market Size, Share, Growth Analysis, By Application(Heating, Power Generation, CHP), By End Use(Residential, Commercial, Industrial), By Region - Industry Forecast 2024-2031

Report ID: SQMIG10B2081 | Region: Global | Published Date: April, 2024
Pages: 178 | Tables: 63 | Figures: 77

Wood Pellets Market News

  • In April 2023, Enviva Inc., a leading producer of wood pellets, announced that it has signed a new long-term supply agreement with Drax Group, a leading renewable energy company. The agreement will see Enviva supply Drax with 1.5 million metric tons of wood pellets per year for a period of 10 years.
  • In March 2023, Pinnacle Renewable Energy, another leading producer of wood pellets, announced that it has signed a new long-term supply agreement with Ørsted, a leading renewable energy company. The agreement will see Pinnacle supply Ørsted with 1.2 million metric tons of wood pellets per year for a period of 10 years.
  • In February 2023, Drax Group announced that it had started construction on a new wood pellet processing plant in the Port of Wilmington, North Carolina. The plant is expected to be operational by the end of 2023 and will have a capacity of 1.2 million metric tons per year.
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Wood Pellets Market size was valued at USD 8.71 billion in 2022 and is poised to grow from USD 9.20 billion in 2023 to USD 14.22 billion by 2031, growing at a CAGR of 5.6% during the forecast period (2024-2031).

In order to maintain competition, maximize profitability, and gain a firm footing in the market, the top players in the wood pellet business have been regularly merging and acquiring smaller companies. the major participants in the world wood pellets industry. Through the creation of a bigger brand portfolio and high-quality packaging for brand identification, the wood pellets industry participants have amassed a sizable consumer base. 'Enviva (United States)', 'Drax Group (United Kingdom)', 'Pinnacle Renewable Energy (Canada)', 'German Pellets (Germany)', 'Graanul Invest (Estonia)', 'Viridis Energy (Canada)', 'Rentech (United States)', 'Fram Renewable Fuels (United States)', 'Biomass Secure Power (Canada)', 'Energex (United States)', 'Lignetics (United States)', 'Energia Puros (Mexico)', 'Woodville Pellets (United States)', 'Appalachian Wood Pellets (United States)', 'The Westervelt Company (United States)', 'Verdo Renewables (Denmark)', 'Highland Pellets (United States)', 'EnviroWood (United States)', 'Curran Renewable Energy (United States)', 'Georgia Biomass (United States)', 'New Biomass Energy (United States)', '3Wood (United States)'

Wood pellets are considered a carbon-neutral fuel source because the carbon dioxide emitted during combustion is offset by the carbon dioxide absorbed by trees during their growth. This attribute aligns with the goal of achieving carbon neutrality and reducing carbon footprints in various industries. The sustainability of wood pellets, when produced from responsibly managed forests, is a key driver for their adoption as a renewable energy source.

Growing Biomass Co-firing and CHP Plants : Biomass co-firing, where wood pellets are used alongside coal in power plants, and combined heat and power (CHP) plants are gaining popularity worldwide. Co-firing wood pellets with coal reduces carbon emissions and improves the overall environmental performance of power generation. CHP plants utilize wood pellets for combined heat and electricity generation, increasing energy efficiency and reducing reliance on conventional energy sources.

Due to the rising demand for housing in the United States, North America generated USD 0.19 billion in revenue in 2022. The regional price competitiveness with propane and domestic heating oil, together with the growing replacement of traditional burners for improved automatic feed-in & comfort, are the primary variables affecting the North American market for wood pellets.

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Global Wood Pellets Market

Report ID: SQMIG10B2081

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