The global wood pellets market reached a valuation of US$ 15 Bn in 2019, witnessing a robust growth outlook during the forecast period (2019 – 2029). According to a new study by Future Market Insights (FMI), the market for wood pellets is largely influenced by increasing concerns over environmental pollution. Government incentives towards sustainable products will also remain crucial to market build-up.
“Stakeholders in wood pellets market must direct massive pecuniary resources towards R&D activities for product diversification, along with capacity expansion initiatives to fortify competitive ascendancy,” reveals the FMI report.
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Key Research Findings of FMI’s Wood Pellets Market Study
- The use of wood pellets in co-firing applications will witness prolific growth through the forecast period.
- Pellet based power plants are gaining traction over coal based alternatives, bolstering demand in the industrial sector.
- Europe accounts for a major revenue share owing to strict emission regulations and the presence of leading manufacturers.
- Increasing investments in the renewable energy sector will drive adoption of bio-based wood pellets, particularly in Asia Pacific.
Key Growth Drivers – Wood Pellets Market
- Growing global adoption of renewable energy plays a major role in the sales of wood pellets.
- Favorable government incentives and policies contribute to wood pellets demand.
- Characteristics of high combustion efficiency is resulting in an increased replacement rate, contributing to market growth.
Key Impediments – Wood Pellets Market
- Low fuel prices remain the key challenge to manufacturers active in the wood pellets market.
- Costs associated with extensive processing requirements continue to restrict demand growth.
Explore the complete wood pellets market report with 17 illustrative figures, 79 data tables, and the table of contents. Also find a detailed market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-11094