The global biomass pellets market is projected to witness growth at a CAGR of 6.8% during the forecast period 2022-2029. Increasing demand for wood biomass pellets is the major factor accelerating the growth in the market.
Ongoing expansion of manufacturing industries such as chemicals, power generation, and others is propelling the demand for biomass pellets worldwide. Growing emphasis on reducing the carbon footprint, coupled with increasing need for renewable energy, will boost the sales of biomass pellets.
On account of this, the global biomass pellets market size is expected to reach US$ 17.94 Bn by the end of 2029. Regionally, Europe is expected to vanguard the sales in the the global biomass pellets market, accounting for over 60.7% of the total market share through 2029.
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East Asia Projected for Significant Growth Opportunities
Over the past years, Europe has been one of the key prominent regions in terms of the production and consumption of biomass pellets. However, other regions such as East Asia have emerged as lucratively growing regions in the global biomass pellets market. This has resulted from the significant growth of the markets in East Asia countries such as China, South Korea, and Japan.
China is one of the prominent hubs of industries and that use coal-based boilers. This creates ample opportunities of demand for biomass pellets that can be used as a replacement or co-fired with coal in these industries.
Furthermore, the demand in South Korea and Japan for biomass pellets has witnessed a significant hike over the past years. As a consequence, East Asia, as a whole, projects significant growth opportunities for the global biomass pellets market over the forecast period.
Sales of Wood Sawdust-Derived Biomass Pellets to Remain Prominent
The market has been segmented on the basis of different sources of biomass pellet production and on the basis of their multiple end uses, besides the seven prominent regions of the world.
- On a global level, wood sawdust is the prominent source of biomass pellet production. The growth in the sales of biomass pellets from this segment is projected to be significant over the forecast period. However, other sources are expected to gain market share over the forecast period.
- Industries with installed coal-based boilers consume a fair share of the global biomass pellets market volume. This consumption is expected to increase further over the forecast period.
- Government policies regarding carbon emissions from industries are changing across geographies in order to achieve their goals and targets of sustainable development. They have become stricter towards the quantity of carbon emitted from industries. As a consequence, industrialists are bound to use biomass pellets in co-firing applications in order to reduce their carbon content and also the cost expenditure over fuels. As a consequence, prominent demand for biomass pellets is being witnessed from industries on a global level.
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BIOMASS PELLETS MARKET TAXONOMY
The global biomass pellets market is segmented in detail to cover every aspect of the market, and present a complete market intelligence approach in front of the reader.
By Source
- Agricultural Residue
- Wood Sawdust
- Others
By End Use
- Power Generation
- Industrial Heating
- Commercial and Domestic Heating
- Others
Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East &Africa
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Biomass Pellets Market: Vendor Insights
The report highlights some of the market players that are prominent and have established themselves as leaders in the global biomass pellets market. Some of the examples of the key players in this market are Drax Biomass Inc., Enviva Partners, LP, German Pellets GmbH, AS Graanul Inves, Pinnacle Renewable Energy Inc., and Abellon CleanEnergy Limited, among others. These players have a diverse set of biomass pellet offerings for industrial, commercial, as well as domestic applications. These players also participate actively in the trade of biomass pellets to reach international markets, and develop by acquiring a diverse clientele across geographies.
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