The global biomass pellets market size is predicted to garner significant growth from 2023 to 2033. According to a research analysis issued by Future Market Insights, the global market will be worth US$ 10,872 million in 2023. It is expected to be worth $20,409.2 million by 2033. From 2023 to 2033, the market is expected to grow at a 6.7% CAGR.
Because of its adaptability, biomass pellets are used in a variety of sectors. Biomass pellets offer excellent combustion characteristics and a high energy content. They’re utilized in power generating, commercial and domestic heating, and a variety of other applications. The growing trend of automated and updated hating applications in the residential and commercial sectors drives up demand for biomass pellets. The joint efforts of corporations, governments, and consumers to minimize greenhouse gas emissions are projected to spur market growth.
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Expanding demand for energy across the world are promoting the demand for biofuels. Biomass pellets are environmentally-safe and the rising awareness for environmental concerns boosts their demand. Favorable government policies and schemes to meet country-specific sustainable development goals uptick product demand. Governments impose stricter laws and restrictions on industries and manufacturing units, limiting their carbon emissions. The rising consumer shift towards sustainable energy sources and limiting their use of fossil fuels boots market’s development.
The increasing global population and increasing housing needs boost demand for heating and energy. The increasing industrialization augments demand for heating and energy as well. Extensive use of biomass pellets in industrial, commercial and residential heating systems is projected to garner growth for the market. The surplus availability of agricultural residue is considerably high in India, Brazil, and a few other countries. This surplus is used for the production of biomass pellets. Biomass pellets manufactured using agricultural residue is gaining traction.
North America and Asia Pacific regions are expected to witness substantial growth. North America is predicted to hold the lion’s share in the global market. The increasing demand for clean energy is ascribable to this growth. Additionally, the growing awareness about the importance of environmental conservation is anticipated to bolster market growth in these regions.
Key takeaways from Biomass Pellets Market:
- The agriculture residue segment is anticipated to grow at a monumental CAGR of 24.0%.
- The industrial heating segment is anticipated to account for nearly 36.3% of the total market share.
- The United Kingdom is anticipated to capture 6% market share in 2023.
- The United States biomass pellets market is anticipated to capture 69.7% market share in 2023
- India is anticipated to account for 9.9% market share in 2023.
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Recent Developments Observed by FMI:
- The SAMARTH scheme was introduced by the Indian government in February 2022. This initiative has been introduced to encourage the use of biomass in thermal power plants. The initiative also aims to minimize air pollution.
- CPM introduced Twin Track wood pellet technology in April 2022. The new technique is intended to increase the effectiveness of wood pellet mills.
Top Key Players the Global Market
- Drax
- Rentech Inc.
- Enviva Inc.
- German Pellets GmbH
- AS Graanul Invest
- Lignetics of Idaho Inc.
- Zilkha Biomass Energy LLC
- Premium Pellets Ltd.
- Fram Renewable Fuels
- Abellon CleanEnergy Limited
- Subham Industries
- Nishant Bioenergy Private Energy
- MVM Bio Green Energy
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Key Segmentation
By Source:
- Agriculture Residue
- Wood Sawdust
- Others
By End Use:
- Power Generation
- Industrial Heating
- Commercial and Domestic Heating
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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