Growing public awareness of environmental aspects and a rise in demand for power energy consumption is expected to drive the market during the forecast period 2022-2027.
According to TechSci Research report, "Biomass Pellet Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2017–2027", the biomass pellet market is expected to witness robust growth during the forecast period, 2022-2027. A renewable energy source, biomass pellets like agricultural waste, may provide heat and electrical energy. The usage of renewable energy sources has become the new focus of industries as a result. In addition to being the primary source for creating thermal energy, biomass pellets are also the most significant source of acquiring electricity. The increase in the need for biomass-based power generation and conventional methods of power generation using fossil fuels is likely to drive the expansion of the biomass pellet market globally. By 2028, India is projected to invest USD 500 billion in the renewable energy industry, according to the India Brand Equity Foundation (IBEF). Consequently, such factors are estimated to drive the market growth.
The fast depletion of fossil fuels results from the continuing upward growth trend in the worldwide demand for fossil fuels. Global warming is also a significant environmental issue everywhere. Numerous nations and international organizations have implemented strict environmental regulations to reduce carbon emissions. Utilizing biomass pellets effectively minimizes greenhouse gas emissions into the environment and lessens the world's reliance on fossil fuels. Additionally, the degree of investment in the biomass sector has increased, accelerating market development.
In terms of region, the North American biomass pellet manufacturing came in second place in 2014. Strict environmental restrictions, increased demand for biomass pellets in the industrial sector, and escalating concerns about global warming were the main drivers of this expansion in the region. As a result, the North American biomass pellet market is seeing growth prospects due to the increasing rate of fossil fuel depletion and the rising need for greenhouse gas reduction.
Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on "Global Biomass Pellet Market"
The global biomass pellet market is segmented into source, type, and application. Based on source, the market is divided into industrial waste & co-product, agriculture residue, food waste, energy crops, virgin lumber, and others. Based on type, the market is segmented into wood pellets, agri pellets, torrefied pellets, and others. Based on application, the market is divided into power generation, industrial heating, residential heating, and others.
Based on source, the market is divided into industrial waste & co-product, agriculture residue, food waste, energy crops, virgin lumber, and others. In 2020, the biomass pellets market was led by industrial waste & co-product. As businesses look for low-cost ways to recycle their waste, industrial waste & co-product have turned out to be more and more crucial. It is a raw material made from wood chips or wood trash and is used to make solid fuel with low moisture content. The most economical and cost-efficient renewable energy source is biomass wood sawdust. Pellets made from biomass offer a solution to the rising pollution issue and can potentially be a significant energy source in the future. As a result, wood sawdust may be burnt to create steam that can be used to generate energy and heat homes and businesses, which is expected to increase the market for biomass pellets.
Based on type, the market is segmented into wood pellets, agri pellets, torrefied pellets, and others. The wood pellets sector is leading the market since wood pellets are made from renewable resources such as wood shavings and sawdust giving them a distinct edge over fossil fuels. One of the European nations with the most extensive forest cover is Austria. Wood grows at a rate of almost 30 million cubic meters per year. Despite extensive usage for energy production, papermaking, and building lumber, Austrian woods have seen an increase in wood supply for years.
Based on application, the market is divided into power generation, industrial heating, residential heating, and others. Among them, the power generation sector has the largest market share globally and is expected to drive the global biomass pellet market growth during the forecast period.
A list of major market players in the Global Biomass Pellet Market:
- New England Wood Pellet
- Drax Group Plc
- Forest Energy Corporation
- Energex Corporation
- International WoodFuels, LLC
- Buhler AG
- Pinnacle Renewable Energy Inc
- Sumitomo Corporation
- An Viet Phat Group
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"The main element fueling the market's expansion is the implementation of environmental policies related to renewable energy sources throughout the world's major established and emerging countries, which is boosting demand for effective renewable energy. The primary non-renewable sources of energy are fossil fuels, which include coal, oil, and natural gas. Fossil fuel reserves are depleting rapidly as a result of the continued upward growth trend in worldwide demand for these fuels. Increasing conventional energy prices also promotes the growth of biomass pellets market ", said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Biomass pellet market –Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Source (Industrial Waste & Co-product, Agriculture Residue, Food Waste, Energy Crops, Virgin Lumber, and Others), By Type (Wood Pellets, Agri Pellets, Torrefied Pellets, and Others), By Application (Power Generation, Industrial Heating, Residential Heating, and Others), and By Region has evaluated the future growth potential of global biomass pellet market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global biomass pellet market.
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