Wood Pellets Market Analysis Report 2020 - 2027
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Updated on Oct 11, 2023
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Wood Pellets Industry Overview
The global wood pellets market size is expected to reach USD 18.22 billion by 2027, exhibiting a revenue-based CAGR of 9.4% during the forecast period, according to a new report by Grand View Research, Inc. Wood pellets can be used as an alternative for fossil fuels as they are eco-friendly, sustainable, and carbon neutral in nature. This factor is anticipated to drive the growth of the market.
Wood Pellets Market Segmentation
Grand View Research has segmented the global wood pellets market on the basis of application and region:
Based on the Application Insights, the market is segmented into Power Plants, Residential Heating, Commercial Heating, and Combined Heat and Power (CHP).
- The commercial application segment is anticipated to show significant growth over the forecast period owing to increasing adoption of wood pellets for space heating in federal or municipal buildings, office buildings, educational facilities, and other commercial buildings. The attributes of wood pellets include convenience and ease of use, and bulk storage in less space is expected to augment its demand from the commercial heating segment.
- Clean combustion of wood pellets contributes to its application in pellet stoves and pellet fireplaces, thereby driving its demand in the power generation and heating applications. Favorable government policies regarding the use of efficient technologies such as pellet stoves instead of coal for reducing the emissions from domestic coal and wood heating devices are projected to drive the product demand in the residential heating application. In addition, the automation in pellet stoves, such as the automatic pellet feeding system is anticipated to drive the demand.
Wood Pellets Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies Profile & Market Share Insights
Small-scale players cater to a particular country or region where they are located and compete on the basis of raw material availability and transportation facilities. They also compete on the basis of regional demand and their penetration in the regional markets. Several regional players adopt expansion strategies by becoming a distribution partner for global players.
Some prominent players in the global wood pellets market include
- Stora Enso
- Drax Group Plc.
- Enviva LP
- Pinnacle Renewable Energy Group
- Pacific BioEnergy.
Order a free sample PDF of the Wood Pellets Market Intelligence Study, published by Grand View Research.