Rising from US$ 9,739.1 million in 2021, the target market reached a valuation of US$ 10,270.9 million in 2022. This growth can be attributed to a surge in demand for biomass pellets for heating purposes in commercial, residential, and industrial sectors. It is projected that the global biomass pellets market will amass revenue of US$ 20,409.2 million by 2033, with sales growing at a favorable CAGR of 6.7% from 2023 to 2033. As per FMI, the entire biomass pellet market is driven by a market shift towards biodegradable products. Increasing use of the wood biomass pellet also contributes to this growth of the market
Historically, the biomass pellet market witnessed a poor CAGR of 2.5% from 2017 to 2021 but it is predicted that the market will overcome this slump and record steady growth during the forecast period. An upsurge in public awareness about sustainability and environmental preservation has resulted in a spike in the demand for biofuels and other renewable energy sources like solar and wind energies. Thus, escalating demand for clean energy all over the world will aid the expansion of the biomass pellets market in the upcoming years. North America and Europe will contribute considerably to the market due to elevated demand for clean energy while East and South Asia will emerge as the fastest growing region in this market owing to rapid development in countries like India, China, Japan, and others.
Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report! https://www.futuremarketinsights.com/reports/sample/rep-gb-7175
Depleting resources has resulted in incredibly high prices of conventional energy with the potential for a further spike in prices. Owing to this, the demand for crude oil has exceeded its supply rate. The cost of natural gas, diesel, and petrol is also increasing. These factors make it a necessity for economies to diversify their energy resources and increase their use of biofuels rather than traditional fuels. This aspect acts as a key driver for the market for biomass pellets during the projection period. However, high competition and lack of availability of good quality woods- the most preferred type of biomass pellets by industrialists- are certain factors that will stunt the growth of the biomass pellets market.
Key Takeaways:
- Favorable government initiatives across the globe will strengthen the prospects for the biomass pellets market.
- Increasing demand for renewable energy will drive the growth of the biomass pellets market in the US.
- Stringent environmental regulations will aid the market expansion of biomass pellets in the U.K.
- Based on end-use, the industrial heating segment will prove to be a significant revenue stream for the biomass pellets market.
- By source, the agricultural residue segment will gain rapid traction during this period.
Competitive Landscape
In a competitive environment, significant market players are concentrating on increasing research and development efforts to enhance their product portfolio. These companies employ various organic and inorganic strategies to gain a competitive advantage. In a recent development, in November 2021, Enviva, Inc., signed a long-term collaboration with J-Power, a Tokyo-based utility enterprise, for a large-scale supply of sustainable wood biomass from Enviva’s facilities in the US to J-Power’s coal-fired plants in Japan.
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Drax, Enviva Inc., AS Graanul Invest, Zilkha Biomass Energy, LLC, Subham Industries, Premium Pellets Ltd, Fram Renewable Pellets, Rentech, Inc., and MVM Bio Green Energy, among others, are some of the important players in the biomass pellets market profiled in the full version of the report.
Biomass Pellets Market by Category
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
More Insights Into Biomass Pellets Market
FMI’s most recent report presents an impartial assessment of the worldwide biomass pellets market, incorporating historical data from YY to YY and projected figures from XX to XX. The report provides a comprehensive analysis of the market’s sales forecast for the next ten years, as well as an overview of market drivers, restraints, trends, and opportunities. The report divides the market into several segments based on source, end-use, and region, in order to comprehend the global market potential, growth, and scope.
According to the latest FMI reports, based on segmentation, the industrial heating segment will dominate the global marketplace on the basis of end-use. As biomass pellets can effectively replace coal in industrial boilers, they gain extensive use in industrial heating purposes. In terms of source, agricultural residue will remain a preferred choice during the assessment period. Based on the country, the biomass pellets market in the US will exhibit impressive growth between YY and YY. In 2022, the target market expanded by 5.1% in this country. High energy consumption and growing demand for renewable energy will drive the growth of the biomass pellets market in the US. The U.K, India, China, and Japan will also aid the growth of the global biomass pellets market.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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