The global biomass pellets industry 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 US$ 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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Globally increasing energy demand is driving the demand for biofuels. Biomass pellets are environmentally friendly, and increased environmental consciousness drives up demand for them. Favorable government policies and programs aimed at achieving country-specific sustainable development goals boost product demand. Governments implement harsher laws and regulations on industries and manufacturing units in order to reduce carbon emissions. The growing consumer shift toward sustainable energy sources and reduced use of fossil fuels propels market growth.
The growing worldwide population and housing needs drive up demand for heating and energy. The growing industrialization increases demand for heating and energy. The widespread usage of biomass pellets in industrial, commercial, and residential heating systems is expected to drive market expansion. Surplus agricultural residue is widely available in India, Brazil, and a few other nations. This surplus is utilized to manufacture biomass pellets. Biomass pellets made from agricultural waste are gaining popularity.
The regions of North America and Asia Pacific are likely to increase significantly. North America is expected to account for the lion’s share of the global market. This expansion can be attributed to an increase in demand for sustainable energy. Furthermore, rising awareness of the need of environmental conservation is expected to drive market expansion in these regions.
Key takeaways from Biomass Pellets Industry:
- 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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