The global biomass pellet market accounted for $ 9.0 billion in 2020 and is expected to reach $ 23.3 billion in 2028, growing to a CAGR of 5.3% between 2021 and 2028.
Biomass granules are biofuels produced from organic matter or biomass. It is produced through industrial waste, food waste, agricultural waste, virgin wood and others. The different types of biomass pellets are wood pellets, agricultural pellets and roasted pellets, among which the demand for wood pellets is the highest in several end-use industries.
Biomass pellets have a low moisture content, which offers high efficiency and lower density compared to biomass briquettes, which will likely stimulate their demand in various industries. Due to the environmental policies of various governments on the emission of Co2 in Europe and America, industrialists are leaning towards clean sources for power generation, which in turn provide a strong growth impetus to operating giants. in the market.
COVID-19 impact analysis
The global biomass pellet market has witnessed a sharp decline sharply due to the destruction of demand. Restrictions imposed by several nations to contain COVID had halted production, causing a disruption throughout the supply chain. However, world markets are slowly opening up to their full potential and increasing fuel demand. The market will remain bullish next year. The significant decrease in the size of the global biomass pellet market in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on economies and industries around the world. Various scenarios have been analyzed based on entries from various secondary sources and current available data on the situation.
The global biomass pellet market is expected to experience significant growth during the forecast period due to growing environmental awareness and government regulations. Biomass is used as a fuel for heating and can be derived from a variety of sources, such as woody plants, the wood industry, sawdust, sugar cane crops, and changing grass. Growing disposable income and the consequent demand for unconventional energy sources are expected to drive market demand for biomass pellets over the forecast period. In addition, the rapid depletion of fossil fuels and global warming are expected to help the growth of the biomass pellet market. However, the crude the materials and the extraction process are expensive. This could slow the growth of the biomass pellet market over the years.
Technological advancement in product manufacturing is expected to see opportunities for critical growth during the forecast period.
Scope of the report:
Application segment analysis preview
The segment of industrial applications dominated the market of biomass pellets with a significant part of the total volume consumed. Low greenhouse gas emissions and various government regulations have paved the way for industries to adopt biomass pellets to heat fuel. The residential applications segment is expected to experience growth within the forecast period due to environmental awareness.
Key market players and competitive landscape
Some of the major players included in the biomass pellet market are Energex Corporation, Forest Energy Corporation, Helius Energy, New England Wood Pellet, Woodstone, Forth Energy, International WoodFuels and MGT Power, among others.
The global market for biomass pellets is segmented as follows:
- Industrial applications
- Residential applications
- North America
- The United Kingdom
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of the Middle East and Africa
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