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View Report SummaryGlobal Wood Pellet Fuel Market stood at USD10533.55 million in the year 2021 and is expected to grow at a CAGR of 7.73% in the forecast period. The market is robust, and as analyzed by trends, it may become an essential market for the clean energy industry in the coming years. North America amongst the regions and CHP/District heating out of applications are expected to show the highest growth in the foreseeable future.
Using traditional biomass, usually comprising the bark of wood or wood straw, for generating heat and energy can be challenging given its low density and the bulky size of raw biomass. Thus, handling and transporting traditional biomass can be a problem. On the other hand, given their compressed size, wood pellets can be easily managed and transported in large quantities without projecting many challenges. Additionally, the wood pellet has much-reduced moisture content than the traditional biomass. Therefore, using wood pellets as fuel leads to exceptionally less ash, making it a cleaner form of energy than the traditional biomass. Thus, easy handling characteristics of the wood pellets are likely to propel the Global Wood Pellet Fuel Market.
The global wood pellet fuel market is segmented based on feedstock, heating application, application, region and company. Based on feedstock, the market is further fragmented into Forest Wood & Waste, Agriculture Residue, and Others {Bark, Twigs, Gardening Waste, etc.}. In terms of region, Europe region accounted for the largest share of 49.41% in Global Wood Pellet Fuel Market in 2021. This region is expected to maintain its market dominance over the next five years due to the presence of several countries, such as the United Kingdom, Germany, and Italy, that are leading wood pellet fuel manufacturers. Some of the major wood pellet fuel companies such as AS Graanul Invest, and Drax Group PLC have their headquarters in the Europe region depicting a strong base of wood pellet fuel in this region.