Europe to dominate the Global Wood Pellet Fuel Market till 2026
Increasing focus on
renewable energy sectors and rapid industrialization is expected to drive the demand
for global wood pellet fuel market in forecast period.
According to TechSci Research report, “Global Wood
Pellet Fuel Market By Feedstock (Forest Wood & Waste, Agriculture
Residue, and Others), By Heating Application (Free Standing Pellet Stove,
Pellet Stove Inserts, and Pellet Boilers), By Application (CHP/District
Heating, Power Plants, Residential Heating, and Commercial Heating), By Region,
Competition Forecast & Opportunities, 2026”, the global wood pellet
fuel market is expected to witness steady CAGR for the forecast period,
2022-2026. Wood pellet fuel is a kind of biofuel and is made up of compressed
organic matter such as energy crops, agriculture residue, forest wood and
waste, and other food waste. Wood pellet fuels are clean as during the
production process no additives are added to them. These have higher combustion
efficiency owing to the presence of low moisture content. Wood pellet fuel can
be easily stored and transported which aids in saving a lot of energy and
space. The rising population around the globe is increasing the demand for more
energy generation and consumption. The adverse effects of using fossil fuels as
energy sources and the surge in awareness about the benefits of using renewable
energy sources are paving the way for the wood pellet market growth. Wood
pellet fuels can be used as a home heating fuel in special pellet burning
stoves or biomass boilers. Pellet stoves are better than the regular open wood
fireplaces as they burn cleaner with less soot and smoke. After burning the
wood pellet fuel, the residual can be used as a fertilizer which further
ensures sustainable development. The presence of a large number of power
generation industries using coal as a fuel especially in Asia-pacific is huge
market potential to witness growth in the next five years. The growing demand
from the energy generation industry and the easy adaptability of wood pellets
with automated combustion systems in coal-fired power plants are expected to
drive the demand of the market for the power generation industry. The presence
of favorable government policies and stringent regulations regarding
environmental sustainability and the rise in the efforts of the leading
authorities to achieve their required emission targets is expected to propel
the demand for wood pellet fuel as they are clean energy sources.
However, when used as a pellet stove requires the
supply of electricity, and regular maintenance and availability of alternative
renewable energy sources are expected to restrain the growth of the global wood
pellet fuel market in the forecast period.
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Global
wood pellet fuel market is segmented into feedstock, heating application,
application, regional distribution, and company. Based on the application, the market
can be divided into CHP/district heating, power plants, residential heating,
and commercial heating. The commercial heating segment is expected to witness
growth in the forecast period, 2022-2026. The lower cost of using wood pellet
as an energy source than the other energy sources make it an economically
viable option for the commercial industries to use as the primary energy
source. Wood pellet fuel is used to supply heat to the residential spaces for
various purposes like cooking, grilling, among others. The government of many
countries is providing subsidies and incentives to increase the use of wood
pellet fuel in different applications.
Wood
Pellet Energy (UK) LTD, Energex, Rentech, Inc., Pinnacle Renewable Energy
Group, The Westervelt Company Inc., German Pellets GmbH, F.E. Wood & Sons,
Enviva LP are the leading players operating in global wood pellet fuel market. Manufacturers
are increasingly focusing on research and development process to fuel higher
growth in the market. To meet evolving customer demand with respect to better
efficiency and durability, several wood pellet fuel manufacturers are coming up
with their technologically advanced offerings.
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“The
growing demand for wood pellet fuel for cleaner energy generation and the easy
availability of raw materials such as compacted sawdust & timber is
expected to pave the way for market growth. High-end investments by the market
players for technological up-gradation of the existing infrastructure and the
use of advanced technologies such as hydrothermal carbonization, steam
explosion, among others to produce high-quality wood pellet fuels with high
calorific value is expected to boost the growth of the global wood pellet fuel
market till 2026.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Wood Pellet Fuel
Market By Feedstock (Forest Wood & Waste, Agriculture Residue, and Others),
By Heating Application (Free Standing Pellet Stove, Pellet Stove Inserts, and
Pellet Boilers), By Application (CHP/District Heating, Power Plants,
Residential Heating, and Commercial Heating), By Region, Competition Forecast
& Opportunities, 2026” has evaluated
the future growth potential of global wood pellet fuel market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the of global wood pellet fuel market.
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