A recently published study by FMI expects the global demand for wood pellets market to increase at a CAGR of 11% during the forecast period between 2022 and 2032, reaching a total of US$ 26.15 Billion in 2032, according to a report from Future Market Insights (FMI). From 2017 to 2021, sales witnessed significant growth, registering a CAGR of 8%.
|Estimated Base Year Value (2021)||US$ 8.3 Billion|
|Expected Market Value (2022)||US$ 9.21 Billion|
|Anticipated Forecast Value (2032)||US$ 26.15 Billion|
|Projected Growth Rate (2022-2032)||11% CAGR|
Wood pellets form a clean, environmentally beneficial, sustainable, and renewable biomass. The increasing global demand for renewable energy is driving the demand for wood pellets to reduce the usage of fossil fuels that contribute to global warming. This is expected to contribute to the growth of the industry over the forecast period.
Consumers in developed regions such as Europe have greater environmental sentience, which continues to account for their increasing reliance on renewable sources. Bio-based energy sources are gathering impetus in developing countries for electricity generation. The reason is attributed to rising energy consumption and favorable government policies.
A significant reduction in the emission of greenhouse gasses is increasing the consumption of wood pellets in the industrial sector. Continued innovations in combustion technology are to be accredited for the impressive growth of the wood pellets market.
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Key Takeaways from the Market Study
- North America accounts for the revenue of US$ 200 Million in 2022
- Europe is projected to account for approximately 78% of the global market share
- Asia Pacific is projected to account for 11% of the market share
- Forest and wood waste derived wood pellets to experience highest uptake, flourishing at a 10.4% CAGR until 2032
- By end use industry, residential applications to account for a revenue of US$ 3.5 Billion in 2022
“The manufacturers are increasing the availability of self-cleaning systems in wood pellet boilers that require minimal user input. Even though these boilers are gaining popularity, they require frequent maintenance in order to have the highest working proficiency.” says an analyst at FMI.
Key players in the wood pellets market are Enviva Partners LP, Pinnacle Renewable Energy Inc., Wood Pellet Energy (UK) LTD, Andritz AG, Energex, and Georgia Biomass, LLC.
- The United Kingdom’s energy company Drax Group PLC announced the acquisition of Canada-based wood pellet producer Pinnacle Renewable Energy Inc. in February 2021. With the addition of Pinnacle’s 11 sites, Drax will own 17 pellet plants and development projects.
- In April 2021, Enviva, a global renewable energy company specializing in sustainable wood bioenergy, and Mitsui OSK Lines (MOL), a leading international marine transport group, signed an MoU agreement to develop and deploy an environmentally friendly bulk carrier.
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Key Segments Profiled In the Industry Survey
- Forest and Wood Waste Resources
- Agricultural Residue and Waste
- Food Waste
- Virgin Lumber
- Energy Crops
By End Use Industry:
- Residential/Commercial Heating
- CHP/District Heating
More Insights Available
FMI, in its new offering, presents an unbiased analysis of the global wood pellets market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of feedstock (Forest and Wood Waste Resources, Agricultural Residue and Waste, Food Waste, Virgin Lumber, Energy Crops), end-use industry (Residential/Commercial Heating, CHP/District Heating, Co-firing) & region.