Wood Pellets Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)


Wood Pellets Market Analysis:

1. In 2020, the estimated value of the wood pellet market stood at USD 10.52 billion. However, experts predict that by 2027, this figure will rise to USD 16.75 billion, reflecting a compound annual growth rate (CAGR) of 7.28% during the period of 2022–2027. The market faced challenges due to the COVID-19 pandemic, which resulted in reduced demand and shortages of raw materials. Nevertheless, Asia experienced a relatively low impact on the market due to an existing oversupply and suppressed consumption. The primary driving force behind the market’s growth is the increasing demand for wood pellets in clean energy generation, particularly in Europe. However, the market may face obstacles as alternative renewable energy sources like solar photovoltaic, wind energy, and geothermal gain traction worldwide.

2. The heating application segment played a significant role in the wood pellet market in 2021 and is expected to maintain its dominance during the forecast period. According to the World Bioenergy Association, wood pellets have the potential to replace coal in power generation facilities. Recent technological advancements have allowed wood pellets to undergo thermal upgrading through processes such as torrefaction, hydrothermal carbonization, and steam explosion. This thermal upgrading enhances the fuel properties of wood pellets, making them comparable to coal. The Asia-Pacific region, which houses a substantial number of coal power plants, presents an opportunity for the market to expand in the coming years.

3. Europe, with its substantial wood pellet production in 2021, is projected to be the dominant player in the market throughout the forecast period. The region’s focus on clean energy generation and its commitment to reducing carbon emissions have contributed to the growth of the wood pellet market. However, the market may face challenges as alternative renewable energy sources gain popularity worldwide. Despite this, the wood pellet market is expected to witness steady growth, driven by the increasing demand for clean energy and the potential to replace coal in power generation facilities.

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