Wood Pellet Market Size 2023, Demand, Growing CAGR of 5.72% Growth Strategy, Business Challenges, Future Investment and Forecast 2032: SPER Market Research
According to SPER Market Research, the Wood Pellet Market is anticipated to increase in the forecast period. The growing global demand for renewable energy is driving the market for wood pellets since they are a clean, ecologically friendly, sustainable, and renewable biomass, which helps to reduce the use of fossil fuels that contribute to global warming. Over the course of the projection period, this is anticipated to aid in the industry’s expansion. The market is primarily being driven by the rising demand for wood pellets in the production of clean energy, particularly in Europe. The acceptance and expanding use of alternative renewable energy sources including solar photovoltaic, wind energy, and geothermal in different regions of the world, however, is predicted to impede market expansion during the anticipated period.
Since there was a high demand for wood pellets before the pandemic, COVID-19 has had a negative effect on the market. Businesses including Drax Group plc, Enviva Inc., Energex, Sinclar Group Forest Products, and others had a very hard time selling wood pellets to both new and existing clients due to a paucity of raw materials. The government’s strict regulations led to this. The lack of raw materials also had a significant influence on the market’s ability to offer wood pellets. Prices, exports, and production were constant, showing that the COVID-19 epidemic had little impact on demand. However, certain negative effects were found, including labor availability and access to transportation services. The quick rebound of the lumber industry, which also ensured a consistent supply of feedstock, mitigated the impact on wood pellet producers.
Wood Pellet Market Overview:
- Forecast CAGR (2022-2032): 5.72%
- Forecast Market Size (2032): 15.17 billion
A solid biomass fuel made from wood waste and agricultural by-products is known as wood pellets. However, one of the most significant sources of renewable energy is bioenergy fuels, which are also in high demand worldwide. Globally, the demand for fossil fuels is rising as a result of rising energy needs. Most of the energy utilized worldwide comes from fossil fuels, which are non-renewable resources like coal, natural gas, and petroleum that release their stored energy through combustion. Thus, the substitution of fossil fuels may present a chance for market expansion.
Impact of COVID-19 on the Wood Pellet Market:
Since wood pellets were in great demand prior to the pandemic, COVID-19 has had a detrimental impact on the market. Due to a lack of raw materials, businesses including Drax Group plc, Enviva Inc., Energex, Sinclar Group Forest Products, and others had a very difficult time supplying wood pellets to both new and existing customers. This resulted from the government’s stern regulations. Additionally, the market’s availability of wood pellets was greatly impacted by the scarce supply of raw materials. Prices, exports, and output were steady, indicating the COVID-19 pandemic had a negligible effect on demand. However, some adverse effects, such access to transportation services and labor availability, were noted. The impact on wood pellet makers was lessened by the speedy recovery of the lumber industry, which also guaranteed a steady supply of feedstock.
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Wood Pellet Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
- Premium Wood Pellet
- Standard Wood Pellet
- Utility Wood Pellet
- Apple Wood Pellets
- Cherry Wood Pellets
- Hickory Wood Pellets
- Mesquite Wood Pellets
- Pecan Wood Pellets
- Traeger Signature Wood Pellets
- Animal Bedding
- Combined Heat and Power
- Commercial Heating
- Power Plants
- Residential Heating
By End User:
- Middle East and Africa
- North America
- Latin America
Due to the rising demand for wood pellets as an energy source, Europe is currently dominating the world wood pellet market. The largest market for wood pellets used in the production of electricity is in Europe. Additionally, North America is the world’s largest exporter of wood pellets, and as a result, more facilities are anticipated to be built to produce them in the years to come.
Wood Pellet Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; AVPGroup, Drax Biomass, Energex, Enviva LP, Farm Fuels, Graanul Invest, Groupe Savoie Inc., Highland Pellets LLC, I.C.S Lumber Inc., Lauzon, Pinnacle, Sinclar Group Forest Products, United Company, Vermont Wood Pellet Company, Wood Pellet Energy Ltd.
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SPER Market Research