Global Biomass Pellets Market size is projected to be valued $26 Billion by 2024; with a CAGR of 11.6% from 2017 to 2025. Biomass pellets are obtained from biomass or complex organic matters and used as a heating fuel in various industries. The use of these pellets has increased immensely with many industrial and household facilities as a power source and for heating. These are also considered as ideal substitute for traditional fossil fuels for power generation and heating purposes. These pellets are usually derived from many sources including the woody plants, sugarcane crop, sawdust, timber industry, and switch grass.
The rising demand for nonconventional or other sources of energy and rising disposable income are anticipated to drive the market within the forecast period. In addition, the rapid exhaustion of fossil fuels and increasing global warming are also anticipated to support the growth of the market. However, expensive raw materials and the process of extraction are expected to hinder the growth of the market. On the other hand, use of these materials for power generation is expected to provide more opportunities to the market players in the coming years.
The global biomass pellets market has been segmented into application and geography. On the basis of application, the market has been segmented as heating sector and power sector. Based on geography, the global biomass pellets market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of Germany, Sweden, UK, Denmark, Italy, France, Rest of Europe. Asia-Pacific is segmented into Japan, China, South Korea, Rest of Asia-Pacific, while RoW is bifurcated into South America, Middle East, and Africa.
The key players operating in the market are New England Wood Pellet, Helius Energy, International WoodFuels, LLC, Forth Energy Ltd., Forest Energy Corporation, Energex Corporation, Woodstone, MGT Power, Westervelt Renewable Energy, LLC, and Drax Biomass Inc., among others.
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Scope of the Global Biomass Pellets Market