Chiefly fueled by demand increment in residential heating fragment, the global wood pellets market is slated for significant growth at around CAGR of 11% over the forecast period (2019-2029). Consumers in developed nations reflect an increasing reliance on renewable sources such as pellet-based fuel, thus driving sales.
Also, a higher cost point of fossil fuel is accenting the need for pellet-based fuel sourced mainly from forest waste, agricultural residue, and wood waste. Key market players are centered on carrying out compliance plans that incorporate dedicated biomass power plants and co-firing.
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Key Takeaways of Wood Pellets Market Study
- Increasing implementation of renewable energy continues to fuelling wood pellets sales.
- Higher combustion effectiveness is the main attribute increasing the requirement for wood pellets.
- Favorable policies and increased government incentives contribute considerably to the development of the wood pellets market.
- Europe accounts for over 50% of the global wood pellets market value.
- APAC to reflect remarkable development throughout the forecast period.
- Respiratory problems activated by wood dust are slugging the need for wood pellets.
“Stakeholders in the market must direct huge pecuniary resources towards R&D exercises for product diversification, together with capacity expansion initiatives to strengthen competitive ascendance,” says the FMI analyst.
Market Gains to Stay Centered in Europe
Europe is the directing regional market of wood pellets, based on consumption. Strong presence of leading market players in this region is also offering impetus to manufacturing capacity. Dry sawdust and timber are mainly favored by makers for wood pellets manufacturing. Due to low carbon emissions, pellet-based fuel continues to gain prominence in various nations such as France, Italy, Germany, and the United Kingdom.
Easy accessibility, mounting environmental concerns, and low production expenses are a few of the variables adding to growth of the wood pellets market. Additionally, established logistics networks and innovations in combustion technology are supporting the European market.
Asia Pacific’s market is anticipated to record remarkable development over the estimated time frame. The lavish regional development is supported by the rising sustainable energy sector in nations including Japan, India, South Korea, and China. Also, the fast construction of power plants is adding to growth of the wood pellets market in Asia Pacific.
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Tope Market Players Lean on Capacity Expansion for Competitive Edge
Key players are quickening their capacity development endeavors in a bid to maintain global leadership. To upgrade their repository, they are entering strategic collaborations with raw material providers such as Swedish softwood lumber providers. This shift is anticipated to support the production limit of topmost makers. Considering respiratory issues brought about by wood dust, a few participants are improving novel production procedures by raising research and development exercises.
Cost and Product differentiation stay key vital focal points of topmost players in the wood pellets market. These players must realign their procedures with changing consumer demands to guarantee increased product infiltration, increased market share as well as geographical expansion.
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