New York, U.S., May 20, 2022 (GLOBE NEWSWIRE) — Biomass Pellets Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Biomass Pellets Market Information by Source, Type, Application and Region – Forecast to 2030“, the market is expected to grow at a CAGR of 5.50% to reach $9.5 billion by 2030.
Biomass pellets are a form of biofuel developed from organic materials such as sawdust and wood waste. Biomass can be described as organic matter that can be used as fuel. Biomass pellets are a clean-burning, renewable and economical fuel that significantly reduces pollutant emissions and improves the thermal value of biomass waste throughout heating. Biomass pellets generate extremely low greenhouse gases and therefore do not contribute to global warming. They are also used as an alternative to coal in power stations, to heat stoves and boilers.
Biomass pellets are developed from waste materials such as coconut husks, tree tops, fruit bunches and palm kernel husks. They are very important sustainable energy sources when fossil fuel reserves are depleted and carbon emissions regulations become stricter. These are widely used in coal-fired boilers to reduce carbon emissions from units and factories.
Biomass pellets have many advantages, which are easy to transport and store, efficient, low carbon, scalable combustion and reliable. These pellets have garnered remarkable traction among end users, who are trying to reduce carbon emissions and achieve economic progress.
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Market Competitive Landscape:
Important companies in the Biomass Pellets market are
- AS Graanul Invest (Estonia)
- Pinnacle Renewable Energy Inc. (Canada)
- Drax Group plc (UK)
- Enviva (USA)
- German Pellets GmbH (Germany)
- Fram Fuels (USA)
- Abellon CleanEnergy Limited (India)
- Ecostan (India)
- Lignetics (USA)
- Zilkha Biomass Energy (USA)
- Premium Pellets Ltd (Canada)
- JP Green Fuels (India)
- The Westervelt Company Inc (USA)
- New England Wood Pellets (USA)
- Forest Energy Corporation (USA)
Covered USP market:
The biomass pellet market is benefiting greatly from increasing public awareness regarding the importance of environmental conservation. Biofuels and various renewable energy sources, including solar and wind power, are seeing extremely high demand due to this shift. The demand for clean energy has grown at a noticeable rate, especially in developed regions like Europe and North America.
Additionally, heightened environmental concerns are expected to boost the trend in developing regions like South Asia Pacific and East Asia. These regions show promising growth potential. Market Research Future indicates that these regions will be among the most prominent producers of renewable energy in the future. Steady rise in countries like Japan, China, India, and various Southeast Asian countries will be supportive for the biomass pellet market.
Considering the benefits of biomass, biomass pellets will soon emerge as one of the most vital energy sources. Biomass pellets are carbon neutral, renewable and, most importantly, widely available. Considering these factors, the governments of many countries are offering many various programs and subsidies promoting the application of biomass energy, including biomass pellets. For example, the Biomass Thermal Utilization Act (BTU Act) in North America focuses on recognizing and promoting the economic and environmental benefits of biomass-derived fuels and energy sources. This law offers a credit of 15% to 30% to clean wood heating systems for commercial and domestic purposes.
Expensive extraction processes, high cost of raw materials and low product quality are major constraints for the global market.
However, with the emergence of favorable government regulations and rules emphasizing the adoption of unconventional and renewable energy sources, players will be presented with exciting business opportunities over the analysis period.
Browse the in-depth (140 pages) Biomass Pellets Market Research Report: https://www.marketresearchfuture.com/reports/biomass-pellets-market-8172
COVID 19 analysis
The COVID-19 outbreak has had a substantial impact on the biomass pellet industry, both good and bad. Biomass pellets are experiencing a drop in demand across various end-use sectors due to the massive increase in Covid-19 cases around the world, as well as the strict lockdown.
However, a host of government measures focused on supporting global economic growth have revived demand for the products. Rising industrial production along with economic growth may mean that the biomass pellet market will show robust growth over the coming years.
The different types of biomass pellets in the market are agricultural pellets, roasted pellets, wood pellets and others.
Of these, wood pellets enjoy maximum demand in a myriad of end-use industries.
According to the source, the biomass pellet industry processes industrial waste, energy crops, food waste, agricultural residues, virgin wood and many more.
In 2019, the agricultural residue and industrial waste segments took the lead.
Regarding the application, the biomass pellet market can meet the needs of industrial heating, residential heating, power generation and others.
Between these, the energy industry will grab the largest share of the global market and is expected to improve the growth scope of the biomass pellet market in the coming years.
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Europe will be the most important market for biomass pellets in the coming years, given the large consumption of wood pellets. Another key reason for the high demand in the region may be the growing number of government regulations focused on reducing greenhouse gas emissions. In the region, the first winner is the United Kingdom, the country emerging as the first consumer of biomass pellets. The country consumes nearly 40% of the total biomass pellets developed in Europe. Strict regulations in the UK promote environmental protection and the focus on clean energy sources will have a huge effect on the regional market.
Asia-Pacific will soon witness the fastest growth in the global market between 2020 and 2027, owing to the accelerated adoption of biomass pellets in many industrial heating sectors. In the region, Thailand and China are the main contributors, where the consumption of wood pellets in residential heating and commercial heating is exceptionally high.
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