The global wood pellets market reached a valuation of US$ 15 Bn in 2019, witnessing a robust growth outlook during the forecast period (2019 – 2029). According to a new study by Future Market Insights (FMI), the market for wood pellets is largely influenced by increasing concerns over environmental pollution. Government incentives towards sustainable products will also remain crucial to market build-up.
“Stakeholders in wood pellets market must direct massive pecuniary resources towards R&D activities for product diversification, along with capacity expansion initiatives to fortify competitive ascendancy,” reveals the FMI report.
Key Research Findings of FMI’s Wood Pellets Market Study
The use of wood pellets in co-firing applications will witness prolific growth through the forecast period.
Pellet based power plants are gaining traction over coal based alternatives, bolstering demand in the industrial sector.
Europe accounts for a major revenue share owing to strict emission regulations and the presence of leading manufacturers.
Increasing investments in the renewable energy sector will drive adoption of bio-based wood pellets, particularly in Asia Pacific.
Key Growth Drivers – Wood Pellets Market
Growing global adoption of renewable energy plays a major role in the sales of wood pellets.
Favorable government incentives and policies contribute to wood pellets demand.
Characteristics of high combustion efficiency is resulting in an increased replacement rate, contributing to market growth.
Key Impediments – Wood Pellets Market
Low fuel prices remain the key challenge to manufacturers active in the wood pellets market.
Costs associated with extensive processing requirements continue to restrict demand growth.
Competition Structure Analysis – Wood Pellets Market
The competition landscape of wood pellets market remains largely fragmented and competitive. Key producers are also pushing for product and cost differentiation, in addition to research on factors such as melting point, particle density, moisture and ash content, and mechanical durability.
Some of the key players in the wood pellets market include, but are not limited to Pinnacle Renewable Energy Inc., Georgia Biomass LLC, Energex, Enviva Partners LP, Andritz AG, and Wood Pellet Energy Ltd.
Source of Press-release @ https://www.accesswire.com/578793/Revenue-of-Wood-Pellets-Surpassed-US-15-Bn-in-2019-Co-firing-Applications-Continue-to-Signal-Prolific-Growth-Opportunity-Future-Market-Insights
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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