[FURL=https://www.industryarc.com/Research/Wood-Pellets-Market-Research-508464?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease/]Wood Pellets Market[/FURL] size is forecast to reach $11.1 billion by 2026, after growing at a CAGR of 9% during 2021-2026. Wood pellets are available at small cylindrical pieces and log in diameter. With the rise in residential constructions in winter regions, the wood pellets industry is expected to grow. In addition, the energy efficiency of the wood pellet production system must be improved to reduce their greenhouse gas (GHG) emission for expanding the use of wood pellets as a major energy source. Additionally, wood pellets crushing is done by wood hammer mill and wood crusher. However, adoption and increasing deployment of alternative renewable energy sources such as solar photovoltaic, wind energy, and geothermal in various parts of the world is likely to hinder the market growth during the forecast period.Key Takeaways
Europe has a significant growth in the wood pellets market owing to increasing demand from applications such as residential heating, power plants and others.
Increasing adoption of recyclable and eco-friendly energy sources for generating power are some of the major factors which is driving the market for wood pellets.
As compared with other fossil fuels, cost effective and the easy availability of wood pellets will increase the market demand for wood pellets in the near future.
Alternative options of energy or heat-producing such as solar energy, wind energy and others will create hurdles for the wood pellets market.
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Wood Pellets Market Segment Analysis – By Geography
Europe has a significant growth in the wood pellets market in the year 2020 and is expected to grow at a CAGR of 9.1% during the forecast period. The demand for wood pellets in Europe majorly comes for the residential heating facilities, commercial heating facilities, and CHP plants. With a decrease in atmospheric temperature, woods pellets consumption, especially in residential and commercial spaces increases. According to the office for national statistics, In U.K, construction output grew by 1.9% in the month-on-month all work series in November 2020, because of a 3.5% increase in new work that more than offset the 0.6% fall in repair and maintenance.
Wood Pellets Market Drivers
Cost-Effectiveness
Recyclable nature of wood pellets
Wood Pellets Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Wood Pellets market. Major players in the Wood Pellets Market are Biomass, LLC, Drax Group Plc, Energex, Enviva LP, Groupe Savoie Inc., I.C.S. Lumber Inc., INGPELLET Pte. Ltd., Lauzon Recycled Wood Energy, Pacific BioEnergy, Pinnacle Renewable Energy Inc., Premium Pellet Ltd., among others.
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