Wood Pellet Market Size Worth $18.22 Billion by 2027: Grand View Research, Inc.
SAN FRANCISCO, August 18, 2022 /PRNewswire/ — The global wood pellet market size is expected to reach $18.22 billion by 2027, posting a revenue-based CAGR of 9.4% over the forecast period, according to a new report from Grand View Research, Inc. Wood pellets can be used as an alternative to fossil fuels as they are environmentally friendly, sustainable and carbon neutral. This factor is expected to drive the growth of the market.
Key industry insights and findings from the report:
- The power plant application segment is expected to register a revenue CAGR of 7.4%, during the forecast period.
- Residential heating application held the leading wood pellet market share with 46.1% in 2019 thanks to simple pellet heating technology coupled with minimal operation and maintenance requirements.
- Commercial heating is expected to be the fastest growing application segment, posting a revenue CAGR of 11.8% due to the increasing use of wood pellets for heating federal or municipal buildings, office buildings, educational institutions and other commercial buildings.
- Europe accounted for the market share of 85.9% in 2019, owing to the high consumption of the product in the UK, Italy, Germany, Denmark, Sweden, Franceand Belgium.
- Major players in the market are undertaking mergers and collaborations to expand their reach and increase their production capacity, thereby gaining greater market share.
Read the full 118-page market research report, “Wood Pellet Market Size, Share & Trend Analysis Report by Application (Power Plants, Residential Heating, Commercial Heating, CHP Heating), by Region & Segment Forecast, 2020-2027“, published by Grand View Research.
Wood Pellet Market Growth and Trends
Growing demand from the power generation industry is expected to drive the market over the forecast period. Also, growing awareness of using renewable energy sources for power generation coupled with high burning of wood pellets is expected to increase the demand for wood pellets during the forecast period.
Growing concerns about global warming and climate change, coupled with rising oil prices, are expected to drive demand for renewable energy. Also, increasing government spending on the use of renewable energy for power generation is expected to increase the demand for wood pellets during the forecast period.
The market is characterized by the presence of large-scale manufacturers catering to global demand. The demand for wood pellets is high in developed economies, especially in the UK, Germany, Netherlands, Italyand US due to their growing application for power generation in coal-fired power plants and home heating.
Segmentation of the wood pellet market
Grand View Research has segmented the global wood pellet market based on application and region:
Wood Pellets Market – Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016-2027)
- Power stations
- Residential heating
- Commercial heating
- Combined Heat and Power (CHP)
Wood Pellets Market – Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016-2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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