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Global Wood Pellets Market to Reach US$20 Bn by 2023, Driven by Increasing Demand from Power Plants

Transparency Market Research has published a new report "Wood Pellets Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023" to its report store.


Albany, NY -- (SBWIRE) -- 10/14/2015 -- The global wood pellets market is expected to expand at a 14.10% CAGR during the period from 2015 to 2023. The report, titled 'Wood Pellets Market, by Application - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023', states that the global wood pellets market was valued at US$6.2 bn in 2014 and is predicted to be valued at US$20 bn by 2023. Increase in use of wood pellets in power plants and heating plants will enable rapid development of the global wood pellets market during the forecast period.

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The global wood pellets market is segmented on the basis of geography and application. Based on geography, the global wood pellets market is divided into regions such as Asia Pacific, Europe, North America, the Middle East and Africa, and Central and South America. Over the past few years, there has been an increase in the production of wood pellets owing to the legislation of strict emission norms in regions such as North America and Europe. Easy availability and high energy density promotes heavy international trade of wood pellets across the globe.

Prominent companies in the global power generation scenario are taking efforts to increase the usage of renewable technologies for power and heat generation. This is expected to drive the global wood pellets market during the forecast period. It is predicted that there will be significant growth of the wood pellets market in some areas in the European region in the coming few years. Some of the leading players in the global wood pellets market are Andritz AG, Enito Singpellet Pte Ltd, F. E. Wood and Sons, Georgia Biomass, LLC, The Westervelt Company, Rentech, Inc., Drax Group plc, Enviva LP, Germen Pellets GmbH, Allance Pellet Machinery, Pinnacle Renewable Energy Group, and Wood Pellet Energy (UK) Ltd.

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Wood pellets, as a source of energy, provide various economic, environmental, and employment benefits. By application, the global wood pellets market is divided into heating and power plants. The heating application segment comprises residential and district heating. Primarily, wood pellets are employed for heat and power generation. Power plants consumed nearly 800,000 tons of wood pellets in 2014. Wood pellets for industrial and district heating are traded globally, with most of the exports coming from countries such as South Africa, Australia, the U.S., and Canada. Wood pellets that are meant for residential heating are generally traded regionally. Prominent players in the global wood pellets market introduce wood pellets as per residential and industrial requirements.

The global wood pellets market was dominated by the heating application segment in 2014, with a 70% market share. The segment will continue to dominate the global wood pellets market during the period between 2015 and 2023. Factors such as renewable portfolio standards, green certificate trading, feed-in tariffs, and capital grants will enable rapid growth of the global wood pellets market during the forecast period. Efforts taken by public institutions and wood pellet manufacturing firms to remove growth barriers will also boost the global wood pellets market.

Key segments of The Global Wood Pellets Market

Global Wood Pellets Market: Application Segment Analysis

Power Plants

Global Wood Pellets Market: Regional Segment Analysis

North America

Rest of Europe

Asia Pacific
South Korea
Rest of Asia Pacific

Middle East and Africa (MEA)
South Africa
Rest of MEA

Central and South America (CSA)
Rest of CSA

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