Wood Pellet Market by Applications, Grade & Regional Growth by 2019-2025
A
detailed analysis of the Wood Pellet Market is
entailed in this research report. The driving forces responsible for propelling
the growth graph of this vertical in addition to the regional and competitive
trends are mentioned in the study. A comprehensive document comprising details
about vital parameters such as the industry ecosystem analysis, market
segmentation, and the vendor matrix, the Wood Pellet Market report also
contains information on the pivotal industry insights for core players to look
out for.
Growing
energy demand and the need to lower coal consumption are some of the key
reasons propelling wood pellet market trends. Many countries have observed the
rising adoption of energy sources and extensive imports of coal and
petroleum-based fuel owing to the inefficient domestic sources. Reports
estimate that in 2017, South Korea had been the eight largest consumer of
energy sources globally.
It is
projected that global wood pellet market size would exceed USD 19 billion by
the end of 2025. Regional governments are also taking various initiatives to
increase the dependency on renewable sources as these renewable technologies
are proven reliable and provide the lowest-cost power generation options in
many areas.
For
instance, the Korean government had unveiled plans to expand the market share
of renewable energy generation from 7% in 2018 to 20% by the end of 2030.
Described below are few aspects outlining wood pellet industry forecast over
the coming years.
Rising
adoption of renewable energy
As
electricity demand escalated, supply depended largely on fossil fuels which
contribute tremendously towards global warming. Since fossil fuels are limited
in supply, countries are now adopting alternative sources of energy to minimize
the deteriorating effects of climate change.
With
the rising temperature and climate alterations, the Government of Canada has
amended new regulations associated with greenhouse gases in order to replace
coal-fired plants. Presently, coal-fired electricity depicts nearly 70% of the
GHG emissions from electricity sector in the region.
This
initiative will lower the carbon emission rate by nearly 12 million tons and
will certainly surge the consumption from renewable sources by 2030. Favorable
government policies and increasing efforts to curb the carbon emission will
positively generate demand for renewable sources in Canada and accelerate wood
pellet market size in the near future.
Deployment
of biomass for power generation
Growing
interest in renewable energy for electricity has surged the demand for biomass
in many countries including UK, Belgium, the Netherlands, South Korea, and
Denmark. These countries have increasingly implemented sustainability criteria
for using biomass to produce electricity.
Biomass
is expected to play a significant role in achieving these criteria and also be
used to generate bioelectricity. In addition, notable initiatives like
Sustainable Biomass Program certification schemes will certainly increase the
production of biomass globally.
The
cost-effectiveness of biomass for power and heat generation in these regions
has been the main driver of increased demand for biomass energy. Such
advancements and steps taken to improve power management across the globe will
fuel wood pellet industry outlook.
Importance
of industrial heating applications
Standard
grade wood pellets will witness substantial demand throughout the estimated
timeline. This product is extensively deployed in heating applications for
public buildings, residential & commercial structures, and small- and
large-scale electrical utility plants.
The
product holds moisture content (<10%) and ash content (<2%) as well as
generates very fine particles like utility grade. Reports estimate that
industrial heating segment will account for more than 30% of total wood pellet
market share by 2025.
Evidently,
the rising consumption of power in emerging economies and shifting consumer
preferences towards renewable energy sources, along with mounting focus on
bio-based products for electricity generation, will influence wood pellet
industry share in the coming years.
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Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
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Wood Pellet Market by Applications, Grade & Regional Growth by 2019-2025
Reviewed by snehal
on
October 17, 2019
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