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Biomass Pellets Industry
The growth of the global biomass pellets market is primarily driven by increasing environmental concerns and the urgent need to mitigate climate change.
WILMINGTON, DE, UNITED STATES, October 21, 2024 /EINPresswire / -- Allied Market Research has published a report titled,“Biomass Pellets Market by Source (Agricultural Residue & Waste, Forest & Wood Waste, Virgin Lumber, Food Waste,
energy Crops, and Others), and Application (Heating, Power Generation, and Others): Global Opportunity Analysis and
industry Forecast, 2024-2033.” The biomass pellets market was valued at $9.5 billion in 2023 and is projected to reach $16.0 billion by 2033, growing at a CAGR of 5.4% during the forecast period.
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Key Drivers of Growth
The growth of the global biomass pellets market is primarily driven by increasing environmental concerns and the urgent need to mitigate climate change, which has led to a surge in demand for renewable energy sources. Government policies, incentives, and technological advancements further bolster the adoption of biomass pellets by improving production efficiency and reducing costs. The rising global energy demand and the need for energy diversification also contribute to the market's expansion.
However, the market faces challenges such as high initial investment costs, supply chain difficulties, competition for raw materials, and logistical issues. Environmental concerns around large-scale biomass production and market fluctuations present additional challenges. Despite these restraints, there are significant opportunities in the form of emerging markets, technological innovations, and integration with other renewable energy solutions.
Market Highlights
- Forecast Period: 2024-2033
- Base Year: 2023
- Market Size (2023): $9.5 billion
- Market Size (2033): $16.0 billion
- CAGR: 5.4%
- Report Length: 290 Pages
- Segments: Source, Application, and Region
- Key Drivers: Renewable energy demand, government policies
- Opportunities: Technological advancements
- Restraints: High initial investment costs
Source and Application Insights
Forest & Wood Waste Segment: Expected to dominate the market throughout the forecast period, this segment benefits from a consistent supply of raw materials from the forestry industry, including logging residues and sawdust. The high calorific value and energy density of wood-based biomass make it a preferred choice for energy production.
Power Generation Segment: Biomass pellets are increasingly used in power generation due to their renewable nature and high energy density. They are burned in dedicated biomass power plants to generate electricity or co-fired with coal to reduce emissions in existing coal plants. Combined Heat and Power (CHP) plants also use biomass pellets for efficient simultaneous electricity and heat production.
Regional Outlook
The Asia-Pacific region is expected to maintain its dominance in the biomass pellets market through 2033. Countries like China, Japan, South Korea, and India are key players driving this growth. China's vast forestry and agricultural resources, Japan and South Korea's focus on energy diversification, and India's increasing adoption of biomass energy are all contributing factors. Stricter environmental regulations and supportive government policies across the region also play a significant role in promoting biomass pellets.
Key Players
Key companies in the biomass pellets market include:
- Enviva, Inc.
- Drax Group plc
- Forest Energy Corporation
- Energex Corporation
- Buhler AG
- Sumitomo Corporation
- JP Green Fuels
- Ecostan Biofuel
- Zilkha Biomass Fuels
- Fram Fuels
These companies are adopting strategies such as new product launches, collaborations, expansions, and joint ventures to strengthen their market position and increase their market share globally.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.