Global Biomass Pellets Market Report, published by Variant Market Research, forecast that the global market is expected to reach $25.7 billion by 2024 from $10.6 billion in 2016; growing at a CAGR of 11.7% from 2016 to 2024. Biomass pellets are the biofuels, derived from biomass or composite organic materials and have usage as a heating fuel in several industries. Over recent years with several industrial and household services, use of biomass pellets for heating and as a power source has improved enormously. These pellets such as pellet stoves or boilers are primarily obtained from various sources such as the timber industry, sawdust, woody plants, switch grass, and sugarcane crop.
"Biomass Pellets Market (By Application: Heating Sector, and Power Sector;By Geography: North America, Europe, Asia-Pacific and RoW)Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Increasing adoption for nonconventional or other sources of energyto drive the growth of theglobal biomass pellets market
The factors supporting growth of the global biomass pellets market are growing global warming, increasing adoption for nonconventional or other sources of energy, growing disposable income, and fast exhaustion of fossil fuels.However, high cost of raw materials & extraction process may act as a restraint for the growth of the market. Moreover, usage of biomass pellets materials for power generationwould provide several growth opportunities for the market in the future.
Application, and geography are the major segments of the global biomass pellets market. By application, market is bifurcated into heating sector, and power sector. Geographically, the globalbiomass pellets markethas been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Global Biomass Pellets Market, by Application
Heating sectordominated theapplicationsegment
Heating sector dominated the application segment with more than half of the market share in 2016, and is expected to continue its dominance during the forecast period 2016 – 2024.The growth would bedriven bylow greenhouse gas emission and several governmental rules which have encouraged the industries to accept biomass pellets as a heating fuel.
GLOBAL BIOMASS PELLETS MARKET SHARE BY GEOGRAPHY, 2016 (%)
Europe dominated the global market with highest market share over the forecast period
Europe dominated the global biomass pellets marketwith largest market share of 82.9% in 2016, and expected to continue the trend during the forecasted period, owing toimproved government initiatives for the acceptance of renewable technologies, and the low greenhouse gas emissions.
The major key players in the market are Helius Energy, Forest Energy Corporation, Energex Corporation, New England Wood Pellet, Forth Energy Ltd., International WoodFuels, LLC, Woodstone, MGT Power, Drax Biomass Inc., and Westervelt Renewable Energy, LLC, among others.