IMARC Group, a leading market research company, has recently releases report titled “Wood Pellet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global wood pellet market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Wood Pellet
Wood pellet is a form of biomass energy derived from organic materials, such as sawdust, wood chips, or other wood residues. It is available as hardwood and softwood pellets, which are derived from softwood species, such as pine, spruce, and fir, and is a cost-effective option for heating. It possesses consistent moisture content, energy density, and low levels of impurities to maximize efficiency and performance. It is manufactured via pelletization, which involves compressing wood residues under high pressure without the use of additives, resulting in compact and uniform pellets. It can be co-fired with coal in power plants to reduce greenhouse gas emissions and transition to cleaner energy sources.
How Big Is the Wood Pellet Market?
The global wood pellet market size reached US$ 12.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.53% during 2023-2028.
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What are the growth prospects and trends in the wood pellet industry?
At present, the increasing demand for wood pellets, as they provide a valuable outlet for wood residues and by-products from sawmills and other wood processing industries, reducing waste, and promoting a circular economy, represents one of the crucial factors impelling the growth of the market.
Besides this, the rising utilization of wood pellets, as they are cost-effective compared to other heating fuels, is contributing to the growth of the market. In addition, the growing emphasis on renewable energy sources to combat climate change is offering a favorable market outlook.
Apart from this, the increasing focus on diversifying energy sources and reducing dependency on finite fossil fuels is bolstering the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Feedstock Type:
- Forest Wood and Waste
- Agriculture Residue
- Others
Breakup by Application:
- Power Plants
- Residential Heating
- Commercial Heating
- Combined Heat and Power (CHP)
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Broadcom Inc
- Huawei Technologies Co., Ltd.
- Infineon Technologies Ag
- Intel Corporation
- Mediatek Inc
- Nokia Corporation
- Qorvo
- Qualcomm Technologies, Inc.
- Samsung Electronics Co. Ltd.
- Xilinx Inc
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