The global biomass pellets market accounted for USD 9.0 Billion in 2020 and is expected to reach USD 23.3 Billion by 2028, growing at a CAGR of 5.3 % from 2021 to 2028.
Biomass pellets are used as a popular kind of biomass fuel that is made from agricultural biomass, commercial grasses, wood wastes, and forestry residues. Additionally, it also saves in transportation and storage and offers cost-effective handling. The various types of biomass pellets include agri-pellets, wood pellets, and torrefied pellets, among others. Pellets are extremely dense and can be produced with a low moisture content that allows them to be burned with very high combustion efficiency. The market is primarily driven by rising demand for biomass pellets as a fuel for co-firing in coal-based boilers. The technological advancements in the developments of ring die pellet mill and its working in order to manufacture and improve the performance is anticipated to augment the market growth in the forecast period.
The outbreak of COVID-19 pandemic has impacted almost every industry including the biomass pellets industry that has observed a substantial decline in the market in the beginning of the pandemic owing to the strict lockdown and other restrictions enforced by governments to decrease the spread of the corona virus epidemic. As a result, supply and demand chain was also disrupted which in turn reduced the demand for the market. Most of the of biomass pellets related manufacturers were allowed to operate since they were considered as environmentally safe alternative to fossil fuels. However, the world markets are slowly resuming to their full potential and is expected to augment the demand of biomass pellets market.
The global biomass pellets market is forecasted to grow significantly accounting awareness about environment and its health and government initiatives to preserve, conserve, and grow natural environment in order to have a healthy ecosystem. Biomass is fuel such as woody plants, timber, saw dust, sugarcane crop and many others. Biomass pellet are alternative fuel sources found on surface. Governments are providing subsides on Biomass fuel in order to increase its usage and less dependency on crude oils. With the increase in demand of Biomass fuel new player are entering the market and investing heavily in order to gain their share in market. With the growing demand and supply biomass pellets market is forecasted to grow significantly. With rapid decrease in fossil fuels reserve and rise in consumption has led to increase in sale of biomass pellets across globe. Though the availability of raw material required to make these fuels are expensive and the extraction is costly may need some research in order to keep up with the demand and keep a check on price of the final product.
The industrial application segment held maximum share in 2020. This is owing to the increasing industrial uses of the biomass pellets. The various applications include industrial boiler, thermal power generation and gasification power generation, among others. Additionally, the automation in pellet stoves, for example the automatic pellet feeding system is likely to augment the demand of the market. Residential applications segment is anticipated to show substantial growth due to the increasing environmental alertness during the forecast period.
Some of key players in biomass pellets market are Energex Corporation, Forest Energy Corporation, Helius Energy, New England Wood Pellet, Woodstone, Forth Energy, International WoodFuels, and MGT Power, among others.
Biomass pellets are used as a popular kind of biomass fuel that is made from agricultural biomass, commercial grasses, wood wastes, and forestry residues. Additionally, it also saves in transportation and storage and offers cost-effective handling. The various types of biomass pellets include agri-pellets, wood pellets, and torrefied pellets, among others. Pellets are extremely dense and can be produced with a low moisture content that allows them to be burned with very high combustion efficiency. The market is primarily driven by rising demand for biomass pellets as a fuel for co-firing in coal-based boilers. The technological advancements in the developments of ring die pellet mill and its working in order to manufacture and improve the performance is anticipated to augment the market growth in the forecast period.
COVID-19 Impact Analysis
The outbreak of COVID-19 pandemic has impacted almost every industry including the biomass pellets industry that has observed a substantial decline in the market in the beginning of the pandemic owing to the strict lockdown and other restrictions enforced by governments to decrease the spread of the corona virus epidemic. As a result, supply and demand chain was also disrupted which in turn reduced the demand for the market. Most of the of biomass pellets related manufacturers were allowed to operate since they were considered as environmentally safe alternative to fossil fuels. However, the world markets are slowly resuming to their full potential and is expected to augment the demand of biomass pellets market.
Growth Factors
The global biomass pellets market is forecasted to grow significantly accounting awareness about environment and its health and government initiatives to preserve, conserve, and grow natural environment in order to have a healthy ecosystem. Biomass is fuel such as woody plants, timber, saw dust, sugarcane crop and many others. Biomass pellet are alternative fuel sources found on surface. Governments are providing subsides on Biomass fuel in order to increase its usage and less dependency on crude oils. With the increase in demand of Biomass fuel new player are entering the market and investing heavily in order to gain their share in market. With the growing demand and supply biomass pellets market is forecasted to grow significantly. With rapid decrease in fossil fuels reserve and rise in consumption has led to increase in sale of biomass pellets across globe. Though the availability of raw material required to make these fuels are expensive and the extraction is costly may need some research in order to keep up with the demand and keep a check on price of the final product.
Application Segment Analysis Preview
The industrial application segment held maximum share in 2020. This is owing to the increasing industrial uses of the biomass pellets. The various applications include industrial boiler, thermal power generation and gasification power generation, among others. Additionally, the automation in pellet stoves, for example the automatic pellet feeding system is likely to augment the demand of the market. Residential applications segment is anticipated to show substantial growth due to the increasing environmental alertness during the forecast period.
Key Market Players & Competitive Landscape
Some of key players in biomass pellets market are Energex Corporation, Forest Energy Corporation, Helius Energy, New England Wood Pellet, Woodstone, Forth Energy, International WoodFuels, and MGT Power, among others.
The global biomass pellets market is segmented as follows:
By Application
- Industrial Applications
- Residential Applications
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Table of Contents
Chapter No. 1: Introduction
Chapter No. 2: Executive Summary
Chapter No. 3: COVID 19 Impact Analysis
Chapter No. 4: Biomass Pellets Market - Application Segment Analysis
Chapter No. 6: Biomass Pellets Market - Industry Analysis
Chapter No. 7: Competitive Landscape
Chapter No. 8: Company Profiles
Chapter No. 9: Marketing Strategy Analysis
Chapter No. 10: Research Methodology
Companies Mentioned
- Energex Corporation
- Forest Energy Corporation
- Helius Energy
- New England Wood Pellet
- Woodstone
- Forth Energy
- International WoodFuels
- MGT Power
