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
発行: Variant Market Research LLP
ページ情報: 英文 91 Pages
As per the latest report published by Variant Market Research, Global Biomass Pellets Market is estimated to reach $25.7 billion by 2024; growing at a CAGR of 11.7% from 2016 to 2024. Biomass pellets are usually used as a heating fuel in various industries. Main applications of Biomass pellets are for heating purpose as a heating fuel and as a power source, which is expected to boost the global biomass pellets market over the forecasted period. These pellets are usually produced from many sources including sugarcane crop, the timber industry, sawdust, switch grass and woody plants. Biomass is a perfect alternative for conventional fossil fuels for generating power and for heating. With increasing adoption of biomass pellets as a renewable energy source, the market is also observing substantial growth.
Major factors driving the global biomass pellets market are the rapid depletion of fossil fuels, rising global warming, increasing demand for nonconventional or additional sources of energy, and increasing disposable income. However, the expensive process of extraction and raw materials may hamper the market growth. Furthermore, increasing adoption of these materials for power generation would unfold with numerous growth opportunities in the forecasted years.
Major segments of the global market are application, and geography. Application segment comprises heating sector, and power sector. By application, market is bifurcated into heating sector, and power sector. By geography, global biomass pellets market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of Germany, Sweden, UK, Denmark, Italy, France, Rest of Europe. Asia-Pacific is segmented into Japan, China, South Korea, Rest of Asia-Pacific, while RoW is bifurcated into South America, Middle East, and Africa.
The key market players operating in the market are MGT Power, Forest Energy Corporation, Drax Biomass Inc., Energex Corporation, Forth Energy Ltd., Helius Energy, International WoodFuels, LLC, Woodstone, Westervelt Renewable Energy, LLC, and New England Wood Pellet, among others.