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Global Biomass Pellets Market Is Estimated To Reach $26 Billion By 2024
Global biomass pellets market report published by Accurize Market Research forecast that the global market is expected to reach $26 billion by 2024; growing at a CAGR of 11.6% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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A rise in demand for artificial limbs, and development of patient monitoring equipment system across the globe to drive the growth of the market
The rising demand for non-conventional or other sources of energy and rising disposable income fuels the demand for the global biomass pellets market. Moreover, the rapid exhaustion of fossil fuels and increasing global warming also boosts the growth of the market.
The global biomass pellets market has been bifurcated on the basis of application and geography. On the basis of application, the market has been segmented as the heating sector and power sector.
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By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is further bifurcated in the U.S., Canada, and Mexico whereas the Europe segment consists of Germany, Sweden, the 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, the Middle East, and Africa
“Heating segment accounted for the largest market share in the application segment", says Accurize
By application segment, the heating sector dominated the application segment with more than half of the market share in 2017 and is expected to continue its dominance during the forecast period 2017 – 2025. The growth would bedrive below greenhouse gas emission and several governmental rules which have encouraged the industries to accept biomass pellets as heating fuel.
“Europe dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, Europe dominated the global biomass pellets market with the largest market share of 82.9% and expected to continue the trend during the forecasted period, owing to improved government initiatives for the acceptance of renewable technologies, and the low greenhouse gas emissions.
Top players in the market
The key market players include New England Wood Pellet, Helius Energy, International WoodFuels, LLC, Forth Energy Ltd., Forest Energy Corporation, Energex Corporation, Woodstone, MGT Power, Westervelt Renewable Energy, LLC, and Drax Biomass Inc., among others.
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