Biomass Pellets Market to Reach $16.0 Billion, Globally, by 2033 at 5.4% CAGR: Allied Market Research

The global biomass pellets market is primarily driven by the surge in awareness of environmental issues and the urgent need for climate change mitigation, which increases the demand for renewable energy sources with lower carbon footprints. Supportive government policies and incentives, including subsidies and renewable energy mandates, further promote the adoption of biomass pellets. Technological advancements have improved the efficiency and cost-effectiveness of biomass pellet production, making them more competitive.

/EIN News/ -- Wilmington, Delaware , Aug. 06, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Biomass Pellets Market by Source (Agricultural Residue & Waste, Forest & Wood Waste, Virgin Lumber, Food Waste, Energy Crops, and Others), and Application (Heating, Power Generation, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033”. The biomass pellets market was valued at $9.5 billion in 2023 and is estimated to reach $16.0 billion by 2033, exhibiting a CAGR of 5.4% from 2024 to 2033. 

Prime determinants of growth 

The global biomass pellets market is driven by several key factors, including growing environmental concerns and the need for climate change mitigation, which boost the demand for renewable energy sources with lower carbon footprints. Government policies and incentives play a significant role in promoting biomass pellet adoption, along with technological advancements that enhance production efficiency and reduce costs. The rise in global energy demand and the need for energy security and diversification further drive the market growth. However, the market faces restraints such as high initial investment costs, supply chain challenges, competition for raw materials, and logistical issues. Market fluctuations and environmental concerns regarding large-scale biomass production also pose challenges. Despite these restraints, significant opportunities exist, such as continued technological improvements, expansion into emerging markets, and integration with other renewable energy technologies. Developing sustainable supply chains, enhancing policy support, fostering public-private partnerships, and leveraging the growing interest in green investments present additional avenues for growth in the biomass pellets market. 

 Download Sample Pages of Research Overview: https://www.alliedmarketresearch.com/request-sample/5551  

Report coverage & details: 

Report Coverage	Details
Forecast Period	2024-2033
Base Year	2023
Market Size in 2023	$9.5 Billion
Market Size in 2033	$16.0 Billion
CAGR	5.4%
No. of Pages in Report	290
Segments Covered	Source, Application, and Region.
Drivers	Government Policies and Incentives   Increase in Renewable Energy Demand
Opportunities	Technological Advancements
Restraint	High Initial Investment Costs

The forest & wood waste segment is expected to lead throughout the forecast period 

Forest & wood waste are readily available by-products of the forestry industry, including logging residues, sawdust, and other wood processing residues. This makes them a consistent and reliable source of raw material for biomass pellet production. Wood-based biomass has a high calorific value, which makes it an efficient fuel for energy production. The energy density of wood pellets is higher compared to many other biomass sources. 

The forestry and wood processing industries have well-established supply chains that facilitate the collection, transportation, and processing of wood waste into biomass pellets. This infrastructure supports large-scale production and distribution. Using waste materials from forestry and wood processing operations can be more cost-effective than sourcing virgin lumber or dedicated energy crops. It also helps in waste management, reducing disposal costs for the wood processing industry. 

The power generation segment is expected to exhibit the fastest growth throughout the forecast period 

Biomass pellets are increasingly utilized in power generation due to their renewable nature and high energy density. In dedicated biomass power plants, pellets are burned to produce steam, which drives turbines to generate electricity. This method is efficient and optimized for biomass combustion, resulting in lower emissions. In addition, biomass pellets are co-fired with coal in existing coal power plants, reducing the carbon footprint and emissions of these plants without requiring significant modifications. This co-firing process displaces a portion of coal with renewable biomass, offering a cost-effective way to transition to cleaner energy. Combined Heat and Power (CHP) plants also use biomass pellets to simultaneously generate electricity and useful heat, enhancing overall efficiency. The adoption of biomass pellets in power generation supports waste management by utilizing agricultural and forest residues, reduces greenhouse gas emissions, and enhances energy security by providing a sustainable alternative to fossil fuels. 

Procure Complete Report (290 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/biomass-pellets-market 

Asia-Pacific to maintain its dominance by 2033 

The biomass pellets market in the Asia-Pacific region is witnessing robust growth, fueled by several factors. With the region's developing economies and expanding populations, there's a corresponding increase in energy demand. Governments across Asia-Pacific are enacting stricter environmental regulations, prompting a shift towards cleaner and more sustainable energy sources. This regulatory landscape, coupled with supportive policies and incentives, is encouraging the adoption of biomass pellets for energy generation. 

Countries like China, Japan, South Korea, and India are leading the regional market. China, in particular, stands out as a major player in the biomass pellets market, leveraging its vast agricultural and forestry resources. Japan and South Korea are actively importing biomass pellets to diversify their energy mix and reduce dependence on fossil fuels. India, with its sizable agricultural sector, is also making strides in biomass energy adoption. 

Players: - 

• Enviva, Inc. 

• Drax Group plc 

• Forest Energy Corporation 

• Energex Corporation 

• Buhler AG 

• Sumitomo Corporation 

• JP Green Fuels 

• Ecostan Biofuel 

• Zilkha Biomass Fuels 

• Fram Fuels 

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/biomass-pellets-market/purchase-options  

The report provides a detailed analysis of these key players in the global biomass pellets market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

About Us 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

Contact: 

David Correa 

United States 

1209 Orange Street, 

Corporation Trust Center, 

Wilmington, New Castle, 

Delaware 19801 USA. 

Int'l: +1-503-894-6022 

Toll Free: +1-800-792-5285 

Fax: +1-800-792-5285  

help@alliedmarketresearch.com 
Web: www.alliedmarketresearch.com 
Allied Market Research Blog: https://blog.alliedmarketresearch.com  
Blog: https://www.newsguards.com/ 
Follow Us on | Facebook | LinkedIn | YouTube |