The
global wood pellets market was worth US$6.2 bn in 2014. Due to
increasing concerns about the utilization of non-renewable energy
sources causing deterioration of the environment, alternative energy
sources are sought. Wood pellets have proven to be a stellar
substitute for fossil fuels and have helped curb greenhouse gas
emissions considerably. The lower cost of wood pellets than other
conventional fuels adds to the advantages of the utilization of the
commodity for power and heat generation purposes.
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The
high usability of wood pellets related to conservation of the
environment will lead the wood pellets market to be valued at US$20
bn by 2023, expanding at a CAGR of 14.10% from 2015.
Heating
Application Segment to Dominate Global Wood Pellets Market
The
global market for wood pellets is divided on the basis of application
and geography. By application, power plants and heating are the two
segments of the market. Of the two, it is the heating application
segment that dominated the wood pellets market in 2014, accounting
for 70% of the market. In the coming years as well, the heating
application segment will dominate the overall market for wood
pellets.
In
2014, power plants consumed almost 800,000 tons of wood pellets
across the world. For heating purposes, the industrial and district
heating wood pellet grade varies from the one used for residential
heating. The combustion technology and logistic facilities largely
determine if the wood pellet is suitable for district and industrial
heating, the pellets for which are traded globally. On the other
hand, wood pellets to be used for residential heating are usually
traded regionally.
Governmental
Support Encourages Utilization of Wood Pellets in Europe
The
regional segments of the global market for wood pellets are North
America, Asia Pacific, Central and South America, Europe, and the
Middle East and Africa. In North America and Europe, the production
of wood pellets has been on the rise in the past few years. This is
due to the stringent regulatory mandates pertaining to environmental
emissions that have necessitated the usage of alternative sources for
heating and power generation needs.
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In
2014, Europe, led by the U.K., dominated the global wood pellets
market. In the U.K., governmental subsidies and institutional support
for the use of green energy generation are proliferating the use of
wood pellets for heating and power generation needs. Thus, the wood
pellets market is benefitted by fitting the mandates of the EU
Climate Action Plan for renewable energy sources.
The
easy availability and high energy density of wood pellets are some of
the advantages that encourage international trade of the commodity.
For these reasons, the U.S. and Canada stood as major exporters of
wood pellets in 2014. In the coming years, Russia and some countries
in South America and Asia Pacific are slated to be among the leading
exporters of wood pellets.
Some
of the major companies that operate in the global market for wood
pellets are Andritz AG, F.E. Wood and Sons, The Westervelt Company,
Drax Group plc., German Pellets GmbH, Enito Singpellet Pte Ltd.,
Georgia Biomass LLC, Rentech Inc., Enviva LP, Allance Pellet
Machinery, and Wood Pellet Energy (UK) Ltd.
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