According to a new market research report published by Credence Research, Inc. “Wood Pellets Market– Growth, Opportunities, Share & Competitive Analysis, 2017 – 2025,” wood pellets market is estimated at US$ 9,205 Mn in 2017, and is expected to reach US$ 17,942 Mn by 2025, expanding at a CAGR of 8.7% from 2017 to 2025.
Browse the full Wood Pellets Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 report at http://www.credenceresearch.com/report/wood-pellets-market
Wood pellets are made from renewable forest byproducts, and agriculture waste materials. Increase in financial incentives provided by several federal agencies, promising government agreements and policies, and long-term supply of wood pellets with low cost is driving the wood pellets market. Wood pellets offer an environmental benefit over conventional fuels. On the basis of application, the heating application segment accounted for 70% share in 2016, led the overall market in terms of revenue and is projected to maintain its lead throughout the forecast period. Wood pellets are used for district, industrial, and residential heating. The heating pellet segment had sluggish growth in 2016, due toThe heating pellet markets are mainly compelled by the relative cost of heating fuels. Pellets is considered to be one of the low cost fuel for heating.
Europe is the leading market for wood pellets in 2016 and is expected to be the dominating market in forecast period. Ample amount of demand for wood pellets from the U.K. has driven the market of Europe. The regional market is driven by various government initiatives such as major fiscal subsidies to enhancement the production of renewable sources of energy. Due to which there is an increased use of wood pellets for generating electrical energy in Europe. North America was another lucrative market for the growth of wood pellets in 2016. Various government regulatory norms related to carbon emission had boosted the demand for wood pellets in North America. The recent development of federal policies to establish the carbon-neutrality of biomass is also the key factor boosting the wood pellets market in the U.S. Moreover, manufacturers in US are doing continuous expansion of wood pellet plants, which in turn is projected to increase the production of wood pellets, thus there is an increase in regional market.
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Some of the major companies operating in the market include Andritz AG, AS Graanul Invest, Colombo Energy, Inc., Drax Biomass, Inc., ECARE, Enviva Partners, LP, Fram Renewable Fuels, German Pellets GmbH, Land Energy Girvan Limited, Lignetics of Idaho, Inc., Pinnacle Renewable Energy, Inc., Premium Pellet Ltd., Rentech, Inc., Viridis Energy, Inc., and Zilkha Biomass Energy, LLC.