Wood Pellet Market Size Worth $ 14.42 Billion By 2032 | CAGR: 4.70%

The global wood pellet market size is expected to reach USD 14.5 billion by 2032, according to a new study by Polaris Market Research. The report “Wood Pellet Market Share, Size, Trends, Industry Analysis Report, By Application (Heat, CHP, and Power); By End-Use; By Region; Segment Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Growing prevalence towards the utilization of wood pellets for wide range of residential and commercial applications including food, cooking, grilling, and supplying heat to the homes, as it is an economical option and its cost remained cheaper of longer period of time, which are among the prominent factors boosting the global market growth. Additionally, there has been significant increase in innovations in wood pellet boilers and surging availability of self-cleansing systems which requires the minimal user input, are also likely to create huge growth opportunities for the market in the near future. For instance, in January 2023, Grant, introduced “Spira Pell” wood pellet boiler, offering low carbon heat source for the home-owners. The product is designed using high grade steel & stainless steel with the exact simplicity of operation for any boiler and is available in out-puts range from 5 to 33 kW.

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The emergence of torrefaction across the globe, which is a thermal treatment process that turns biomass into more energy-dense and stable material and as it consists higher energy content than traditional wood pellets, making them more efficient for transportation and storage. However, the technology is still in the early stages of development but shows promise for creating a new generation of high-energy wood pellets in the coming years.

Some of the large wood pellet manufacturers worldwide are exploring the use of alternative feedstocks such as agricultural waste, forest residues, and other forms of biomass, to produce wood pellets, which could help to reduce the environmental impact of wood pellet production by utilizing materials that would otherwise go to waste. Moreover, the advances in automation and digitalization that are making wood pellet production more efficient and cost-effective for manufacturers is constantly becoming popular. For example, some wood pellet mills have stated using automated systems to monitor and control the production process, while reducing the need for manual labor and increasing production capacity.

Wood Pellet Market Report Highlights

• Heat segment is projected to grow at a highest CAGR during the forecast period, on account of rising adoption of biomass boilers as an effective heating solution and prevalence as a cost-effective alternative
• Residential and commercial segment accounted for major global market share in 2022, which is mainly driven by its easy affordability and several benefits including cleansing and sustainability
• Europe region dominated the global market with sustainable market share in 2022, mainly due to increasing awareness among people regarding the benefits of utilizing wood pellets and subsidies offered by governments
• The global key market players include Pinnacle Renewable Energy, Brookridge Group, Graanul Invest, United Company, Highland Pellets, Drax Group, and German Pellets

Polaris Market Research has segmented the wood pellet market report based on application, end-use, and region:

Wood Pellet, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Heat
• CHP
• Power

Wood Pellet, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)

• Industrial
• Residential and Commercial

Wood Pellet, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Wood Pellet Market Report Scope