According to the report, global biomass pellets was valued at USD 4.52 billion in 2014 and is forecast to reach USD 8.34 billion in 2020, growing at a CAGR of 10.9% between 2015 and 2020. Zion Market Research has published a new report titled “Global Biomass Pellets Market for Residential and Industrial applications: Global Market Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020.”
Biomass pellets (or fuels) are made from compressed biomass or organic matter. Industrial waste and co-products, food waste, agricultural residues, energy crops and virgin lumber are some of the key biomass categories from which pellets can be made. The pellet fuel made up of compacted sawdust is the most common type of pellet fuel called wood pellets. Biomass pellets are normally used as a heating fuel. The use of biomass pellets for heating and as a power source has increased extremely during recent years with many households and industrial facilities using pellet stoves or boilers over old-style wood-fired equipment. They can be used as the source of fuel for power generation, commercial or residential heating, and cooking. Pellets are extremely dense and can be produced with a low moisture content (less than 10%) that allows them to be burned with a very high combustion efficiency.
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Consistent energy supply is the need of increasing population. Energy extracted from biomass is available continuously and it is not get affected by the weather conditions. Renewable energy sources such as solar and wind power are only available for certain periods of the month. Biomass is the only renewable energy source that is independent on the weather and is available all over the period of power generation. This has resulted into growing demand for biomass pellets market across the globe.
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Additionally, the emission level of greenhouse gas is very low from the burning of biomass pellets. The CO2 released from the biomass is maintained during the growth of the biomass. Lower emission of GHG from the biomass pellets is also expected to increase the growth of this market.
On the basis of application segment, the global biomass pellets market is divided in the residential and industrial application. The global biomass pellet market was led by the industrial application, accounting for the largest share of over 55% in 2014. It is also expected to grow at the fastest CAGR as compared to residential segment.
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Global biomass pellets were dominated by the EMEA region with a share of over 42% of total market in 2014. The biomass pellets market in EMEA region is expected to grow at a rapid pace during the forecast period. The EMEA region is followed by the Americas and Asia Pacific respectively. Brazil and the U.S. have been the major biomass pellet producing countries in America and have a huge installed capacity of biomass power plants. Asia Pacific is expected to be the fastest growing market for biomass pallets during the forecast period. However, Asia Pacific is expected to exhibit the fastest growth in during the forecast period.
Global biomass pellets market is highly competitive, with the presence of well-established global vendors. Energex Corporation, Forest Energy Corporation, Helius Energy, New England Wood Pellet, and Woodstone are the key vendors in the market.