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.” 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.
Biomass pellets are mainly used as a heating fuel. The use of biomass pellets for heating and as a source of fuel has increased extremely during recent years. Use of biomass pellets in different residential and industrial applications such as pellet stoves or boilers over old-style wood-fired equipment has been increasing significantly over the past few years. Biomass pellets are normally obtained from various sources including the timber industry, sawdust, sugarcane crop, woody plants, and switch grass etc. The use of biomass pellets is increased in power generation. It is ideally used as a substitute for materials used as a source of fuel for heating and power generation purposes.
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The global biomass pellets market can be classified into two application segments such as residential applications and industrial applications. The global biomass pellet market was led by the industrial application, accounting for the largest share of over 55% in 2014. However, the residential segment is expected to witness rapid growth rate compared to industrial segment through the forecast period.
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Renewable energy 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 of 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. Consistent energy supply is the growing demand of increasing population. Energy extracted from biomass is available continuously and it is not get affected by the weather conditions and other external factors as a renewable energy.
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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 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.
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