Wood Pellets Market To Reach Valuation Of US$ 31 Bn By 2030

Wood Pellets Market: Introduction

Transparency Market Research delivers key insights on the global wood pellets market. In terms of revenue, the global wood pellets market is estimated to expand at a CAGR of ~11% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global wood pellets market.

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The global wood pellets market is broadly affected by several factors such as increasing demand for energy due to industrialization and rapid urbanization and fulfilling that the demand with the help of renewable energy sources (Biomass, Wind Energy etc.), which help curb the emission of greenhouse gases and reduce the detrimental effects of global warming. Majority of wood pellets is utilized in two markets. Firstly, in the power sector, wherein wood pellets are used for co-firing with fossil fuels such as coal in large boilers and power plants. Secondly, in the heating segment, wherein wood pellets are utilized in stoves. These factors are estimated to propel the global wood pellet market at a rapid pace during the forecast period.

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Wood Pellets Market: Dynamics

Quality norms, such as low ash content and high ash melting point are essential for an uninterrupted utilization of wood heating systems. Consequently, the Solid Biofuel Technical Committee (SBTC) in Europe founded quality standards for wood pellets, namely EN14961-2 solid biofuels. This European standard has been implemented in various countries such as Austria, Germany, Italy, Spain, and Switzerland, by ENplus. Kyoto Protocol, established under the United Nations Framework Convention on Climate Change (UNFCCC), in 1997, was the first major climate change agreement to minimize greenhouse gas (GHG) emissions. The emergence of these agreements is expected to stipulate the reduction of global emissions and hold the surge in the global temperature below 2°C. In the U.S., two major climate change bills have been introduced by the legislative branch– the American Clean Energy and Security Act and the American Power Act.

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 These agreements are expected to generate interest in renewable energy and substantially increase the utilization of wood pellets for power and heat generation. Tradable Renewable Energy Certificates (TRECs), established in the U.K., has been the main support scheme driving conversion of coal-fired power plants into wood pellets-fired ones. Under this program, green certificates are issued by the regulatory authority to industries based on the amount and type of renewable-based power generation. Subsequently, power distributors purchase green certificates from industries in order to cater to the power generation requirement from renewable sources. Power distributors pay a penalty in case of failure to supply their customers with necessary amount of power generated through renewable sources. 

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These practices help eliminate carbon dioxide emissions and create lucrative opportunities for the utilization of renewable energy sources such as wood pellets. Biomass Crop Assistance Program (BCAP) is a prominent federal program that offers incentives to wood pellet producers. Grants and payments are provided a cover of up to 75% of construction costs to biomass producers and US$ 45 per ton to suppliers. Renewable tax credit and investment tax credits are also provided for qualified installations and projects. These government incentives are projected to boost the global wood pellet market during the forecast period.

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Wood Pellets Market: Key Players

Key players operating in the global wood pellets market are Enviva LP, TANAC SA, Energex, Grannul Invest, AN VIET PHAT ENERGY CO., LTD, Pinnacle Renewable Energy Inc., German Pellets, F.E. Wood & Sons, and Drax Group plc.

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