The biomass pellet industry has garnered $9.05 billion revenue in 2021, and it is predicted to rise at the rate of 6.75% from 2021 to 2030, to generate $16.29 billion revenue in 2030. The rising awareness of the benefits of utilizing biofuels and other renewable energy sources for commercial, residential, and industrial heating and power generation applications propels industry growth.
In addition, the government initiatives to encourage the adoption of renewable energy sources, growing low-carbon fuel demand, and availability of raw materials are several factors to fuel the biomass pellets demand.
Under the source segment, wood sawdust dominates the industry, accounting for a 50% share in 2021, and it is projected to rise at a higher rate in the coming years.
Wood sawdust is burnt to produce steam, that can be utilized in generating power and supplying heat to commercial and residential spaces. That is why it is predicted to propel the wood sawdust-based pellets industry in the coming future.
The rising demand for renewable energy sources such as biomass pellets is led by the depletion of fossil fuel resources, and surging awareness of harmful environmental effects caused by the usage of fossil fuel-based products and processes.
In addition, the surging requirement for sustainable energy development is projected to fuel the requirement for biomass pellets.
Renewable energy sources and technologies cause little or no impact on the environment, compare to other energy sources. That is why they are considered environmentally friendly.
Europe leads the biomass pellet industry, accounting for a 30% share in the industry, and the region-based is projected to rise at the fastest rate. It is ascribed to the rising demand for biomass pellets in power generation, including favorable government policies to aid energy renewable sources.
The major players operating in the industry are; AS Graanul Invest, Buhler AG, Lignetics, The Westervelt Company Inc., Forest Energy Corporation, New England Wood Pellet, and German Pellets Gmbh.
Therefore, the rising environmental concerns boost the demand for biomass pellets.
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