Published on : Mar 02, 2016
The wood pellets market is witnessing a huge growth globally, owing to the various advantages it offers in contrast with other solid biomass. Some of the benefits of using wood pellets, which can be accounted for driving the wood pellets market, are: the high combustion efficiency it offers, the feasibility of transporting wood pellets, ease of storage, and high energy density.
Increase in the use of Wood Pellets in Power Plants and Heating Plants to Rapidly Develop the Global Wood Pellets Market
Wood pellets are extensively used for residential and commercial cooking and heating due to the growing concerns over climate change and increasing costs of oil and carbon dioxide. The use of wood pellets for generating power is helping the growth of the wood pellets market. Additionally, wood pellets are receiving support for heating or CHP applications, thus a rapid development in the wood pellets market is foreseen. Aggressive efforts taken by prominent companies in the wood pellets market, for the increase in the adoption of wood pellets for power and heat generation are also expected to boost the market for wood pellets across the globe.
Global Wood pellets Market to be dominated by the Heating Application Segment for the Period 2015 and 2023
According to a report published by a market intelligence company, Transparency Market Research, the global wood pellets market has been dominated by the heating application segment, accounting for over 70% of the total market share in 2014. The report predicts that the heating segment will retain its leading position for the period 2015 to 2023 due to several efforts taken by the wood pellet manufacturing companies as well as by public institutions, helping the growth of the market.
Europe Foreseen to show the Highest Growth in the Global Wood Pellets Market
A report published by a market research firm called Future Market Insights, has reported Europe to currently account for 80% of the total global consumption of wood pellets, and the report forecasts that Europe will witness the highest growth in the wood pellets market for the period 2015 to 2025.