Wood-Pellets Market Size to Reach USD 8943.2 Million by 2028 at CAGR

On Jan 17, 2022

BANGALORE, India, Jan. 17, 2022 /PRNewswire/ — The Wood-Pellets Market is Segmented by Type (White Pellet, Black Pellet), Application (Power Generation, Industrial Furnace, Civil Use, Others). The report covers global opportunity analysis and industry forecasts from 2022 to 2022.

The global Wood-Pellets market size is estimated to be worth USD 6269.1 Million in 2022 and is forecast to be a readjusted size of USD 8943.2 Million by 2028 with a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period.

Major Factors Driving The Growth Of The Wood-Pellets Market Are:

The expansion of the wood-pellet market is fueled by rising interest in and preference for renewable and sustainable energy sources. Wood pallets are utilized in industry for power generation as well as in civil applications such as home heating and pellet stoves.

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Trends Influencing The Growth Of The Wood-Pellets Market:

Wood pellets are one of the most eco-friendly solid wood fuels available. They emit nearly no ash when burned and are infinitely renewable (supplied from sustainable forestry). Wood pellets are deemed carbon neutral since the amount of CO2 burned is equal to the amount absorbed by the tree throughout its growth. Furthermore, they emit significantly less CO2 than vehicles driven by oil. Due to their low moisture level, wood pellets have a high energy content, equivalent to high-quality coal. Only little energy losses occur when the moisture is burned off. The market for wood pellets is predicted to increase as a result of these causes.

The increasing use of wood pallets for electricity generation is likely to propel the wood pallets market forward. Pallets made of wood can be used totally or partially with coal (co-firing). Approximately half of the pellets are used in power plants that have switched from coal to pellets or are partially replacing coal (co-firing). The remaining half of pellet usage is used to heat homes (through pellet stoves or pellet boilers), as well as to heat residential blocks, public or commercial buildings, and industrial steam needs. Pellets have the flexibility to be employed at nearly any scale of demand, from small domestic appliances with a few kW of output to enormous power plants with hundreds of MW of capacity, which is one of their biggest advantages.

Wood pellets are mostly used in the home for meals, cooking, and grilling, as well as supplying heat to homes. Pellets are a more cost-effective choice than other fuels because their price has been lower for a long time, addressing a major concern in the residential and commercial sectors. This factor is expected to further increase the growth of the wood pellets market.

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Wood-Pellets Market Share Analysis:

Based on the…