The Wood Pellet Market is expected to grow at > 10.5% during the forecast periods, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Wood Pellet Market
Wood Pellet Market is likely to witness an impressive CAGR of 10.5% during the forecast period. Increasing consciousness towards the use of renewable energy sources for space heating in residential and commercial heating, along with the increasing adoption of recyclable and eco-friendly energy sources for power generation are the prime factors that are contributing to the demand for wood pellets. The clean-burning and cost-effective fuel option for heating needs for households is another factor that is driving the demand for wood pellets.
Europe is estimated to be the largest market during the forecast period, with France, Germany, Russia, and the United Kingdom being the major countries with promising growth opportunities. The growth of the region’s market is mainly driven by the growing initiatives towards replacement of coal-fired power plants with pellet-based power plants, along with the growing focus on renewable energy sources in the region to reduce carbon emissions.
Wish to get a free sample? Click here:
Market Scope & Market Segmentation
Wood Pellet Market Share: By Grade Type
Based on the grade type, the market is segmented as premium, standard, and utility. The utility grade segment held the largest share of the market in 2019, and is expected to register the fastest growth during the forecast period. The utility grade segment is mainly driven by its low bulk density compared to that of premium grade wood pellets. The utility grade wood pellets provide benefits for space utilization to the industrial sector and due to this factor the usage of utility grade wood pellets has been growing for the industrial heating applications.
Wood Pellet Market Share: By Application Type
Based on the application type, the wood pellet market is segmented as residential, commercial, industrial, and animal bedding. The residential segment held the largest share of the market in 2019. Increasing consumption of wood pellets in North America and major European countries, owing to the growing initiatives to increase dependency on renewable energy sources for reducing carbon emission is the major factor behind the growth of the segment.
Go through the Table of Contents:
Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2020-2025. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
Know more about us:
Stratview Research is a global market research company and is known to offer custom research reports in varied fields such as Advanced Materials, Aerospace & Defense, Automotive & Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas. Our market veterans make sure to have a deep research about the topics so that the most useful and authentic insights can be delivered to the professionals.