Albany - NY, Aug. 11, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has released a new market research report titled Wood Pellets Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023. According to the report, the global wood pellets market was valued at USD 6,260.1 million in 2014 and is anticipated to reach USD 20,073.1 million by 2023, expanding at a CAGR of 14.1% between 2015 and 2023.
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Wood pellets production has increased substantially in the past few years, owing to the stringent emission norms in Europe and North America. High energy density and easy availability are some of the advantages of wood pellets that facilitate their international trade. Efforts to increase the use of renewable technologies for both heat and power generation are expected to provide a major boost to the wood pellets market. Government support in countries such as the U.K., Sweden, China, and South Korea is expected to foster additional growth in the wood pellets market.
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Efforts by wood pellets manufacturing companies and public institutions to remove existing growth barriers are expected to be scaled up in the near future. This would induce substantial growth in the wood pellets market in certain regions such as Europe. Furthermore, targets set by the European member states to reduce carbon emissions and build a low carbon economy are anticipated to augment the wood pellets market in Europe. Use of wood pellets as an energy source can provide numerous energy, economic, employment, and environmental benefits.
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The heating application segment dominated the wood pellets market in 2014. The segment is expected to continue to dominate the market during the forecast period. The wood pellets market is established successfully, owing to the various incentives, such as feed-in tariffs, renewable portfolio standards, capital grants, and green certificate trading, provided for biomass-fired heat and power generation. According to current estimates, heating was the largest application segment of the wood pellets market, accounting for nearly 70% share in 2014.
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Key participants in the global wood pellets market include Andritz AG, Drax Group plc, Enito Singpellet Pte Ltd, Enviva LP, F.E. Wood & Sons, German Pellets GmbH, Georgia Biomass, LLC, Allance Pellet Machinery, The Westervelt Company, Pinnacle Renewable Energy Group, Rentech, Inc., Energex, and Wood Pellet Energy (UK) LTD. The report provides an overview of these companies, followed by their financial revenues, business strategies, and recent developments.
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The global wood pellets market has been segmented as follows:
Global Wood Pellets Market: Application Segment Analysis
- Power Plants
Global Wood Pellets Market: Regional Segment Analysis
- Rest of Europe
- South Korea
- Rest of Asia Pacific
Middle East and Africa (MEA)
- South Africa
- Rest of MEA
Central and South America (CSA)
- Rest of CSA
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