The product is obtained by recycling the timber and forest residues into clean, renewable biomass fuel. Increased government spending on renewable energy for power generation is expected to stimulate market development. Rising demand for cleaner and renewable sources for power generation owing to instability in fossil fuel prices is also expected to propel the product demand.
Key suggestions from the report:
- Power plants accounted for 34.1 per cent of the total revenue share in 2017 owing to the utilization of wood pellets in providing heat for electricity generation by direct firing or co-firing with coal in these plants due to its ability to undergo complete combustion.
- The consumption of the product in residential heating is expected to expand at a CAGR of 9.5 per cent from 2018 to 2025 on account of the simple pellet heating technology coupled with minimum operation and maintenance requirements.
- The industry in Asia Pacific is expected to register high growth owing to rising product demand in power plants applications as a result of increased awareness for electricity generation through renewable sources.
- Europe region also accounted for a significant market share in 2017 on account of high product penetration in residential heating coupled with increased awareness regarding GHG emission.
- Major companies in the global wood pellets market focus on R&R for the development newer manufacturing technologies and integration across the stages of value chain to gain a competitive edge over others.
Read 118-page research report with TOC on "Wood Pellets Market Size, Share & Trends Analysis Report By Application (Power Plants, Residential Heating, Commercial Heating, CHP Heating), By Region (APAC, Europe, MEA), And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/wood-pellets-market