Biomass Pellet Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Source (Industrial Waste & Co-product, Agriculture Residue, Food Waste, Energy Crops, Virgin Lumber, and others), By Type (Wood Pellets, Agri Pellets, Torrefied Pellets, and Others), By Application (Power Generation, Industrial Heating, Residential Heating, and Others), By Region

Global biomass pellet market

Clean and Renewable Biomass Pellet Fuel Driving The Market

A biomass pellet is a biofuel made from organic matter and biomass, including wood waste and sawdust. Biomass pellet is a cost-effective, clean-burning, and renewable fuel. It significantly reduces carbon emission and pollution rate and improves the thermal value of biomass waste during the burning process. Biomass pellets emit the lowest greenhouse gases; hence it is not harmful for the environment. These pellets are used as a substitute for coal in power plant, for heating boilers to reduce global warming.

Growing public awareness regarding the environment is the primary factor influencing market sales. As a result of this change, demand for biofuels and other renewable energy sources such as wind and solar has been robust. The need for clean energy has grown at an unprecedented rate, especially in industrialized areas such as North America and Europe. Owing to the aspects mentioned above, the market is expected to grow during the forecast period.

Due to depletion of wood & coal in the future, conventional energy costs have already hit record highs and are expected to rise further in the future. As a result, the demand for crude oil has surpassed the supply rate. For instance, it has been stated that Venezuela's oil output has almost halved during the previous few years. This has put a lot of pressure on the nations that import Venezuelan oil and led to regular price changes that impact economies worldwide. Owing to the above-mentioned factors

For instance, North America's 2019 Biomass Thermal Utilization Act (BTU Act) seeks to acknowledge and promote the financial and environmental advantages of fuels and energy sources produced from biomass. This law offers home and business applications using clean wood heating systems a 15% to 30% rebate.

High Cost of Manufacturing

Low energy density and challenging land acquisition for harvesting and storage are all problems with biomass pellets. Therefore, biomass pre-treatment method is very expenses and small industries, and organizations might not be able to hold. Since In addition, wood sawdust or other pulverized woody products are used to make wood pellets, a renewable energy source. To cut greenhouse gas emissions from electricity production, they are co-fired in coal-based power plants and mono-fired in coal power plants that have been converted. However, the market expansion for biomass pellets may be hampered by the high cost of raw materials, such as wood pellets.

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Market Segmentation

In 2019, total primary energy consumption of the US was about 100 quadrillion British thermal units (Btu). The U.S. total primary energy use was about 17% of the total world primary energy consumption of about 604 quadrillions Btu in 2019.

Market players

Major market