The wood pellet market is expected to grow at a CAGR of more than 5.5% during the forecast period. The primary drivers for the market include growing awareness of using renewable energy for residential and commercial space heating, especially in the European region. However, adoption and increasing deployment of alternative renewable energy sources such as solar photovoltaic, wind energy, and geothermal in various parts of the world is likely to hinder the market growth during the forecast period.
– The power generation application held a significant market share in 2019, and it is likely to dominate the market during the forecast period.
– As per the World Bioenergy Association, wood pellets have the potential for replacing coal in power generation facilities. With technology development in recent years, wood pellets have undergone some thermal upgrading through various processes like torrefaction, hydrothermal carbonization, and steam explosion. The thermal upgrading enables wood pellets to act as a fuel with coal properties. Asia-Pacific region with the highest number of coal power plants in the world is expected to be an opportunity for the market to grow in the near future.
– With a significant production of wood pellets during 2019, Europe is expected to dominate the market during the forecast period.
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Key Market Trends
Wood Pellets for Power Generation Application to Dominate the Market
– Pellets are a solid biomass fuel, primarily produce from wood residues and agricultural by-products like straw. Specific advantages of pellets as compared to unprocessed biomass include standardized properties, high energy content, and high density.
– Electricity generation is one of the primary applications of wood pellets. During 2019, power generation installed capacity from solid biomass including wood pellets is estimated to be around 67.62 megawatts. Moreover, with the active participation of various countries in decarbonization, it is expected to have productive uses of wood pellets for power production during the forecast period.
– Drax Power Station in the United Kingdom is one of the prominent wood pellets power project, that generates nearly 3.9 gigawatts. The power generated is produced by using 75% wood pellets and rest by using coal.
– Combined heat and power (CHP) plant in Ueno, Japan, is one of the prominent wood pellets project in Asia, commissioned in 2015. The plant produces nearly 165 kilowatts of electricity.
– Ontario Power Plant in Canada has evaluated wood pellets uses in its power plant and is expected to utilize it in all units in the near future. With the increase in biomass feedstock from agriculture and forestry, it is expected that electricity generation from wood pellets is expected to get increased during the forecast period.
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