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The prodigious demand for wood pellets in the residential and commercial heating processes is expected to witness prolific growth during the forecast period of 2020-2030. The population residing in cold regions has shown an inclination towards cost-effective residential heating methods. The leading companies are focusing on increasing their production capacities owing to the heightened demand for wood pellets in this region. The focus on already killed trees due to environmental conditions and agricultural residues has not only reduced the production cost but also decreased the percentage of cutting down trees which have helped in maintaining ecological balance. Bio-based energy resources have gained impetus in emerging economies across the globe. Concurrently, the government initiatives to reduce carbon imprints have led to the stupendous growth of the wood pellets market.
The research report on TMR throws light on the growth trajectory of the wood pellets market through a rigorous market survey. The deep insights into the market put forth projections according to which the market is expected to grow at a substantial CAGR of ~ 11% and register a valuation of US$ 31 Bn by the end of the forecast period.
Expanding Demand for Renewable Energy Augments Growth of Global Wood Pellets Market
The increasing carbon emissions have led to various environmental hazards such as a rise in temperature, heat-trapping, and others. The harmful effects of global warming can be reduced by using clean and renewable energy resources. The escalating demand for renewable power generation has ultimately created immense revenue generation opportunities for the wood pellets market. The wood pellets release comparatively less harmful gases as they are made from industrial and agricultural waste. This aspect has increased its demand in thermal industries.
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Furthermore, the government initiatives for the promotion of greenhouse gas have increased the investments in the wood pellets market owing to its efficacy. The efficiency of wood pellets in generating energy with fewer emissions has made it popular in various industries such as power generation, Combined Heat and Power (CHP), and others. Various coal-fired power plants are getting converted into pellet users owing to their efficiency. All these factors have a positive impact on the growth of the wood pellets market.
Leading Players Focus on Expansion Strategies for Growth of Global Wood Pellets Market
The leading players operating in the market are increasing their production capacities to sustain their dominance. The relentless focus on research and development activities for innovating effective production procedures has enhanced product penetration and opened new doors of opportunities for the wood pellets market. The realignment of strategies by the key players for regional expansion has increased the market share. The innovative ways for making power generation cost-effective and emission-free have led to advancements in technologies and triggered the growth of the wood pellets market.
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Some of the key players in the market are Drax Group plc, German Pellets, AN VIET PHAT ENERGY CO., LTD, Energex, Enviva LP, Grannul Invest, and F.E. Wood & Sons.
Rise in Number of Power Plants in Asia Pacific to Demonstrate Prolific Growth for Wood Pellets Market
The expanding number of power plants owing to the pressing need for renewable energy resources in Asia Pacific has ultimately accelerated the growth of the wood pellets market. North America is also anticipated to show rapid growth due to the technological developments and innovations through R & D activities being conducted in this region. Europe is prognosticated to witness decent growth due to the increasing applications in residential heating and power boilers.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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