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Wood Pellet Market Overview 2020: Innovative Technologies, Current And Future Trends, Regional Analysis & Forecast to 2025

Author : Ravi Chawat | Published Date : 2020-09-04 

Growing energy demand and the need to lower coal consumption is some of the key reasons propelling wood pellet market trends. Many countries have observed the rising adoption of energy sources and extensive imports of coal and petroleum-based fuel owing to the inefficient domestic sources. Reports estimate that in 2017, South Korea had been the eight largest consumer of energy sources globally.

It is projected that global wood pellet market size would exceed USD 19 billion by the end of 2025. Regional governments are also taking various initiatives to increase the dependency on renewable sources as these renewable technologies are proven reliable and provide the lowest-cost power generation options in many areas.

For instance, the Korean government had unveiled plans to expand the market share of renewable energy generation from 7% in 2018 to 20% by the end of 2030. Described below are few aspects outlining wood pellet industry forecast over the coming years.

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  • Rising adoption of renewable energy

As electricity demand escalated, supply depended largely on fossil fuels which contribute tremendously towards global warming. Since fossil fuels are limited in supply, countries are now adopting alternative sources of energy to minimize the deteriorating effects of climate change.

With the rising temperature and climate alterations, the Government of Canada has amended new regulations associated with greenhouse gases in order to replace coal-fired plants. Presently, coal-fired electricity depicts nearly 70% of the GHG emissions from electricity sector in the region.

This initiative will lower the carbon emission rate by nearly 12 million tons and will certainly surge the consumption from renewable sources by 2030. Favorable government policies and increasing efforts to curb the carbon emission will positively generate demand for renewable sources in Canada and accelerate wood pellet market size in the near future.

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  • Deployment of biomass for power generation

Growing interest in renewable energy for electricity has surged the demand for biomass in many countries including UK, Belgium, the Netherlands, South Korea, and Denmark. These countries have increasingly implemented sustainability criteria for using biomass to produce electricity.

Biomass is expected to play a significant role in achieving these criteria and also be used to generate bioelectricity. In addition, notable initiatives like Sustainable Biomass Program certification schemes will certainly increase the production of biomass globally.

The cost-effectiveness of biomass for power and heat generation in these regions has been the main driver of increased demand for biomass energy. Such advancements and steps taken to improve power management across the globe will fuel wood pellet industry outlook.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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