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Biomass Pellets Market Overview
The global biomass pellets market is growing due to rising environmental concerns and the need to combat climate change. According to a report by Allied Market Research, the market was valued at $9.5 billion in 2023 and is expected to reach $16.0 billion by 2033, with a CAGR of 5.4%.
Key Growth Drivers
Demand for renewable energy, along with supportive government policies and technological advancements, are key factors driving market growth. Nevertheless, challenges like high initial investment costs and supply chain issues remain.
Market Highlights
- Forecast Period: 2024-2033
- 2023 Market Size: $9.5 billion
- 2033 Market Size: $16.0 billion
- CAGR: 5.4%
Source and Application Insights
The forest and wood waste segment is set to dominate, benefiting from a steady supply of raw materials and high energy density. Meanwhile, biomass pellets are increasingly used in power generation for their renewable properties.
Regional Outlook
The Asia-Pacific region will likely lead the market, with significant contributions from China, Japan, South Korea, and India due to their focus on energy diversification and robust government policies.
Key Players
Major companies in the biomass market include:
- Enviva, Inc.
- Drax Group plc
- Forest Energy Corporation
- Energex Corporation
- Buhler AG
About Allied Market Research
Allied Market Research provides comprehensive market research and business consulting to help enterprises make strategic decisions. We gather precise data and insights through extensive research and expert interviews.
For inquiries about the report, contact:
David Correa
Allied Market Research
+1 800-792-5285
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