(MENAFN – EIN Presswire)
Biomass Pellets Industry
The global biomass pellets market is growing due to rising environmental concerns and the need to address climate change.
According to Allied Market Research’s report, the biomass pellets market was valued at $9.5 billion in 2023 and is expected to reach $16.0 billion by 2033, growing at a rate of 5.4% annually.
Key Growth Drivers
The market’s growth is fueled by:
- Demand for renewable energy
- Government policies and incentives
- Technological advancements enhancing production efficiency
Challenges include high initial costs, supply chain issues, competition for raw materials, and environmental concerns. However, opportunities exist in emerging markets and innovations.
Market Highlights
- Forecast Period: 2024-2033
- Base Year: 2023
- 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 projected to lead due to a strong supply of raw materials. Biomass pellets are used in power generation, often co-fired with coal to lower emissions.
Regional Outlook
The Asia-Pacific region, led by countries like China and India, is expected to dominate the market, driven by resources and supportive government policies.
Key Players
Major companies in the biomass pellets market include:
- Enviva, Inc.
- Drax Group plc
- Forest Energy Corporation
- Energex Corporation
- Buhler AG
These companies are focusing on advancements and partnerships to grow their market share.
About Allied Market Research
AMR provides quality market research reports and business intelligence solutions to various businesses, aiding strategic decisions for sustainable growth.
Contact: David Correa, Allied Market Research, +1 800-792-5285
Legal Disclaimer:
EIN Presswire publishes this content without any warranty. There is no liability for the accuracy or reliability of this article.
`
