Wood pellets market to exceed $20bn by 2023 | Independent report
An independent report*, compiled by marketresearchengine.com, has been published in New York, supporting industry forecasts that the wood pellets market will exceed $20bn by 2023 – effectively growing at a compound annual growth rate (CAGR) of over 14% covering the period 2016-2023.
A form of biomass fuel, wood pellets are produced from high density, fast-growing eucalyptus clones, which can be ‘coppice-harvested’ at year 3; they are are a sustainable, clean and environmentally friendly fuel and are used for the production of energy as electricity and heat from domestic and industrial closed-system burners.
Wood pellets are cylindrical in shape, and usually approximately 1-3 cm long with a diameter ranging between 6-12mm. They are created by compressing processed wood into uniform sized pellets, formed using the wood’s own naturally occurring glue, lignin, to bind the pellets together. Wood pellets are a low-carbon alternative to more conventional fuels such as coal, oil and gas, which are not renewable or sustainable.
Furthermore, wood pellets appeal because they are dry, and also easy to store and transport to countries such as North America, Europe, Asia, Latin America and Africa. Global demand is increasing exponentially and, as the report clearly shows, this is set to continue for the foreseeable future.
The report also provided an overview of the global market for wood pellets and related technologies, plus analysis of global market trends, supporting data and projections. Also covered are new market opportunities, research and development and the demand for new products in the future.
Increasing numbers of investors are drawn to this renewable energy product, partly because of its spiraling global growth and also the scale of the major market drivers in the wood pellet market as a whole.