The global biopellet energy market is anticipated to grow at a considerable CAGR during the forecast period (2024-2031). The key factor driving the market growth include the increasing demand for renewable energy sources that further create the significant scope for biomass energy pellets. Apart from this, the rising government initiatives and support for renewable energy production also the factor boosting the market growth. For instance, the Sustainable Energy for All (SE4All) initiative taken by the International Renewable Energy Agency (IRENA) is aiming to double the share of renewable sources of energy globally. To achieve the target, it develop a Global renewable energy roadmap called REmap 2030 that will create demand for renewable sources of energy such as biomass pellets.
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Similarly, in March 2021, Enviva partnered with Mitsui O.S.K Lines (MOL), to develop green marine transport for wood pellets, the firms will aim to reduce greenhouse gas (GHG) emissions in the ocean transportation of sustainable wood pellets. In additionas per the Biomass Thermal Utilization Act (BTU Act) 2019, North America aims at recognizing and promoting the environmental and economic benefits of biomass-derived fuels and energy sources. This act provides 15% to 30% credit for clean wood heating systems for domestic and commercial applications. Such initiatives are projected to drive the market growth during the forecast period.
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Market Coverage
- Segment Covered-
o By Type
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- AMP Clean Energy, BIOAGRO Energy Osterlen AB, Pinnacle Renewable Energy Inc, Mitsubishi Corp, Weyerhaeuser NR Co, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Biopellet Energy Market by Segment
By Type
- Pellet stoves
- Boilers
- Burners
By Application
- Vehicle fuel
- Heat generation
- Commercial and Residential Heating
- Others
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