The Global Residential Wood Pellets Market is set for substantial growth in the forecast period from 2025 to 2029, propelled by factors such as Renewable Energy Policies and the escalating demand for Bioenergy.
According to the TechSci Research report titled “Residential Wood Pellets Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029,” the market is expected to exhibit robust growth. Key drivers include the rising demand for Residential Wood Pellets in clean energy generation, particularly in Europe. However, the adoption of alternative renewable energy sources like solar photovoltaic, wind energy, and geothermal globally poses a potential hindrance to market growth during the forecast period. The heating application dominated the market share in 2021 and is anticipated to maintain its dominance throughout the forecast period.
Residential Wood Pellets have garnered attention for their potential to replace coal in power generation facilities, as highlighted by the World Bioenergy Association. Recent technological developments have facilitated thermal upgrading processes like torrefaction, hydrothermal carbonization, and steam explosion, giving Residential Wood Pellets properties akin to coal. With Asia-Pacific, home to a substantial number of coal power plants, presenting an opportunity, Europe is expected to lead the market due to significant pellet production in 2021.
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The report highlights the dominance of the Heating segment in 2023, attributing it to the cost-effectiveness of pellets compared to other fuels, particularly during the price decline experienced in 2020. Governments globally have supported Residential Wood Pellets as a renewable energy source, offering subsidies and incentives. Notably, the United States introduced a Wood and Pellet Heater Investment Tax Credit (ITC) in January 2021, providing a 26% tax credit for efficient wood and pellet stoves. A similar amendment to the Domestic Renewable Heat Incentive (Domestic RHI) in the United Kingdom aims to promote renewable heat at residential levels.
Regionally, Europe is anticipated to dominate the market, with a projected 30-40% increase in demand for Residential Wood Pellets between 2021 and 2026. Europe accounts for over 50% of global pellet demand, with diverse applications in residential heating, power plants, commercial heating, and combined heat and power plants. The region has witnessed the conversion of power stations, like the Drax Power Station in North Yorkshire, to exclusively use biomass, indicating a shift towards 100% Residential Wood Pellets for fuel.
Key players in the Global Residential Wood Pellets Market include Enviva Partners LP, AS Graanul Invest, Drax Group PLC, Fram Renewable Fuels LLC, Segezha Group JSC, Lignetics Inc., Biopower Sustainable Energy Corp., and Asia Biomass Public Company Limited.
The market is driven by renewable energy policies worldwide, encouraging the adoption of Residential Wood Pellets as a sustainable biomass fuel aligned with global carbon emission reduction efforts. The increasing demand for bioenergy, environmental awareness, government incentives, and technological advancements in pelletization processes further contribute to the market’s growth. The report provides comprehensive insights into the market’s size, structure, and future growth, aiming to offer cutting-edge market intelligence for informed decision-making in the Global Residential Wood Pellets Market.
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