In 2014, the global market for the biomass, valued at $6,976.3 million, which is anticipated to witness a CAGR of 11.1% during the forecast period. The key factors that has been driving the global market include rise in demand for continuous reliable energy supply, increase in government initiative programs for renewable technologies, and less greenhouse gas (GHG) emissions from biomass followed by huge biomass potential.
Rapid depletion in global fossil fuel reserves and global warming has shifted the energy demand from conventional to green energy. In order to reduce the impact of global warming, several countries initiated environmental schemes through incentive forms, subsidy, and grants to promote generation of renewable energy. This is one of the key drivers for growth in power generation by biomass pellets during the forecast period. Moreover, CDM revenue, preferential tariffs, Renewable Purchase Obligations (RPO), and Renewable Energy Certificates (REC) for biomass projects are an investment option which in result, is expected to fuel the demand for these pellets in the forecast period.
Based on the application, in 2014, the market demand of the heat sector stood at 14,256.0 million tons consumption volume, and is anticipated to reach 27,122.3 million tons by 2020, with a CAGR of 8.7% during the forecast period. In addition, the power sector is expected to witness the higher growth rate (12.4% CAGR) in the forecast period, in the global market.
The European market accounted for the largest market share in the global market in terms of both value and volume, in 2014. The major factors behind the region’s significant demand for biomass were low in GHG emission and increase in the government initiatives for renewable technologies. Region’s market is expected to continue its growth in the forecast period as well, which can be majorly driven various subsidies. The incentives for biomass pellet usage in the U.K., are aimed at promoting infrastructural development. In result, the U.K. power producers are expected to continuously move towards biomass production. This is expected to support the growth of the European biomass pellets market.
Globally, the major market players in the biomass pellet market are Enviva Biomass, Viridis Energy Inc., Westervelt Renewable Energy LLC, Energex, Drax Biomass, International WoodFuels LLC, Forest Energy Corporation, Helius Energy Ltd., and New England Wood Pellet.
The information and data in the publication “Global Biomass Pellet Market Size, Share, Development, Growth and Demand Forecast to 2020”, represents the research and analysis of data from various primary and secondary sources. An amalgamation of top-down and bottom-up approach has been used to calculate the market size. P&S Intelligence analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
GLOBAL BIOMASS PELLET MARKET SEGMENTATION