According to the research report published by Future Market Insights, the global market is estimated to cross a valuation of US$ 10,872 million in 2023. It is likely to hit a valuation of US$ 20,409.2 million by 2033.
The global biomass pellets market is poised for substantial growth between 2023 and 2033, as forecasted by a report from Future Market Insights. Anticipated to surpass a value of US$ 10,872 million in 2023, the market is expected to reach a remarkable valuation of US$ 20,409.2 million by 2033, driven by a noteworthy compound annual growth rate (CAGR) of 6.7% over the decade. This growth is indicative of the increasing demand for biomass pellets as a sustainable energy source and signifies a promising future for the industry.
Biomass pellets find application across various industries due to their versatility. Biomass pellets have exceptional combustion properties and high energy contents. They are used in power generation, commercial and residential heating, and other sectors. The growing trend of automated and modernized hating applications across residential and commercial sectors boosts biomass pellets demand. The combined efforts of businesses, governments, and consumers to reduce greenhouse gases are likely to proliferate market expansion.
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The expanding demand for energy across the world is promoting the demand for biofuels. Biomass pellets are environmentally-safe and the rising awareness for environmental concerns boosts their demand. Favorable government policies and schemes to meet country-specific sustainable development goals uptick product demand. Governments impose stricter laws and restrictions on industries and manufacturing units, limiting their carbon emissions. The rising consumer shift towards sustainable energy sources and limiting their use of fossil fuels boost the market’s development.
The increasing global population and increasing housing needs boost demand for heating and energy. The increasing industrialization augments the demand for heating and energy as well. Extensive use of biomass pellets in industrial, commercial, and residential heating systems is projected to garner growth for the market. The surplus availability of agricultural residue is considerably high in India, Brazil, and a few other countries. This surplus is used for the production of biomass pellets. Biomass pellets manufactured using agricultural residue are gaining traction.
North America and Asia Pacific regions are expected to witness substantial growth. North America is predicted to hold the lion’s share in the global market. The increasing demand for clean energy is ascribable to this growth. Additionally, the growing awareness about the importance of environmental conservation is anticipated to bolster market growth in these regions.
Key Takeaways from the Biomass Pellets Market:
Recent Developments Observed by FMI:
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Key Players Working in the Biomass Pellets Market
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Feb 02, 2024
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