Global Wood Pellet Market was valued at USD 11.63 billion in 2021 and is expected to reach USD 26.03 billion by 2029, registering a CAGR of 10.59% in 2022-2029.
The global wood pellet market could reach US$14.47 billion in 2024, according to the Global Wood Pellet Market (by Applications, Grades & Region): Insights & Forecast with Potential Impact of COVID-19 (2020-2024) report.
Factors expected to drive the market include increasing consumption of wood pellets, growing concerns pertaining to climate change, expanding urbanization, a spiking focus on renewable energy sources, and price instability of crude oil.
The market, however, could be challenged by high certification criteria and possible occupational health and safety concerns.
The global wood pellet market is segmented according to applications and grades. In the basis of application, the global pellet market can be bifurcated into heat (residential and commercial), power and combined heat and power (CHP). According to the grade, the global wood pellet market can be categorized into utility, premium and standard wood pellet. The market is further divided into production and consum
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