Wood
Pellets Market: Introduction
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Market Research delivers key insights on the global wood pellets market. In terms of revenue, the global
wood pellets market is estimated to expand at a CAGR of ~11% during the
forecast period, owing to numerous factors regarding which TMR offers thorough
insights and forecasts in its report on the global wood pellets market.
The
global wood pellets market is broadly affected by several factors such as
increasing demand for energy due to industrialization and rapid urbanization
and fulfilling that the demand with the help of renewable energy sources
(Biomass, Wind Energy etc.), which help curb the emission of greenhouse gases
and reduce the detrimental effects of global warming. Majority of wood pellets
is utilized in two markets. Firstly, in the power sector, wherein wood pellets
are used for co-firing with fossil fuels such as coal in large boilers and
power plants. Secondly, in the heating segment, wherein wood pellets are
utilized in stoves. These factors are estimated to propel the global wood
pellet market at a rapid pace during the forecast period.
Wood
Pellets Market: Dynamics
Quality
norms, such as low ash content and high ash melting point are essential for an
uninterrupted utilization of wood heating systems. Consequently, the Solid
Biofuel Technical Committee (SBTC) in Europe founded quality standards for wood
pellets, namely EN14961-2 solid biofuels. This European standard has been
implemented in various countries such as Austria, Germany, Italy, Spain, and
Switzerland, by ENplus. Kyoto Protocol, established under the United Nations
Framework Convention on Climate Change (UNFCCC), in 1997, was the first
major climate change agreement to minimize greenhouse gas (GHG) emissions. The
emergence of these agreements is expected to stipulate the reduction of global
emissions and hold the surge in the global temperature below 2°C. In the U.S.,
two major climate change bills have been introduced by the legislative branch–
the American Clean Energy and Security Act and the American Power Act. These
agreements are expected to generate interest in renewable energy and
substantially increase the utilization of wood pellets for power and heat
generation. Tradable Renewable Energy Certificates (TRECs), established in the
U.K., has been the main support scheme driving conversion of coal-fired power
plants into wood pellets-fired ones. Under this program, green certificates are
issued by the regulatory authority to industries based on the amount and type
of renewable-based power generation. Subsequently, power distributors purchase
green certificates from industries in order to cater to the power generation
requirement from renewable sources. Power distributors pay a penalty in case of
failure to supply their customers with necessary amount of power generated
through renewable sources. These practices help eliminate carbon dioxide
emissions and create lucrative opportunities for the utilization of renewable
energy sources such as wood pellets. Biomass Crop Assistance Program (BCAP) is
a prominent federal program that offers incentives to wood pellet producers.
Grants and payments are provided a cover of up to 75% of
construction costs to biomass producers and US$ 45 per ton to
suppliers. Renewable tax credit and investment tax credits are also provided
for qualified installations and projects. These government incentives are projected
to boost the global wood pellet market during the forecast period.
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Wood
Pellets Market: Prominent Regions
The
wood pellets market in Asia Pacific is projected to expand during the forecast
period. As per the International Energy Agency, in 2019, 20 co-firing
plants were operating in Japan, most of these plants had a relatively small
capacity (below 112 GW) and energy generated by co-firing (using renewable
energy source) was only 10% of
the total capacity. Up to 2030,
Japan set the target to generate 5 GW of power by using biomass as the energy
source, including 4 GW of power would be completely generated by wood-fired
power plants. Several new smaller-scale coal-fired power plants in Japan are
estimated to shift to dedicated biomass plants by 2030.
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The
wood pellets market in North America is projected to expand considerably during
the forecast period. The U.S. Congress includes modern wood heating incentives
in massive clean energy package. Modern wood heating incentives consist of
providing “modern wood heating installation tax credit” to households that have
installed home heating and hot water systems that utilize wood pellets, wood
chips, and cordwood at efficiencies greater than 75% higher
heat value (it means more than 75% fuel
consumed in home heating & water heating should be derived from biomass
[wood pellets, wood chips etc.] energy source). The wood pellets market in
Europe is likely to expand during the forecast period, owing to policies around
GHG (Green House Gas) emissions, especially the Renewable Energy Directive
(RED) policy.
Wood
Pellets Market: Key Players
Key
players operating in the global wood pellets market are Enviva LP, TANAC SA,
Energex, Grannul Invest, AN VIET PHAT ENERGY CO., LTD, Pinnacle Renewable
Energy Inc., German Pellets, F.E. Wood & Sons, and Drax Group plc.
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