In a recent published report, Kenneth Research has updated the market report for Biomass Pellets Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Biomass Pellets Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
As per the latest report published by Variant Market Research, Global Biomass Pellets Market is estimated to reach $25.7 billion by 2024; growing at a CAGR of 11.7% from 2016 to 2024. Biomass pellets are usually used as a heating fuel in various industries. Main applications of Biomass pellets are for heating purpose as a heating fuel and as a power source, which is expected to boost the global biomass pellets market over the forecasted period. These pellets are usually produced from many sources including sugarcane crop, the timber industry, sawdust, switch grass and woody plants. Biomass is a perfect alternative for conventional fossil fuels for generating power and for heating. With increasing adoption of biomass pellets as a renewable energy source, the market is also observing substantial growth.
Major factors driving the global biomass pellets market are the rapid depletion of fossil fuels, rising global warming, increasing demand for nonconventional or additional sources of energy, and increasing disposable income. However, the expensive process of extraction and raw materials may hamper the market growth. Furthermore, increasing adoption of these materials for power generation would unfold with numerous growth opportunities in the forecasted years.
Major segments of the global market are application, and geography. Application segment comprises heating sector, and power sector. By application, market is bifurcated into heating sector, and power sector. By geography, global biomass pellets market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of Germany, Sweden, UK, Denmark, Italy, France, Rest of Europe. Asia-Pacific is segmented into Japan, China, South Korea, Rest of Asia-Pacific, while RoW is bifurcated into South America, Middle East, and Africa.
The key market players operating in the market are MGT Power, Forest Energy Corporation, Drax Biomass Inc., Energex Corporation, Forth Energy Ltd., Helius Energy, International WoodFuels, LLC, Woodstone, Westervelt Renewable Energy, LLC, and New England Wood Pellet, among others.
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The key takeaways from the report:
The report will provide detailed analysis of Biomass Pellets Market with respect to major segments such as application
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Biomass Pellets Market has been included in the report
Profile of the key players in the Biomass Pellets Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Biomass Pellets Market:
Application Segments
Heating Sector
Power Sector
Geographical Segments
North America
U.S.
Canada
Mexico
Europe
Germany
Sweden
UK
Denmark
Italy
France
Rest of Europe
Asia-Pacific
Japan
China
South Korea
Rest of Asia-Pacific
RoW
South America
Middle East
Africa
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