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A05186 | Pages: 290 | Charts: 58 | Tables: 198 |
The global biomass pellets market size was valued at $9.5 billion in 2023, and is projected to reach $16.0 billion by 2033, growing at a CAGR of 5.4% from 2024 to 2033.
Market Introduction and Definition
Biomass pellets are biofuels, generated from organic matter or biomass, such as wood waste and sawdust. These are made from waste materials including tree tops, coconut shells, palm kernel shells, and fruit bunches. When combusted, biomass pellets emit 80% less CO2 than coal and contain lower amounts of sulfur, chlorine, and nitrogen. According to the International Renewable Energy Agency (IRENA) , wood pellets have an energy density of 11 gigajoules per m3, compared to 3 gigajoules per m3 for fresh wood and wood chips.
Further, biomass pellets are economical, clean-burning, and sustainable fuels. They considerably reduce pollutant emissions while increasing the thermal value of biomass waste during heating. Biomass pellets release the fewest greenhouse gases, thus they do not contribute to global warming. These pellets are used to replace coal in power plants, as well as to heat boilers and stoves. The advantages of biomass pellets include ease of storage and transportation, reduced carbon emissions, and efficient, dependable, and scalable burning.
Key Takeaways
Key Market Segments
Key Market Players