Global Wood Pellets Market Anticipates a Cagr of 15.4% from 2015 to 2023

Global Wood Pellets Market Anticipates a CAGR of 15.4% from 2015 to 2023

New York, April 03: Market Research Engine has published a new report titled as “Global Wood Pellets Market, by Application (Power Plants and Heating) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”.

The Wood Pellets market is envisioned to be worth USD 20 billion by 2023. Wood pellets being carbon neutral are preferred over fossil fuels which have a detrimental effect on the environment.

The Wood Pellets Market is envisioned to be worth USD 20 billion by 2023 with the European Union to lead the consumption market.

View the detailed report on "Global Wood Pellets Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023 at: http://marketresearchengine.com/reportdetails/global-wood-pellets-market

Owing to the environmental cost of fossil fuels, the demand for wood pellets as a sustainable source of energy is showing a surging trend under the forecast period. Moreover the stringent norms enforced by the Government of developed nations have also become a reason for the growth of this high combustion efficient fuel. Along with the above mentioned reasons, the properties of wood pellets - solid biomass, easy transport, easy storage, high energy density, affordable, among others has augmented this market very fast.

Currently, wood pellets are mainly imported from the U.S., Canada, and Russia. Emerging wood pellet exporters are Australia, South Africa and countries in South America. A progressive estimate suggests that the annual demand for woody biomass could rise to 305 million tons in 2020.

On the basis of consumption Europe occupies a huge market while North America, leads as the largest producer for wood pellets. The double digit growth in the coming years is also foreseen by the current market players. The recent acquisition of Geneva Wood Fuels by Lignetics Inc. – a residential wood pellet manufacture –...