Global Wood Pellets Market to Grow at 10% CAGR Through 2022 | Technavio

LONDON–(BUSINESS WIRE)–#Power—TechnavioÔÇÖs
latest market research report on the global
wood pellets market provides an analysis of the most important
trends expected to impact the market outlook from 2018-2022.

According to Technavio market research analysts, the global wood pellets
market will grow at a CAGR of over 10% during the forecast
period. Stringent regulations on CO2 emissions is a major factor driving
the marketÔÇÖs growth. Emissions from burning coal form the largest share
of CO2 emissions from human activity. Government bodies are focusing on
reducing GHG emissions worldwide. The foothold of coal-powered
electricity generation in the global energy mix is uncertain owing to
international agreements such as the Kyoto Protocol. Various agencies
have targets to reduce GHG emissions. Implementation of regulations
encourages the use of alternatives such as bioenergy. Biomass is a
carbon-neutral energy source, which makes it beneficial to create a low
pollution environment and is contributing to the targets set by the
governments. These factors drive the growth of the market during the
forecast period.

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In this report, Technavio highlights the decline in coal power as one of
the key emerging trends in the global
wood pellets market:

Decline in coal power

Globally, coal accounts for a significant portion of the power
generated. However, gradually, coal power is being replaced with
relatively clean fuels and sources. One of the major competition to coal
power is renewable resources, and since they are low or free from
emissions, their popularity is having an impact on the upcoming fossil
fuel power projects. For example, in countries such as India, more than
14 GW of coal power plants projects were canceled in 2017 primarily due
to low competitiveness of coal.

ÔÇ£In 2017, countries such as China, which is one of the largest coal
power producing countries in the world, made an announcement to cancel
103 coal power plants. This includes power plants under construction and
in the planning stage. The loss in cumulative installed capacity due to
this radical move is estimated to be 120 GW. Similarly, in the US eight
coal power plants that have a cumulative installed capacity of 9.437 GW
were announced to be decommissioned before their expiry date,ÔÇØ says
a senior analyst at Technavio for research on power.

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Global wood pellets market segmentation

This market research report segments the global
wood pellets market into the following end-users, including
residential and industrial and key regions, including the Americas,
APAC, and EMEA.

The residential segment held the largest market share in 2017,
accounting for nearly 53% of the market. The market share for this
end-user is expected to decrease nearly 2% by 2022. The fastest growing
end-user is industrial, which will account for nearly 49% of the total
market share by 2022.

EMEA was the leading region for the global wood pellets market in 2017,
accounting for a market share of nearly 81%. By 2022, APAC and the
Americas are expected to witness a market growth of nearly 2%.

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