ALBANY, N.Y., Jan. 12, 2021
- Advancements in energy management and fuel procurement have led researchers to explore the physical and chemical properties of several materials and products including wood pellets.
- The use of wood pellets spans into a multitude of industries, manufacturing lines, and regions, enabling increased inflow of revenues into this market in recent years.
ALBANY, N.Y., Jan. 12, 2021 /PRNewswire/ -- The demand within the global wood pellets market is expected to grow at a formidable pace in the times to follow. The relevance of wood pellets in the domain of energy studies and analysis has given an impetus to the growth of the global market. Several new-age technologies in the domain of construction engineering, furniture manufacturing, and industrial waste management have emerged in recent years. The use of wood pellets in developing these technologies has played an integral role in driving sales across the global market. Furthermore, manufacturing of artificial stoves and boilers also involves the use of these pellets. In light of these factors, it is safe to expect that the global wood pellets market would tread along a lucrative pathway in the times to follow.
The total worth of the global wood pellets market is estimated to be US$ 14.5 Bn by the end of 2027. This market is foreseen to expand at a respectable CAGR of 6.12% for the forecast period spanning over 2019 and 2027. The presence of a seamless industry for energy management has played a vital role in driving market demand. Moreover, the use of wood pellets for controlling greenhouse gas emissions has also aided market maturity.
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Manufacturing of wood pellets from sawdust has gained momentum across several regions. The exclusive manufacturing techniques followed across various regions are creating new pathways for growth across the global wood pellets market. In addition to this, researchers are continuously exploring new applications of these pellets. Milling of lumber is an important application of wood pellets, and the heavy investment potential of this domain is expected to support market expansion. Furthermore, other conventional applications such as power generation, cooking, and residential heating are also redefining growth across the global wood pellets market. The entities that have invested in the global wood pellets market are expected to obtain a surplus on their standing value in the coming years.
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The ease of producing wood pellets has led several industries to do away with its alternatives. The high rate of adoption for wood pellets across leading industries has generated humongous opportunities for growth and expansion. Moreover, the low moisture content required to manufacture wood pellets has also intrigued research to experiment with its usage. Therefore, the wide spectrum of applications and uses for wood pellets are creating new pathways for market growth and expansion. The high combustion efficiency of these pellets is also a noticeable driver of demand within the market.
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The geometrical symmetry and small size of wood pellets has brought them under the radar of focus across several research centers. The fine calibration of these pellets also comes from their small size that allow for easy feeding across sockets or other spaces. The aforementioned factors are suggestive of the inflow of fresh revenues into the global wood pellets market over the forthcoming years. In addition to this, the ease of transportation associated with wood pellets has also created a large playfield of opportunities for the vendors operating in the wood pellets market.
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