At 4.5% CAGR, the North America Biomass Pellets Market is Projected to be worth US$ 1,124.36 million by 2030, says Business Market Insights

According to Business Market Insights research, the North America biomass pellets market was valued at US$ 789.10 million in 2022 and is expected to reach US$ 1,124.36 million by 2030, registering a CAGR of 4.5% from 2022 to 2030. Rising demand for wood pellets from power generation industry and significant investment in research and expansion strategies are the critical factors attributed to the North America biomass pellets market expansion.

With the growing focus on sustainability, the demand for biomass pellets such as wood pellets has increased considerably. Wood pellets can be utilized for electricity production as an alternative to coal feedstock. Further, biomass pellets are uniformly shaped, possess high density, and are feasible for transportation and storage. The US Energy Information Administration published an article in June 2021, which states that the use of wood pellets is rising across the electricity generation sector in many developed economies to manage and prevent carbon dioxide emissions from fossil fuels. In 2022, the government of India approved the country’s updated Nationally Determined Contributions (NDC) provided to the United Nations Framework Convention on Climate Change (UNFCCC). NDC highlighted the expansion of the share of non-fossil fuel-based energy resources, including wind power, solar, hydropower, biomass, and energy waste, in total electricity. Thus, the rising demand for wood pellets from the power generation industry is driving the North America biomass pellets market.

On the contrary, environmental concerns pertaining to the utilization of biomass pellets hurdles the growth of North America biomass pellets market.

Based on source, the North America biomass pellets market is segmented into agricultural residue, industrial waste, wood, and others. The wood segment held 94.1% share of North America biomass pellets market in 2022, amassing US$ 742.57 million. It is projected to garner US$ 1,052.66 million by 2030 to expand at 4.5% CAGR during 2022–2030.

Based on application, the North America biomass pellets market is segmented into power plants, industrial heating, residential and commercial heating, and others. The residential and commercial heating segment held 46.9% share of North America biomass pellets market in 2022, amassing US$ 370.34 million. It is projected to garner US$ 533.45 million by 2030 to expand at 4.7% CAGR during 2022–2030.

Based on country, the North America biomass pellets market is segmented into the US, Canada, Mexico. Our regional analysis states that the US captured 80.9% share of North America biomass pellets market in 2022. It was assessed at US$ 638.30 million in 2022 and is likely to hit US$ 910.83 million by 2030, exhibiting a CAGR of 4.5% during 2022–2030.

Key players profiled in the North America biomass pellets market report are AS Graanul Invest, Drax Group Plc, Energex American Inc, Enviva Inc, Lignetics Inc, Mallard Creek Inc, and Valfei Products Inc, among others.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com