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North America Wood Pellet Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application [Residential Heating, Commercial Heating, CHP (Combined Heat and Power), and Power Generation]
Market Introduction
North America comprises economies such as the US, Canada, and Mexico. In 2018, the US Environmental Protection Agency (EPA) announced that burning wood, along with different forms of biomass, would be categorized as carbon neutral as the carbon released into the environment, is “balanced out” by planting new trees to reabsorb it. Since then, the wood pellet industry has witnessed rapid growth with increased exports. However, most production plants are relatively small and dependent on sawmill residues for fiber. Further, most of the pellets produced in the US are consumed domestically and are exported to the offshore market. On contrary, pellets produced in Canada are shipped across the world. Therefore, the wood pellet industry in North America is growing rapidly. The growth of the wood pellet market in the region is driven by the increasing cost of fossil energy. Also, the regional price competitiveness for propane and residential heating oil coupled with the rapid replacement of conventional burners to enhance feed-in is propelling the market growth. The Pellet Fuels Institute (PFI) represents a trade association, which keeps the interest of wood pellets manufacturers operating in the US and the companies and organizations that support them. Additionally, the PFI is committed to creating awareness related to the benefits of using wood pellets in heating homes and industrial purposes. As reported by North American Wood Fiber Review, there is an upsurge in wood pellet production in both the Southern US and British Columbia owing to the increased export from North America to Europe. The expanding demand for wood bioenergy from European and Asian countries is met by increasing the amount of production.
North America is one of the worst-affected economies due to the COVID-19 pandemic. The US has reported the highest number of confirmed cases. The unprecedented rise in number of COVID-19 cases across the US and Canada, and the subsequent lockdown of manufacturing facilities have negatively influenced the growth of the various markets in these countries. As of August 2021, the US registered 36,266,840 cases with 631,757 deaths. The significant disruption in manufacturing facilities, along with raw material sourcing, has had a negative impact on the demand for wood pellet in the country. In the same way, the pandemic had an intense impact on the Canadian economy. However, the market is reviving on account of significant measures taken by the government such as vaccination drives. As per an article published by the National Center for Biotechnology Information (NCBI) in 2020, the global public health bodies and governments have implemented several strategies as well as issued advisories to promote health and hygiene, social distancing strategies, and other such guidelines to prevent the spread of SARS-CoV-2. Amid the economic recovery, several industrial sectors are strategically focused on investing in sustainable sources to align with greener future.
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Market Overview and Dynamics
The wood pellet market in North America is expected to grow from US$ 809.22 million in 2021 to US$ 1,839.74 million by 2028; it is estimated to grow at a CAGR of 12.4% from 2021 to 2028. Rising demand for wood pellets from power generation industry; with the growing focus on sustainability, the demand for biomass pellets such as wood pellets has increased considerably. Wood pellets can be significantly used to produce power in a similar way to using coal as a base material, which helps to transform the existing coal power stations into renewable bioenergy sources. Further, such pellets possess the required density and are in uniform shape, which eases their transportation and storage. The demand for wood pellets has substantially risen for power generation applications across several countries. An article published by the US Energy Information Administration in June 2021 states that the use of wood pellets is rising across the electricity generation sector in many developed economies to avoid carbon dioxide emissions from fossil fuel use. Also, India’s Intended Nationally Determined Contributions (INDC), provided to the United Nations Framework Convention on Climate Change (UNFCCC), highlights that it is imperative to increase biomass installed production capacity to 10 GW by 2022 from the present capacity of 4.4 GW, including expansion of production capacity of wood pellets. This would work in line with the overall objective of increasing the dependency upon non-fossil fuel-based electricity generation capacity to 40% in India’s electricity mix by 2030. Electricity generation using wood pellets and/or co-firing of wood pellets with coal is aimed at meeting the Renewable Purchase Obligation (RPO) targets stated by State Electricity Regulatory Commissions (SERCs) in states where there are limited solar and wind facilities and possess extensive availability of agricultural and forestry residues. Similarly, the demand for wood pellets is expected to expand with the growing focus on renewable energy sources. This is bolstering the growth of the wood pellet market.
Key Market Segments
Based on application, the market is segmented into residential heating, commercial heating, CHP (combined heat and power), and power generation. In 2020, the residential heating segment held the largest share North America wood pellet market.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the wood pellet market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are ANDRITZ, Energex Pellet Fuel, Inc., Enviva Lp, Graanul Invest, New England Wood Pellet, Pacific Bioenergy, Pinnacle Renewable Energy Inc, Premium Pellet Ltd, TANAC, and Wood & Sons among others.
Reasons to buy report
- To understand the North America wood pellet market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for North America wood pellet market
- Efficiently plan M&A and partnership deals in North America wood pellet market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America wood pellet market
- Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.
NORTH AMERICA WOOD PELLET MARKET SEGMENTATION
By Application
- Residential Heating
- Commercial Heating
- CHP (Combined Heat and Power)
- Power Generation
By Country
- US
- Canada
- Mexico
Company Profiles
- ANDRITZ
- Energex Pellet Fuel, Inc.
- Enviva Lp
- Graanul Invest
- New England Wood Pellet
- Pacific Bioenergy
- Pinnacle Renewable Energy Inc
- Premium Pellet Ltd
- TANAC
- Wood & Sons
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. North America Wood Pellet Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of Substitutes
4.2.4 Threat of New Entrants
4.2.5 Intensity of Competitive Rivalry
4.3 Expert Opinion
4.1 Ecosystem Analysis
5. North America Wood Pellet Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Awareness About Use of Renewable Energy Sources
5.1.2 Expanding Demand for Wood Pellets
5.2 Market Restraints
5.2.1 Mandatory Compliances and Operational Challenges Associated with Wood Pellet
5.3 Market Opportunities
5.3.1 Rising Demand for Wood Pellets from Power Generation Industry
5.4 Future Trends
5.4.1 Significant Investment in Research and Expansion
5.5 Impact Analysis of Drivers and Restraints
6. Wood Pellet – North America Market Analysis
6.1 North America Wood Pellet Market Overview
6.2 North America Wood Pellet Market –Revenue and Forecast to 2028 (USD Million)
7. North America Wood Pellet Market Analysis – By Application
7.1 Overview
7.2 North America Wood Pellet Market, By Application (2020 and 2028)
7.3 Residential Heating
7.3.1 Overview
7.3.2 Residential Heating: North America Wood Pellet Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Commercial Heating
7.4.1 Overview
7.4.2 Commercial Heating: North America Wood Pellet Market – Revenue and Forecast to 2028 (US$ Million)
7.5 CHP (Combined Heat and Power)
7.5.1 Overview
7.5.2 CHP (Combined Heat and Power): North America Wood Pellet Market – Revenue and Forecast to 2028 (US$ Million)
7.6 Power Generation
7.6.1 Overview
7.6.2 Power Generation: North America Wood Pellet Market – Revenue and Forecast to 2028 (US$ Million)
8. North America Wood Pellet Market – Country Analysis
8.1 North America Wood Pellet Market Revenue and Forecasts to 2028
8.1.1 North America Wood pellet Market Breakdown, by Country
8.1.1.1 US Wood pellet Market Revenue and Forecast to 2028 (US$ MN)
8.1.1.1.1 US Wood pellet Market Breakdown, by Application
8.1.1.2 Canada Wood pellet Market Revenue and Forecast to 2028 (US$ MN)
8.1.1.2.1 Canada Wood pellet Market Breakdown, by Application
8.1.1.3 Mexico Wood pellet Market Revenue and Forecast to 2028 (US$ MN)
8.1.1.3.1 Mexico Wood pellet Market Breakdown, by Application
9. North America Wood Pellet Market Overview – Impact of COVID-19
9.1 North America: Impact Assessment of COVID-19 Pandemic
10. Company Profiles
10.1 ANDRITZ
10.1.1 Key Facts
10.1.2 Business Description
10.1.3 Products and Services
10.1.4 Financial Overview
10.1.5 SWOT Analysis
10.1.6 Key Developments
10.2 Energex Pellet Fuel, Inc.
10.2.1 Key Facts
10.2.2 Business Description
10.2.3 Products and Services
10.2.4 Financial Overview
10.2.5 SWOT Analysis
10.2.6 Key Developments
10.3 Enviva Lp
10.3.1 Key Facts
10.3.2 Business Description
10.3.3 Products and Services
10.3.4 Financial Overview
10.3.5 SWOT Analysis
10.3.6 Key Developments
10.4 New England Wood Pellet
10.4.1 Key Facts
10.4.2 Business Description
10.4.3 Products and Services
10.4.4 Financial Overview
10.4.5 SWOT Analysis
10.4.6 Key Developments
10.5 Pacific Bioenergy
10.5.1 Key Facts
10.5.2 Business Description
10.5.3 Products and Services
10.5.4 Financial Overview
10.5.5 SWOT Analysis
10.5.6 Key Developments
10.6 Pinnacle Renewable Energy Inc
10.6.1 Key Facts
10.6.2 Business Description
10.6.3 Products and Services
10.6.4 Financial Overview
10.6.5 SWOT Analysis
10.6.6 Key Developments
10.7 Premium Pellet Ltd.
10.7.1 Key Facts
10.7.2 Business Description
10.7.3 Products and Services
10.7.4 Financial Overview
10.7.5 SWOT Analysis
10.7.6 Key Developments
10.8 Graanul Invest
10.8.1 Key Facts
10.8.2 Business Description
10.8.3 Products and Services
10.8.4 Financial Overview
10.8.5 SWOT Analysis
10.8.6 Key Developments
10.9 Wood & Sons
10.9.1 Key Facts
10.9.2 Business Description
10.9.3 Products and Services
10.9.4 Financial Overview
10.9.5 SWOT Analysis
10.9.6 Key Developments
10.10 TANAC
10.10.1 Key Facts
10.10.2 Business Description
10.10.3 Products and Services
10.10.4 Financial Overview
10.10.5 SWOT Analysis
10.10.6 Key Developments
11. Appendix
11.1 About The Insight Partners
11.2 Glossary of Terms
LIST OF TABLES
Table 1. North America Wood Pellet Market –Revenue and Forecast to 2028 (USD Million)
Table 2. US Wood pellet Market Revenue And Forecasts to 2028 – By Application (USD Million)
Table 3. Canada Wood pellet Market Revenue And Forecasts to 2028 – By Product (USD Million)
Table 4. Mexico Wood pellet Market Revenue And Forecasts to 2028 – By Application (USD Million)
Table 5. Glossary of Terms, Wood Pellet Market
LIST OF FIGURES
Figure 1. North America Wood Pellet Market Segmentation
Figure 2. North America Wood Pellet Market Segmentation – By Country
Figure 3. North America Wood Pellet Market Overview
Figure 4. Residential Heating Segment Held Largest Share of North America Wood Pellet Market
Figure 5. US Held Largest Share of North America Wood Pellet Market
Figure 6. North America Wood Pellet Market, Key Market Players
Figure 7. Porter ‘s Five Forces Analysis for North America Wood Pellets Market
Figure 8. Expert Opinion
Figure 9. North America Wood Pellets Market – Ecosystem Analysis
Figure 10. North America Wood Pellet Market Impact Analysis of Drivers and Restraints
Figure 11. North America: Wood Pellet Market – Revenue and Forecast to 2028 (USD Million)
Figure 12. North America Wood Pellet Market Revenue Share, By Application (2020 and 2028)
Figure 13. Residential Heating: North America Wood Pellet Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Commercial Heating: North America Wood Pellet Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. CHP (Combined Heat and Power): North America Wood Pellet Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Power Generation: North America Wood Pellet Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America Wood pellet Market Revenue by Country (US$ Mn)
Figure 18. North America Wood pellet Market Breakdown, by Country, 2020 & 2028(%)
Figure 19. US Wood pellet Market Forecasts to 2028 (US$ Mn)
Figure 20. Canada Wood pellet Market Forecasts to 2028 (US$ Mn)
Figure 21. Mexico Wood pellet Market Forecasts to 2028 (US$ Mn)
Figure 22. Impact of COVID-19 Pandemic in North America
- ANDRITZ
- Energex Pellet Fuel, Inc.
- Enviva Lp
- Graanul Invest
- New England Wood Pellet
- Pacific Bioenergy
- Pinnacle Renewable Energy Inc
- Premium Pellet Ltd
- TANAC
- Wood & Sons
- To understand the North America wood pellet market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for North America wood pellet market
- Efficiently plan M&A and partnership deals in North America wood pellet market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America wood pellet market
- Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.