LONDON--(BUSINESS WIRE)--Technavio’s 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 market’s 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.
“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,” 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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