Fueling Sustainability: Navigating the Growing Biomass Pellet Market
The biomass pellet market will grow at a compound annual growth rate of 6.75% by the end of this decade, to reach a value of USD 16.29 billion by 2030.
The rising consciousness pertaining to the benefits of making the use of biofuels and further renewable energy sources for commercial, residential, and industrial heating and power generation applications amongst consumers is a key factor powering the growth of the industry.
Also, the increasing initiatives of the government all over the world for promoting renewable energy sources, snowballing requirement for low-carbon fuel, and easy obtainability of raw materials are some further factors boosting the requirement for biomass pellets.
Wood sawdust category, on the basis of source, is dominating the industry, with the share of over 50%, and it will grow substantially in the years to come. For companies looking for reasonable solutions for recycling their waste materials, wood sawdust was more important. This is employed as a raw material for producing solid fuel with low humidity content.
The requirement for renewable energy sources such as biomass pellets has increased, as a result of the reducing fossil fuel resources and rising consciousness of the damaging environmental effects of products and procedures based on fossil fuels.
Likewise, the increasing requirement for sustainable energy expansion will drive the requirement for biomass pellet.
As opposed to the other energy sources, renewable energy sources and techs have a little to no environmental effects. Therefore, they are stated as environmentally friendly options.
Biomass pellets are called as renewable energy sources, as they are formed from wood. These are made of complete logs, sawmill remains, and loads of forest waste, accompanied by compressed and dried wood fibers.
Likewise, biomass is an organic resource that might be capably used as a source of energy, and it is carbon neutral, leaving net-zero-carbon emissions on combustion.