North America Wood Pellet Market Growth and Analysis by 2028
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]
- Status : Published
- Report Code : TIPRE00025892
- Category : Chemicals and Materials
- No. of Pages : 67
- Available Report Formats :
- Last update date : November 14, 2021
2021 Market Size
US$ 809.22 Mn
Base year value
2028 Forecast
US$ 1,839.74 Mn
Projected by 2028
CAGR 2022-2028
12.4 %
Growth rate
Addressable Market
US$ 9,290.34 Mn
(2022-2028)
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.
The US, Canada, and Mexico are major economies in North America. Expanding demand for wood pellets is the major factor driving the growth of the North America wood pellet market. There is a rise in demand for wood pellets, owing to increased investment in coal conversion projects, as well as public administration buildings such as schools and offices. Moreover, it is treated as a biomass fuel and is extensively used in industrial as well as commercial applications. Also, there is an increase in focus on substituting coal-fired power plants with pellet-based plants across the industrial sector. Strict regulations pertaining to environmental sustainability, along with strong efforts to achieve the emission targets within the specified time limit, is another factor significantly contributing toward increased demand for wood pellets in the regional market. Further, volatility in the prices of fossil fuels, along with concerns related to climatic changes, has substantially driven the demand for wood pellets in the region. Additionally, the growing focus on minimizing carbon emissions and contributing to total renewable energy consumption is yet another factor driving the demand for wood pellets.
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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North America Wood Pellet Market Segmentation
North America Wood Pellet Market – By Application
- Residential Heating
- Commercial Heating
- CHP (Combined Heat and Power)
- Power Generation
North America Wood Pellet Market– By Country
- US
- Canada
- Mexico
North America Wood Pellet Market-Companies Mentioned
- 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
North America Wood Pellet Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 809.22 Million |
| Market Size by 2028 | US$ 1,839.74 Million |
| CAGR (2021 - 2028) | 12.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Application
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
- Comprehensive Market Sizing and Forecast Analysis
- Detailed Segmentation Analysis
- In-Depth Market Dynamics Assessment
- Regional and Country-Level Insights
- Competitive Landscape and Company Benchmarking
- Strategic Business Intelligence
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