North America Wood Pellet Market to Grow at a CAGR of 12.4% to reach US$ 1,839.74 million by 2028 Million from 2021 to 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]

  • Report Code : TIPRE00025892
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 67
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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.

North America wood pellet market

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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
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

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

  1. ANDRITZ
  2. Energex Pellet Fuel, Inc.
  3. Enviva Lp
  4. Graanul Invest
  5. New England Wood Pellet
  6. Pacific Bioenergy
  7. Pinnacle Renewable Energy Inc
  8. Premium Pellet Ltd
  9. TANAC
  10. Wood & Sons

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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