Wood Pellet Fuel Market – Global Industry Size, Share, Trends, Opportunity 2027

1. Published: October 2020 Published: December 2020 Published: February 2021 Published: April 2021 2015 – 2025 2017 – 2027 GLOBAL WOOD PELLET FUEL MARKET FORECAST AND OPPORTUNITIES www.techsciresearch.com www.techsciresearch.com www.techsciresearch.com www.techsciresearch.com www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING MARKET INTELLIGENCE . CONSULTING

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9. Product Overview

10. Product Overview Product of Interest: Wood Pellet Fuel Biofuels produced from compressed wood fiber are known as wood pellets. Pellets can be produced from biomass such as industrial waste and co-products, food waste, agricultural waste, energy crops, and untreated lumber. Wood pellets can be used in place of charcoal, firewood, oil, and gas for various applications like heating, cooking, boiler, and power plants. Market Segmentation BY APPLICATION BY FEEDSTOCK • CHP/District Heating • Power Plants • Residential Heating • Commercial Heating Review Period 2017 – 2020 Base Year 2021 Estimated Year 2022 Forecast Period 2023 – 2027 Year Range • Forest Wood & Waste • Agriculture Residue • Others GLOBAL WOOD PELLET FUEL MARKET BY HEATING APPLICATION BY REGION • Free Standing Pellet Stove • Pellet Stove Inserts • Pellet Boilers • Europe • North America • Asia-Pacific • Rest of the World 10

11. Research Methodology

12. Research Methodology Data Analysis Market Profiling Developing List of Respondents Formulating Questionnaire Data Collection Data Validation In-depth secondary research was conducted to determine overall market size, segmental market size and top companies in Global Wood Pellet Fuel Market. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about Global Wood Pellet Fuel Market. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and top companies for data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of leading companies and industry specialists was developed. Data Filter & Analysis Research & Intelligence Actionable Insights Business Solution Data Collection Desk Research Company Analysis Primary Research • Recent Developments • Market Changing Aspects/Dynamics • Government Policies • Conclusion • Market Participants • Key Strengths • Identifying Key Opinion Leaders • Questionnaire Design • In-depth Interviews Primary Research Secondary Research Paid Sources • LinkedIn • TechSci Internal Database • Company Websites • Company Annual Reports • White Paper Study • Financial Reports • Investor Presentations • Regulatory Body • Factiva • Hoovers 12

13. Research Methodology • Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of the Global Wood Pellet Fuel Market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing use of biomass for power generation, growing focus toward renewable energy sources, rising demand for wood pellets from developing economies, etc., and speculated a robust growth during the forecast period. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the Global Wood Pellet Fuel Market. Methodology Followed for Calculation of Market Size: • Market Size by Value: Market size, in terms of value, for the year 2021 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry experts. • The team interviewed more than 20 companies, 50 industry experts and other value chain stakeholders in the Global Wood Pellet Fuel Market to obtain the overall market size during 2017-2021, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data for 2017-2021. 13

14. Research Methodology • Respondents were asked about the current and future market growth rates, as well as market shares by feedstock, by heating application, by application, by region and by company. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated based on the response received from other stakeholders. Methodology Followed for Calculation of Market Shares: • Market shares by feedstock, by heating application, by application, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares of the leading Wood Pellet Fuel companies. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Moreover, respondents were asked about the leading companies operating in the Global Wood Pellet Fuel Market. Methodology Followed for Forecasting: • TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the survey results. 14

15. Research Methodology • Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast the Global Wood Pellet Fuel Market, TechSci Research used various forecast techniques such as: Moving Average Time Series Analysis Regression Analysis Econometric and Judgmental Analysis TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market demand scenario. Note: Sum of some shares may not be 100% due to round off till two decimal places. 15

16. Industry Brief Global wood pellet fuel market is expected to grow with increasing advancements in energy and power generations. According to TechSci Research report, “Wood Pellet Fuel Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, Global wood pellet fuel market is expected to register growth at 7.73% CAGR value during the forecast period, 2023-2027F, to achieve the market value of USD16789.59 million by the year 2027F. The rising demand for energy-efficient solutions and power generation is actively driving the growth of the global wood pellet fuel market in the upcoming five years. The rising demand for eco-friendly alternatives further supports the growth of the global wood pellet fuel market in the next five years. Additionally, increasing deployment of renewable energy facilities around the globe would further enhance the product penetration and thus aids the growth of the global wood pellet fuel market in the future five years. Industrial growth is also aided by easier availability of wood pellet fuel feedstock and low cost of production. These factors have further supported the higher consumption in the industrial sector. Rising concerns among the population regarding excessive use of fossil fuels and natural gas and its increasing prices would further fuel the growth of the global wood pellet fuel market in the forecast years through 2027F. Moreover, emissions of greenhouse gases will also facilitate the growth of the global wood pellet fuel market in the future. Norms laid down by the Sustainable Forestry Initiative and Forest Stewardship Council may hamper the market growth since they regulate the deforestation and woodcutting processes. The untapped potential of lignocellulosic waste in emerging economies, such as China and India, is anticipated to offer lucrative opportunities for the market players. The global wood pellet fuel market is segmented by feedstock, heating application, application, regional distribution, and company analysis. Based on feedstock, the market is fragmented into forest wood & waste, agriculture residue, and others like bark, twigs, gardening waste, etc. Forest wood and waste segment is anticipated to hold the largest revenue share of around USD11936.13 million. The segment is also expected to register the fastest growing CAGR of about 8.04% CAGR during the forecast period, 2023-2027F. Increasing deforestation activities and growing demand for wood for various industrial purposes is further anticipated to drive the growth of the global wood pellet fuel market in the upcoming five years. Moreover, the forests are the cheapest sources of raw material to produce the wood pellet. Also, the wood pellets By the method of heating application, the market is further segmented into free-standing pellet stoves, pellet stove inserts, and pellet boilers. Based on application, the market is further fragmented into CHP/district heating, power plants, residential heating, and commercial heating. On the basis of regional distribution, the market is divided into Europe, Asia-Pacific, North America and the Rest of the World. The market size of the USA was USD711.25 million in 2021. Some of the market players dominating the global wood pellet fuel market include Wood Pellet Energy UK (LTD), Drax Group Plc, Enviva, German Pellets GmbH, Stora Enso Oyj, Pacific BioEnergy, Wood & Sons, Land Energy Girvan Limited, AS Graanul Invest, Energex American, Inc., An Viet Phat Group (AVP Group) “Europe wood pellet fuel market's value was over 49.41% in 2021, and the region is expected to further dominate the regional analysis in the upcoming five years on the grounds of increasing demands for the wood pellets for energy generation in the residential and commercial sectors. Growing demands for the power plants and rapidly surging energy generation in the region further support the growth of the global wood pellet fuel market in the future five years. In Europe, the Renewable Energy Sources (RES) demand was rapidly growing and accounted for around 17% of the total energy consumption in the region from 2017 to 2020. The steps are taken to control the carbon emission from the energy sector, market liberalization, policy changes, climate changes, etc., have led to product acceptance in the European countries rapidly. New market players are expected to invest in research and develop a technologically advanced method of energy generation through wood pellets. Increasing investments in the research segment and focusing their resources on further development of the technology would also substantiate the brand establishment for the new market entrants,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. 16

17. Sample Data - Snapshot Global Wood Pellet Fuel Market Size, By Value (USD Million), 2017-2027F CAGR 2017-2021 By Value: xx% CAGR 2022E-2027F By Value: xx% Europe Wood Pellet Fuel Market Share, By Feedstock, By Value, 2017-2027F Germany Wood Pellet Fuel Market Share, By Heating Application, By Value, 2017-2027F 17

18. Report Order Report Name: GLOBAL WOOD PELLET FUEL MARKET FORECAST AND OPPORTUNITIES 2017 – 2027 4 To View Sample OR Purchase Report 18

19. Table of Contents About Us & Disclaimer TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market. Related Reports • Global Bioenergy With Carbon Capture And Storage Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, Segmented By End Use (Ethanol Production, Pulp & Paper Mills, Cement Production, Biogas Production, Electrical Power Plants, Heat Power Plants), By Technology (Oxy-combustion, Pre-combustion, Post-combustion), By Form of Energy (Heat, Electricity, Biofuels, Others), By Application (Biomass Conversion, Carbon Storage), By Region, Competition, Forecast & Opportunities, 2027. • Global Steam Turbines Market. By Type (Steam Cycle and Combined Cycle), By Rated Capacity (1-120 Mw, 121-350 Mw, 351-750 Mw and Above 750 Mw), By Exhaust Type (Condensing and Non-Condensing), By Fuel Type (Coal, Biomass, Nuclear and Others), By Region, Competition, Forecast & Opportunities, 2027 • Global Syngas & Derivatives Market By Production Technology (Steam Reforming, Partial Oxidation, Autothermal Reforming, Biomass Gasification, Others), By Gasifier Type (Fixed (Moving) Bed Gasifier, Entrained Flow Gasifier, Fluidized Bed Gasifier, Others), By Feedstock (Coal, Natural Gas, Petroleum By products, Biomass/Waste), By Consumption (Captive, Merchant), By Application (Chemicals & Fertilizer, Fuel, and Electricity), By Region, Competition, Forecast & Opportunities, 2027. TechSci Research – North America 708 Third Avenue, Manhattan, New York, United States Tel: +1- 646- 360- 1656 Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Europe 54, Old brook, Bretton, Peterborough, United Kingdom Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Asia-Pacific B – 44, Sector – 57, Noida, National Capital Region, U.P. - India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.