Wood Pellet Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2027
The global wood pellets market size is expected to reach USD 18.22 billion by 2027, exhibiting a revenue-based CAGR of 9.4% during the forecast period, according to a new report by Grand View Research, Inc. Wood pellets can be used as an alternative for fossil fuels as they are eco-friendly, sustainable, and carbon neutral in nature. This factor is anticipated to drive the growth of the market. Rising demand from the power generation industry is likely to drive the market over the forecast period. In addition, increasing awareness regarding the use of renewable energ y sources for power generation coupled with the high combustion of wood pellet is likely to augment the demand for wood pellets over the forecast period. Rising concerns regarding global warming and climate change coupled with rising oil prices are expected to boost the demand for renewable energy. In addition, the increased government spending on the utilization of renewable energy for power generation is likely to augment the