Market Size of North America Wood Pellet Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Wood Pellet Market Analysis
The North American wood pellet market is expected to grow at a CAGR of more than 7.8% from 2022-2027. During the Covid-19 pandemic, due to lockdown and cross-border restrictions led to reduced demand for wood pellets. Further, it also affected the supply of raw materials in North America, resulting negative impact on the supply side of the wood pellet market. The market is expected to grow in a couple of years, such as the rise in the investment in renewable energy solutions in all major countries in North America. Moreover, the government's supportive policies are expected to drive the market during the forecast period. However, higher investment in alternative renewable energy sources such as solar PV and the wind is anticipated to hinder the market's growth during the forecast period.
- The heating application is expected to dominate the wood pellet market in North America during the forecast period.
- High demand for carbon neutral and sustainable fuel and wood pellets could replace coal-based power generation. Further, there is a rise in the wood pallet-based power plant in the region, which is expected to provide a significant opportunity for the wood pallets market during the forecast period.
- The United States has dominated the wood pellet market. The government's supportive policies for the research and development of wood pellets are expected to drive the market in the country.
