Market study: Global biomass pellet market to grow at CAGR 11.1% until 2020
The global biomass pellet market is expected to grow with a CAGR of 11.1% until 2020, according to a recent market study.
According to research by Research & Markets, as US-based market watchdog, the increasing use of biomass pellets in power industry is propelling the growth of the global biomass pellet market.
The growing demand for renewable energy sources is one of the important factors, which is supporting the adoption of biomass pellets in the power industry.
Biomass pellets provide an efficient solution to decrease the global dependency on fossil fuels and reduce the emission of greenhouse gases in the atmosphere.
The increased government initiatives and stringent environment regulations are the key drivers promoting the growth of the global biomass pellet market.
The implementation of environmental regulations across the globe is propelling the demand for efficient renewable energy sources, the study states.
Fossil fuels, such as coal, natural gas, and petroleum are the primary non-renewable sources of energy across the globe, and globally the major portion of energy requirements is fulfilled by fossil fuels.
The global consumption of fossil fuels continues to increase, which is driving their rapid depletion, while also accelerating global warming, which is a major environmental challenge across the globe.
This further compels governments to adapt renewable energy technologies, such as wind, biomass, solar, and tidal energy for power generation.