ALBANY, N.Y. -- Benefiting from the implementation of stringent emission norms in North America and Europe, the demand for wood pellets has increased substantially over the past few years. A recent market report by Transparency Market Research has pegged the value of the global wood pellets market at US$6.2 bn in 2014. Additionally, according to the report, the market is anticipated to reach a value of US$20.0 bn by the end of 2023. If the figures hold true, the global wood pellet market will exhibit a CAGR of 14.10% between 2015 and 2023. The report is titled "Wood Pellets Market, by Application - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023" and is available on the company website for sale. It presents a holistic outlook of the various factors influencing the growth trajectory of the global market for wood pellets.

Wood pellets are produced as a part of the natural carbon cycle without additives. They are already considered a staple in the Europe energy sector and they have been steadily gaining popularity in the U.S. as well, where energy in large volume is required for industrial, commercial, and household activities. As people living in these regions come to realize the economic and ecological benefits of sustainability, the demand for wood pellets is anticipated to soar in these regions. Wood pellets are considered sustainable alternatives to popular fuel sources. Since they burn cleanly, wood pellets are preferred over coal for energy generation on account of health and air quality control considerations.

Easy availability and high energy density are a few of the prime factors facilitating the rising international trade of wood pellets. The market has been substantially gaining from the growing concerns related to the rising carbon footprint, which in turn has increased the demand for wood pellets as a substitute for fossil fuels used for power or heat generation.

As per the findings of the report, Canada and the U.S. emerged as major exporters of wood pellets in 2014. However, in the near future, Russia and emerging nations in South America and Asia Pacific will demonstrate higher activity in wood pellet exports.

Regionally, the global wood pellets market has been segmented in the report into Asia Pacific, North America, Europe, South America, and the Middle East and Africa. By application, the report segments the market into power plants and heating. Of these, the heating segment dominated the market in 2014, accounting for a share of 70% in the market. Furthermore, the segment is expected to continue dominating the market between 2015 and 2023.

A free sample of this report is available under: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=4934

Most prominent companies operating in the global power generation industry are consciously making efforts to increase their dependence on renewable technologies for heat and power generation. This is anticipated to help the market for wood pellets gain momentum. The market is anticipated to witness rising demand, particularly from Europe.

To provide a holistic overview of the prevailing competition, the report profiles some of the leading companies operating in the market such as Enito Singpellet Pte Ltd, Andritz AG, F. E. Wood and Sons, The Westervelt Company, Georgia Biomass, LLC, Drax Group plc, Rentech, Inc., Enviva LP, Allance Pellet Machinery, German Pellets GmbH, Pinnacle Renewable Energy Group, and Wood Pellet Energy (UK) Ltd.