The global bioenergy market size is projected to reach USD 642.71 billion by 2027, exhibiting a CAGR of 8.0% during the forecast period. Deepening commitment to the 2015 Paris Climate Change Agreement will be a critical factor augmenting the growth of this market, shares Fortune Business Insights™ in its report, titled “Bioenergy Market Analysis, Share & COVID-19 Impact Analysis By Product Type (Solid Biomass, Liquid Biofuel, Biogas, and Others), By Feedstock (Agricultural Waste, Wood and Woody Biomass, Solid Waste and Others), By Application (Power Generation, Heat Generation, Transportation, and Others), and Regional Forecast, 2020-2027”.
The Paris Agreement was a landmark moment in the fight against climate change as it contained actionable commitments by the top emission countries. These commitments were focused towards mitigating the extreme effects of climate change by reducing greenhouse gas (GHG) emissions and curbing global temperature increase below 2 degrees Celsius above pre-industrial levels. Currently, 197 countries, with the exception of Russia, Iran, and Turkey, have signed the agreement. In the quest to control emissions, countries are actively switching to bioenergy sources such as biomass and biofuels to meet their electricity requirements, since these sources can supply electricity to all end-use industries. Thus, expanding participation in the Paris Agreement will bode well for this market.
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Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of Bioenergy Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
Rapid Depletion of Fossil Fuels to Accelerate the Bioenergy Market Growth
The world overly dependent on fossil fuels to satisfy its energy demands. For example, in the US, fossil fuels accounted for 81.5% of the total energy consumption. Excessive reliance on exhaustible energy sources is causing their depletion rate to overtake their replenishment rate. The US Energy Information Administration (EIA) estimates that the current global stock of crude oil will be adequate to meet world’s oil demand till 2050. A Bioenergy Market report published by the Millennium Alliance for Humanity and the Biosphere (MAHB) states that coal will run out in 70 years, gas will be over in 40 years, and oil will be gone in the next 30 years. These stark projections are reinforcing the need for the global society to develop and actively embrace bioenergy sources and reduce dependence on conventional energy.
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The COVID-19 pandemic has created widespread uncertainty across the global economic spectrum. Many businesses are struggling to cope with the rapidly changing circumstances. Governments are modifying, altering, and developing new policies and measures to steer their countries out these challenging. We are also taking solid efforts to generate intelligent analysis on different markets and providing detailed assessment of the impact of this pandemic on your business.
Concerted Efforts to Reduce Carbon Emissions to Boost the Market in Asia Pacific
Booming economies of Asia Pacific, mainly India and China, who are also two of the largest emitters in the world, are taking decisive policy measures to curb emissions. In developed economies such as Japan, use of wood as biofuel is rising, increasing bio energy consumption in the region. These factors enabled Asia Pacific to create a market for bio energy with a size of USD 96.76 billion in 2019.
Countries in the European Union (EU) are actively adopting bio-energy as these energy sources are expected to speed up the EU’s shift towards renewables in the coming decade. North America, being one of the largest producers of liquid biofuels, is steadily fastening its hold on the bioenergy market share backed by significant increases in ethanol production in the US.
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Widening Geographic Presence of Companies to Characterize Market Competition
With strengthening global commitment towards bio-based energy, key players in this Bioenergy Market are exploring new avenues to expand their regional and global presence. Companies are also taking advantage of incentives offered governments for renewable energy projects to consolidate their position in the market.
- April 2020: Ductor, the Finnish-Swiss bioenergy company, announced the building of three biofertilizer-biogas plants in Poland’s Zachodniopomorskie region. Using poultry waste, the plants will produce renewable energy and organic nitrogen fertilizer, enhancing Poland’s shift towards circular economy.
- February 2020: San Francisco-based Brightmark expanded its dairy biogas project in Western New York under its “Yellowjacket” project. Partnering with six farms, the company will extract methane from dairy manure every day and produce renewable natural gas.
Quick Buy – Bioenergy Market:
List of Key Players Covered in this Bioenergy Market Report:
- Enexor Energy (U.S.)
- Lignetics (U.S.)
- Green Plains Inc. (U.S.)
- Enviva (U.S.)
- Enerkem (Canada)
- POET (U.S.)
- Drax Group (U.S.)
- Pacific BioEnergy Corp (Canada)
- EnviTec Biogas AG (Germany)
- MVV Energie AG (Germany)
- Ameresco, Inc. (U.S.)
- ADM (U.S.)
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Name: Ashwin Arora
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