Tokyo, April 11, 2022 (GLOBE NEWSWIRE) -- The bioenergy is regarded as renewable energy source which is used in the generation of electricity on a large scale. This energy is mainly generated with the help of biowaste which are easily available. The expansion and development of the global bioenergy market is aided by factors such as the installation of favorable and severe government rules and guidelines. Furthermore, the market for bioenergy is rising in response to the increased need for alternative energy sources.
Furthermore, it has been discovered that using bioenergy reduces the cost and expenses associated with power generation. The worldwide bioenergy market is expanding as a result of this factor. Bioenergy is swiftly gaining traction as a viable alternative to traditional energy sources, helping to diversify the fuel and energy mix while reducing dependency on global petroleum industries and sectors. In comparison to biofuels and bioenergy, this sort of fuel is very costly. Thus, this factor is driving the growth of the global bioenergy market.
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The growth and development of the global bioenergy market is being driven by significant causes and important industry trends such as rising investment in bioenergy sectors. For the growth of the bioenergy sector, government organizations and private firms are working together. Bioenergy also lessens a country's dependency on crude oil commerce, which benefits countries with little or no reserves. Because bioenergy and biofuel are derived from locally available feedstock, governments in both developed and developing nations are incentivizing landowners and producers to generate biomass feedstock, resulting in a rapid expansion in bioenergy production on a wide scale. As a result, all of these factors will contribute to the global bioenergy market's growth over the forecast period.
| Report Attributes | Details |
| Market Size in 2021 | USD 108.71 Billion |
| Growth Rate | CAGR of 7.4% from 2022 to 2030 |
| Fastest Growing Region | Asia Pacific |
| Largest Revenue Holder | North America |
| Companies Covered | Ameresco Inc., MVV Energie AG, Enexor Energy, Drax Group, EnviTec Biogas AG, Pacific BioEnergy Corp., Lignetics, Enerkem, Green Plains Inc., Enviva |
Report Highlights:
- Based on the product type, the solid biomasssegment dominated the global bioenergy market in 2020 with largest market share. The solid biomass is made wholly from various kind of wastes like agricultural waste and forestry waste. This kind of product is used in underdeveloped or developing regions around the world.
- On the basis of feedstock, the wood and woody biomasssegment holds the largest market share the global bioenergy market in 2020. The bioenergy is largely produced with the help of wood. The wood is used as forestry waste. This type of biowaste is also utilized in the electricity generation.
- Based on the application, the heat generation segment dominated the global bioenergy market in 2020 with largest market share. The heat is generated with the renewable energy sources such as biomass, biofuel, and biowaste.
- North America is the largest segment for bioenergy market in terms of region. The growth of the bioenergy market in North America region is attributed to the growing need for electricity and increase in investments in the research and development.
- Asia-Pacific region is the fastest growing region in the bioenergy market. The bioenergy market in Asia-Pacific region is mainly driven by the stringent and favorable government regulations regarding renewable energy sources and growing collaborations with key market players.
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Future of Bioenergy Market
The bioenergy market is growing due to rise in investments by market players in various sectors in different regions. In addition, the government are implementing policies against carbon emissions and greenhouse gases emissions. The government also provides subsidies and tax rebates for the installation of bioenergy plants. As a result, the expansion of the global bioenergy market is expected in upcoming years.
COVID-19 Impact Analysis:
- The COVID-19 pandemic had adverse effects on the growth of the various sectors and industries.
- The government all around the globe imposed lockdown restrictions and stay at home norms to curb the impact of coronavirus outbreak.
- This resulted into closure of manufacturing units and disruption in supply chain management.
- All of these factors had adverse effects on the growth of the global bioenergy market during 2020.
Key Developments in the Marketplace:
- Brightmark Energy based in the U.S. declared plans to expand its waste to biogas project in February 2020, working with more than 6 farms in the area. Yellowjacket project would capture methane from 265,000 gallons of dairy manure a day and convert it to renewable gas and other beneficial by products.
- Ductor, a biotech business firm will begin construction of three integrated biofertilizer biogas facilities in northern Poland in April 2020. The new facilities were constructed in Poland. Two of the plants had capacity of 1MW while the other had capacity of 0.5MW. In 2021, all three plants are projected to be online.
Segments Covered in the Report
By Product Type
- Solid Biomass
- Liquid Biofuel
- Biogas
- Others
By Feedstock
- Agricultural waste
- Wood and Woody Biomass
- Solid Waste
- Others
By Application
- Power generation
- Heat generation
- Transportation
- Others
By Technology
- Gasification
- Fast Pyrolysis
- Fermentation
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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