New York, United States, July 11, 2022 (GLOBE NEWSWIRE) -- Bioenergy is the term for electricity and gas produced from organic matter, often known as biomass. In other words, biomass energy refers to crops, residues, and other biological resources used to create energy and other products as an alternative to fossil fuels. The increasing shift toward renewables, increasing demand for energy targets to reduce carbon emissions, advancements in bioenergy conversion technologies, increasing investment in bioenergy, and declining electricity generation costs from bioenergy facilities all contribute to the bioenergy market's growth.
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Increasing Biofuel Blend Shares Drive the Global Bioenergy Market
Several industrialized and developing countries enact obligatory biofuel laws and set biofuel targets to enhance energy security, contribute to climate change mitigation, and aid agriculture development. The continued growth in biofuel production and consumption is aided by mandates and incentives for blending biofuels with fossil fuels. Most biofuels are consumed by combining them with fossil fuels in small amounts (usually less than 10% by volume or energy). Policies like the Renewable Energy Directive (RED) and the Fuel Quality Directive of the European Union region, which control the necessary biofuel share for the transportation sector, have significantly raised the demand for biofuel over the last decade.
Furthermore, government agencies attempt to enhance the blend percentage in jet fuels. The Norwegian government declared in October 2018 that beginning in 2020, airlines operating in Norway will be required to blend 0.5 percent advanced biofuel with aviation fuel. The government's goal is for 30% of airplane fuel to be sustainable with climate benefits by 2030. The government ensures a market for alternative aviation fuels by implementing a blending requirement. This might help Norway's Technology and industry expand, propelling the bioenergy market forward during the forecast period.
Emerging Innovations in Waste-To-Energy Technologies Provide Umpteen Market Opportunities for Bioenergy
Waste-to-energy (WTE) converts biological waste into heat or electricity, which is then utilized to power vehicles while also helping save the environment. The fundamental reason for the popularity of waste-to-energy Technology (WTE) is that it converts solid waste materials, such as paper and plastic, into energy cost-effectively and sustainably. Dendro Liquid Energy (DLE) is four times more efficient than anaerobic digestion (AD) at generating power and costs less. Since it produces no trash, it's a game-changer in the global waste-to-energy technology market. Furthermore, zero-emission discharge contaminates and renders plant facilities unfit for operation. Market participants anticipate more robust future opportunities due to Germany's acceptance of this zero-waste technology innovation.
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Regional Insights
North America dominated the bioenergy market, with over 35% of the total bioenergy installed capacity in 2021. The market in the United States is likely to be driven due to rising biofuel consumption and favorable government regulations. Furthermore, NREL (National Renewable Energy Laboratory) and the US Department of Energy have launched various initiatives in the bioenergy industry. In July 2020, the Department of Energy (DOE) announced financing for 33 projects totaling more than USD 97 million, which will aid research and development. The projects will increase the performance of technologies that can be used to produce biofuels, biopower, and bioproducts from biomass and waste resources while lowering the cost and risk. As a result of technical improvements, the bioenergy market is predicted to grow even more.
Asia-Pacific is the fastest-growing region of the bioenergy market, with over 33% share of the total bioenergy installed capacity in 2021. Due to their enormous population and rising energy consumption, China and India will likely be major renewable energy players in the area during the projection period. China is the world leader in renewable energy deployment as of 2019. China joined the IEA Bioenergy Technology Programme (TCP) in July 2020, committing to lead the country into a new era of bioenergy development. This, in turn, is predicted to boost bioenergy's proportion of the country's total renewable energy mix in the future.
Europe is the third-largest market, with over 16% of the total bioenergy installed capacity in 2021. Germany is one of the largest bioenergy markets in Europe in terms of installed capacity. The bioenergy installed capacity in Germany reached 8.92 GW in 2019, representing an increase of 3.8% compared to the previous year's value. Moreover, the only positive factor that can influence the growth in Germany's bioenergy sector is the phase-out of all nuclear facilities in the country by 2022. The country's plans to decommission all the nuclear power plants and increase the share of renewable energy in the total power generation mix are expected to drive the bioenergy sector in Germany during the forecast period.
Key Highlights
- The global bioenergy market was worth USD 116.5 billion in 2021. It is expected to reach USD 229 billion by 2030, growing at a CAGR of 7.7% during the forecast period (2022–2030).
- By product type, the global bioenergy market is segmented into Biomass and Renewable Municipal Waste, Biogas, and Liquid Biofuels. Biomass and Renewable Municipal Waste is the largest segment, with over 34% of the total bioenergy installed capacity in 2021.
- By technology, the global bioenergy market is segmented into Gasification, Fast Pyrolysis, Fermentation, and Other Technologies. Fermentation dominated the bioenergy market, with over 34% of the total bioenergy installed capacity in 2021.
- By region, the global bioenergy market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. North America dominated the bioenergy market, with over 35% of the total bioenergy installed capacity in 2021.
The key players in the global bioenergy market include
- Mitsubishi Heavy Industries Ltd
- MVV Energie AG
- A2A SpA
- Hitachi Zosen Corp
- BTG Biomass Technology Group
- Babcock & Wilcox Volund A/S, Biomass Engineering Ltd
- Orsted A/S
- Enerkem
- Fortum Oyj.
Global Bioenergy Market: Segmentation
By Type
- Biomass and Renewable Municipal Waste
- Biogas
- Liquid Biofuels
By Technology
- Gasification
- Fast Pyrolysis
- Fermentation
- Other Technologies
By Regions
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East and Africa
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Bioenergy Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Type Overview
- Introduction
- Market Size & Forecast
- Biomass and Renewable Municipal Waste
- Market Size & Forecast
- Biogas
- Market Size & Forecast
- Liquid Biofuels
- Market Size & Forecast
- Introduction
- Technology Overview
- Introduction
- Market Size & Forecast
- Gasification
- Market Size & Forecast
- Fast Pyrolysis
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Type
- By Technology
- Canada
- By Type
- By Technology
- Mexico
- By Type
- By Technology
- Latin America
- By Type
- By Technology
- Europe
- Market Size & Forecast
- Germany
- By Type
- By Technology
- France
- By Type
- By Technology
- U.K.
- By Type
- By Technology
- Italy
- By Type
- By Technology
- Spain
- By Type
- By Technology
- Rest of Europe
- By Type
- By Technology
- Asia Pacific
- Market Size & Forecast
- Japan
- By Type
- By Technology
- China
- By Type
- By Technology
- Australia
- By Type
- By Technology
- India
- By Type
- By Technology
- South Korea
- By Type
- By Technology
- Rest of Asia-Pacific
- By Type
- By Technology
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Type
- By Technology
- South Africa
- By Type
- By Technology
- Kuwait
- By Type
- By Technology
- Rest of Middle East & Africa
- By Type
- By Technology
- Introduction
- Company Profile
- Mitsubishi Heavy Industries Ltd
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- MVV Energie AG
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- A2A SpA
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Hitachi Zosen Corp
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Mitsubishi Heavy Industries Ltd
Table of Content and Figure @ https://straitsresearch.com/report/bioenergy-market/toc
Market News
- In June 2022, Mitsubishi Heavy Industries Engineering, Ltd. and Mitsubishi Heavy Industries Engine & Turbocharger, Ltd., two MHI group firms, will begin demonstration testing of MHIENG's CO2 capture technology in gas engine generator sets run by MHIET. The testing is a significant step toward MHI Group's aim of reaching carbon neutrality through its "MISSION NET ZERO" initiative, and it will help any industry achieve decarbonization.
- In April 2022, The DOE Loan Programs Office announced that it had issued a conditional commitment to Advanced Clean Energy Storage I, LLC, Mitsubishi Power Americas, Inc., Magnum Development, LLC, and Haddington Ventures, LLC, for up to USD 504.4 million in debt financing for the Advanced Clean Energy Storage Project, which is expected to be the world's most significant industrial green hydrogen production and storage facility (the "Project"). This conditional financing pledge is the Project's most recent development milestone.
News Media
Adoption of Bioplastics and Biopolymers Thrive Towards Sustainability Goals
Sorghum — High Tolerant and Resistant to Soil Toxicity
Negative Climatic Changes Observed During The Pandemic: How Real Is The Damage?
Awareness Regarding the Impact of Greenhouse Emissions Drives the Biofuels Market Demand
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