Visiongain has published a new report: Bioenergy Market Report 2023-2033: Forecasts by Product Type (Solid Biomass, Liquid Biofuel, Biogas), by Feedstock (Agricultural Waste, Wood Waste, Municipal Waste, Others), by Application (Heat & Power, Transportation) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The bioenergy market was valued at US$342.3 billion in 2023 and is projected to grow at a CAGR of 7.6% during the forecast period 2023-2033.
Concerns on Waste Management and Need for Circular Economy to Drive Bioenergy Demand
In the context of bioenergy, the concept of circular economy plays a vital role in utilizing organic waste as a valuable resource for energy generation. By integrating bioenergy production into waste management systems, organic waste can be converted into biofuels, biogas, or heat, contributing to a more sustainable and efficient use of resources. The circular economy approach supports the transition to a low-carbon economy and helps achieve sustainable development goals. Bioenergy is considered a carbon-neutral or low-carbon option, as it involves using organic materials that absorb carbon dioxide during their growth. Bioenergy can be derived from various organic waste streams, including agricultural residues, food waste, and forestry residues. By converting these wastes into energy, bioenergy contributes to waste management and supports the principles of the circular economy.
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How has COVID-19 had a Significant Negative Impact on the Bioenergy Market?
The COVID-19 pandemic has had both direct and indirect impacts on the bioenergy market. The lockdown measures and restrictions imposed to control the spread of the virus have disrupted global supply chains, including the bioenergy sector. Disruptions in the availability of feedstocks, equipment, and workforce have affected bioenergy production and distribution. The pandemic has led to significant fluctuations in energy demand, particularly in transportation and industrial sectors. With reduced travel and economic activity, the demand for biofuels and biomass-based energy has been affected. Fluctuating prices have posed challenges for bioenergy producers in terms of cost management and revenue generation. However, the impact has varied depending on the specific bioenergy segment and regional circumstances.
How will this Report Benefit you?
Visiongain’s 290-page report provides 142 tables and 152 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the bioenergy market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Bioenergy. Get financial analysis of the overall market and different segments including type, process, upstream, downstream, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing bioenergy market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Rising Adoption & Utilization of Green Energy among Industries
Industries are increasingly recognizing the need to reduce their carbon footprint and mitigate the environmental impact of their operations. Green energy, such as renewable electricity from wind, solar, hydro, or bioenergy sources, offers a sustainable alternative to fossil fuels. Many industries are incorporating sustainability and CSR into their business strategies. Adopting bioenergy aligns with these values and helps companies meet their sustainability targets and enhance their reputation. It demonstrates a commitment to reducing environmental impact and supporting the transition to a low-carbon economy, which can be attractive to customers, investors, and stakeholders. Governments around the world are implementing policies, regulations, and financial incentives to promote the adoption of bioenergy. These measures include feed-in tariffs, tax incentives, grants, and renewable energy targets. Industries can take advantage of these supportive frameworks to facilitate the transition to green energy and access additional benefits.
Agreements Between Public Institutes and Bioenergy Producing Companies
The bioenergy market in a region requires several external infrastructural capabilities to be truly successful. In addition to sufficient funding for research and development, the market also needs adequate infrastructure to support the supply of bioenergy to the desired location. This includes pipelines and storage facilities, as well as government support for the collection of feedstocks. The government can play a key role in the expansion of the bioenergy market by providing funding for infrastructure development and by supporting the collection of feedstocks. The government can also help to create a favorable regulatory environment for the bioenergy industry.
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Where are the Market Opportunities?
Growing Adoption of Biodiesel in Transportation
With the global focus on reducing greenhouse gas emissions and transitioning to cleaner energy sources, biofuels and biodiesel offer a viable alternative to fossil fuels in the transportation sector. Biofuels include ethanol, methanol, biodiesel, biocrude, and methane. In May 2023, Neste and United announced that the airline’s departing flights from San Francisco International Airport (SFO) will be fuelled by a blend of Neste MY Sustainable Aviation Fuel™. Neste will supply 1.5 million gallons (4,500 metric tons) of sustainable aviation fuel (SAF) to United in the U.S. Approvals provided for biodiesel blends is expected to contribute the development of the bioenergy market.
Competitive Landscape
The major players operating in the bioenergy market are Ameresco, Inc., Archer-Daniels-Midland Co, Bioenergy Devco, Biomass Secure Power Inc, BP p.l.c., Cargill, Incorporated, Chevron Corporation, Cosan S.A., Drax Group PLC, Enerkem Inc., EnviTec Biogas AG, Enviva Inc., Neste Oyj, Novozymes A/S, and Oersted A/S. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- On 4th May 2023, Neste and United announced that the airline’s departing flights from San Francisco International Airport (SFO) will be fuelled by a blend of Neste MY Sustainable Aviation Fuel™. Neste will supply 1.5 million gallons (4,500 metric tons) of sustainable aviation fuel (SAF) to United in the U.S.
- On 16th March 2023, Ørsted acquired the Irish solar project Garrenleen from renewable energy developer Terra Solar. The 160 MW solar farm is the company's second solar project in Ireland and will be able to power up to 56,000 homes annually, making it one of the largest solar farms in the country.
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To find more Visiongain research reports on the Energy sector, click on the following links:
- Carbon Capture & Storage (CCS) Market Report 2022-2032
- Blue Hydrogen Market Report 2023-2033
- Anaerobic Digestion (AD) Market Report 2022-2032
- Solar Photovoltaic (PV) Market Report 2023-2033
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