Bioenergy Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Bioenergy Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Bioenergy Market

The bioenergy market size was valued at USD 344.90 billion in 2019, and the market is now projected to grow to USD 978.67 billion by 2032, exhibiting a CAGR of 8.34% during the forecast period of 2020-2032.

The COVID-19 pandemic is also expected to affect typically on U.S. electricity consumption. Presently due to Covid-19, the restraints on travel, work, and industry are projected to cut billions of barrels of oil, and trillions of cubic meters of gas from the worldwide energy system.

The progress in ecological protection guidelines through the world are encouraging the power generation industry to select for cleaner and ecologically friendly energy resources. Key economies around the world are focused on emerging renewable energy capacities to decrease their dependence on conventional power generation, which needs fossil fuels. Renewable investment records designate that the world-wide dependence on coal and other fossil fuels is declining due to the upsurge in investment in this type of energy, solar, wind, and geothermal energy. This energy is a key source of renewable energy, holding around 50% share in the world’s total renewables intake, and can solve many worldwide challenges such as limited obtainability of fossil fuels and associated ecological issues.

Waste management is a key worldwide problem. Billions of tons of waste is produced by farming, municipal, and industrial sectors each year. Biofuels, biogas, and bio methane systems are turning the waste management issue into a proceeds opportunity for farms, dairies, food processing, and wastewater treatment industries. Biogas is formed during anaerobic digestion. This gas is further handled to produce bio methane. Biofuel is also derived from plant, algal, or animal biomass. It is used as a great energy renewable fuel, which can be used as a substitute for fossil fuels. Biogas-fuelled gas engines develop waste management while maximizing energy supply. Accessibility of a huge amount of feedstock for bioenergy production is anticipated to enhance the bioenergy market growth during the estimate period.

Comprehensive Analysis of Bioenergy Market

The market can be segmented in various ways, depending on the focus of analysis such as by type, by feedstock and by application. Based on type, the market is trifurcated into solid biomass, liquid biofuel, biogas, and others. Based on feedstock, the market can be grouped into agricultural waste, wood and woody biomass, solid waste, and others. Based on application, the market can be segmented into power generation, heat generation, transportation, and others.

Asia Pacific region is dominating the bioenergy market share due to executing strong guidelines to lower their carbon footprint.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include ADM (U.S.), POET (U.S.), Ameresco, Inc. (U.S.), Enerkem (Canada), MVV Energie AG (Germany), Enviva (U.S.), EnviTec Biogas AG (Germany), Green Plains Inc. (U.S.), Pacific BioEnergy Corp (Canada), Lignetics (U.S.), Drax Group (U.S.), Enexor Energy (U.S.) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In February 2020, The U.S. based Brightmark Energy Company declared ideas to enlarge its waste-to-biogas project, associating with six total farms in the region. The ‘Yellowjacket’ project would remove methane from 265,000 gallons of dairy manure per day and transform it into renewable natural gas (RNG) and other beneficial by-products.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historic Period 2016-2018

Unit Value (USD Billion)

SegmentationBy 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 Region

North America (U.S., Canada)

Europe (UK, Germany, France, Italy, Sweden, Spain, and Rest of Europe)

Asia Pacific (China, India, Japan, Australia, South Korea, Southeast Asia, and Rest of Asia Pacific)

The Middle East & Africa (Nigeria, GCC, and Rest of the Middle East & Africa)

Latin America (Brazil, Argentina, and Rest of Latin America)


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