Pune, India, April 27, 2022 (GLOBE NEWSWIRE) -- 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 Outlook 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.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2027 |
| Forecast Period 2021 to 2027 CAGR | 8.0% |
| 2027 Value Projection | USD 642.71 billion |
| Base Year | 2019 |
| Market Size in 2020 | USD 344.90 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 140 |
| Segments covered | By Product, By Feedstock, By Application and Regional |
| Growth Drivers | Rapid Depletion of Fossil Fuels to Accelerate the Bioenergy Market Growth |
| Concerted Efforts to Reduce Carbon Emissions to Boost the Market in Asia Pacific |
Market Driver:
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 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.
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.
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According to the report, the global market value stood at USD 344.90 billion in 2019. The report also shares the following:
- Exhaustive examination of the key market drivers, trends, and restraints;
- Accurate forecasting of upcoming market opportunities;
- In-depth study of all market segments;
- Comprehensive evaluation of the regional dynamics; and
- Careful profiling and thorough research of the top market players and their strategies.
Regional Insights:
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 bioenergy consumption in the region. These factors enabled Asia Pacific to create a market for bioenergy 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.
Competitive Landscape:
Widening Geographic Presence of Companies to Characterize Market Competition
With strengthening global commitment towards bio-based energy, key players in this 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.
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Industry Developments:
- 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.
List of Key Players Covered in the 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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Global Bioenergy Market Segmentation:
By Type
- Liquid Biofuel
- Biogas
- Others
- By Feedstock
- Agricultural Waste
- Wood and woody Biomass
- Solid Waste
- Others
By Application
- Power Generation
- Heat Generation
- Transportation
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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