As per our research report the Bioenergy Market size is predicted to be worth 640.71 million dollars by the end of 2027. During the projection period of 2022 to 2027, the global Bioenergy Market is expected to grow at a CAGR of 8.00 percent.
The number of countries that have ratified the Paris Climate Change Agreement has been steadily rising. This agreement requires countries to enhance their use of renewable energy sources in total electricity generation. Biofuels and biogas are gaining traction around the world as an innovative solution for combating climate change, limiting GHG emissions, including CO2 emissions, and meeting Kyoto Protocol commitments. Fossil fuel emissions are the primary cause of global warming in the energy sector, and bioenergy can be a viable alternative.
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Bioenergy is produced by using bio-based renewable energy sources such as biofuel, biogas, biomass, and other bio-organic waste. Bioenergy is a promising renewable energy source for meeting global climate change goals as well as broader environmental, social, and sustainability goals. Agricultural waste, solid waste, liquid biofuels, and other feedstocks are used to make bioenergy. Bioenergy has a number of advantages, including reduced landfills, energy security and reliability, cost savings, biodegradability, and improved air quality, among others.
The surge in demand for energy generated from bio-based fuels in heat and power generating and transportation applications is propelling the Bioenergy industry’s growth forward. Furthermore, strict government restrictions aimed at reducing pollution from carbon-emitting fossil fuels in the transportation industry are expected to drive market expansion from 2022 to 2027. On the contrary, the rapid shift from coal and other conventional power generation to renewable energy generation, as well as the increased use of biofuels in automobiles, are expected to generate attractive growth prospects for major companies in the future years.
The Bioenergy Market share has been badly damaged by the COVID-19 outbreak. This is due to a temporary prohibition on imports, exports, and transportation activities, which has disrupted the supply chain and increased demand for electricity and biofuels in the manufacturing, transportation, construction, and oil and gas industries, where it is largely employed in powering applications.
SEGMENTATION ANALYSIS:
The global Bioenergy market segmentation include:
BY PRODUCT TYPE: Bioethanol, Biogas, Biodiesel and Others
Biodiesel has the biggest Bioenergy Market share of any bioenergy product type. This is due to an increase in biodiesel demand from transportation applications such as passenger cars, trucks, ships, and airlines. Furthermore, rising demand for biodiesel from power generating applications in building & construction, residential, and other commercial applications is expected to fuel market expansion in the future years.
BY APPLICATION: Cooking, Off-Grid Electricity Supply, Transportation and Others
In 2021, the transportation segment had the biggest Bioenergy Market growth by application. This is due to government rules governing carbon emissions from traditional fuel sources such as diesel, kerosene, gasoline, and others used in transportation. Furthermore, from 2022 to 2027, the worldwide market is predicted to benefit from fast growth in the transportation industry around the world.
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REGIONAL ANALYSIS:
Europe will lead the world in producing heat from bioenergy, with an 87 percent share, followed by Asia at 8%.
Europe holds the highest share of the global bioenergy market, and it is anticipated to maintain its dominance in the future years. Bioenergy is predicted to be critical during the next decade in order to meet renewable energy targets by 2027, which is why member states of the European Union (EU) have made it a part of their National Renewable Energy Action Plans (NREAPs).
In Europe, bioenergy accounted for 6% of total renewable energy power generation in 2020. In the year 2020, Germany generated 7.5 percent of its total electricity from biomass or biofuels. Germany is one of the world’s major bioenergy countries, with over 8000 biogas plants operational by 2020 and more expected over the forecast period. 86 biogas co generation units are expected to provide roughly 40,000 MWh of electricity by 2022. Furthermore, countries such as Italy are anticipated to help the region’s bioenergy industry expansion.
With forthcoming developments and goals to establish a carbon-neutral environment in the coming years, the area is expected to dominate during the projection period.
In recent years, liquid biofuels have become increasingly popular in North America. The region produces about 45 percent of liquid biofuel. In North America, the primary countries for bioenergy are the United States, Canada, and Mexico. The United States is the world’s greatest ethanol producer. In 2021, it produced approximately 16 billion gallons (almost 60 billion litres) of ethanal. Furthermore, in the United States, around 2000 plants create biogas.
The Middle East and Africa region accounts for over 45 percent of the world’s total renewable energy potential. These sources have the potential to generate more than three times the world’s entire electricity needs. It also possesses vast biomass energy potential that have yet to be discovered. Nigeria and the Gulf Cooperation Council (GCC) countries are key participants across the territory.
In Latin America, Brazil and Argentina are the leading producers of liquid biofuels. Both of these countries produce approximately 90% of the region’s liquid biofuels.
LATEST INDUSTRY DEVELOPMENTS:
The completion and start-up of a big rice husk biomass power plant in Phnom Penh’s Chbar Ampov district is still on schedule for July. The facility, which will help to the Kingdom’s emission reduction efforts, will be built in conjunction with Berkeley Energy Commercial and Industrial Solutions (BECIS) of Singapore, and will cost $5.8 million.
By mid-summer 2022, the VERBIO Nevada Biorefinery will have reached full scale production of 7 million ethanol gallons equivalent (EGE) of RNG. In December 2021, it commenced commercial production of renewable natural gas (RNG).
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