According to the latest report by IMARC Group, titled “Bioenergy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global bioenergy market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global bioenergy market size reached 144.4 GW in 2022. Looking forward, IMARC Group expects the market to reach a value of 228.1 GW by 2028, exhibiting a growth rate (CAGR) of 7.75% during 2023-2028.
Bioenergy represents a form of renewable energy generated from organic matter, such as agricultural waste, wood waste, and solid waste. Some of the common product types include solid biomass, liquid biofuel, biogas, and others. These bioenergy variants are extremely eco-friendly, offer improved energy reliability, ensure reduced landfill, facilitate enhanced biodegradability, and minimize carbon footprint as compared to conventional energy sources. They prove to be excellent fuel for transportation, electricity, and heating and cooking applications. Bioenergy products can even be conveniently replenished over relatively shorter durations, thereby lowering energy bills and dependency on fossil fuels. Consequently, they find widespread utilization across several sectors, including transportation, power generation, agriculture, etc.
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Industry Trends & Drivers
The increasing prevalence of global warming, owing to the growing industrial activities across the countries, is among the key factors driving the bioenergy market. In addition to this, the elevating focus on sustainable development by employing bio-based fuels for power generation and using biomass for producing low-cost and energy-efficient construction materials is acting as another significant growth-inducing factor.
Moreover, the rising environmental consciousness among the masses about the adverse impacts of pollution and greenhouse gas (GHG) emissions is further stimulating the market growth. Apart from this, the escalating technological advancements, such as the incorporation of artificial intelligence (AI) and machine learning (ML) with connected devices to optimize energy usage, balance electricity supply, and predict the performance of biomass conversion, are also positively influencing the global market. Besides this, the launch of various favorable initiatives by government bodies aimed at promoting the adoption of renewable energy sources is anticipated to bolster the bioenergy market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Archer-Daniels-Midland Company, Babcock & Wilcox Enterprises Inc., Bunge limited, EnviTec Biogas AG, Fortum Oyj, Hitachi Zosen Corporation, Mitsubishi Heavy Industries Ltd., MVV Energie AG, Ørsted A/S, Pacific BioEnergy and POET LLC.
The report has been segmented the market into following categories:
Breakup by Product Type:
- Solid Biomass
- Liquid Biofuel
Breakup by Feedstock:
- Agricultural Waste
- Wood Waste
- Solid Waste
Breakup by Application:
- Power Generation
- Heat Generation
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom,
Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia,
Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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