WASHINGTON, June 13, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Bioenergy Market finds that an increase in demand for energy generated by using bio-based fuels from heat & power generation and transportation applications has augmented the high growth of the Bioenergy Market in recent days.
In addition, stringent government regulations in order to control environmental pollution from carbon-emitting fossil fuels have been propelling the growth of the Bioenergy Market in recent years. Furthermore, an increase in the use of biofuels in vehicles and the rise in the shift from coal & other conventional power generation to renewable energy generation is anticipated to witness the maximum growth for the Bioenergy Market in the projected period.
The Global Bioenergy Market revenue is expected to reach a value USD 157.9 Billion in the year 2028.
The Global Market revenue stood at a value USD 103.5 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period; states Vantage Market Research, in a report, titled “Bioenergy Market Size, Share & Trends Analysis Report by Product Type (Solid Biomass, Liquid Biofuel, Biogas, Others), by Feedstock (Agricultural Waste, Wood Waste, Solid Waste, Others), by Application (Power Generation, Heat Generation, Transportation, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers:
Increased Investment in Renewable Energy Drives the Market
As environmental regulations are tightened around the world, the power generation industry is choosing cleaner and more environmentally friendly energy resources. Major economies around the world are focusing on developing renewable energy capacities to reduce their reliance on traditional power generation, which requires fossil fuels. Records of investment in renewable energies show that global reliance on coal and other fossil fuels is declining due to increased investment in these types of energy, such as solar, wind and geothermal. This energy is an important source of renewable energy, accounting for about 50% of the world's total renewable energy consumption, and can solve many global challenges, including environmental issues associated with the limited availability of fossil fuels. It is the only renewable energy available in all three energy sectors: electricity, heat and transportation. Therefore, most countries are investing in these energy sources, which, in turn, fuels global market demand.
Growth in Transportation Sector Drives the Market
Biofuels are primarily used in place of petroleum-based fuels in transit and are considered as an important part of a strategy to improve fuel safety, mitigate climate change and support infrastructure development. Both traditional and advanced biofuels need to increase their contributions during the forecast period to meet emission targets set by various governments to delay climate change and improve energy supply safety. Aviation, on the other hand, is the second largest energy consumer in the transportation industry. The biggest hurdle in aviation is the need for high-purity, chemically stable fuels. However, some European companies will start producing kerosene from Jatropha and soon supply it to some major airlines. In addition, test flights between airlines and the US military have shown that subsequent blends of petroleum-based kerosene and bio jet fuel can be used effectively and safely. While some of the other areas where liquid biofuels can be used are rail transport. The feasibility of these fuels in this area remains unseen in the coming years. In rail transport, most rail businesses come from diesel towing, and biodiesel has the potential to be a viable alternative fuel for running trains. Hydrothermal Upgrading (HTU) Diesel & Biomass to Liquid (8t) used in other power generation systems such as biogas, bio-methane, bioethanol and biomass.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Bioenergy market is predicted to grow at a CAGR of roughly 7.3% during the forecast period.
- The Bioenergy market was estimated to be worth roughly USD 103.5 Billion in 2021 and is expected to reach USD 157.9 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Bioenergy market.
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Segmentation of the Global Bioenergy Market:
- Product Type
- Solid Biomass
- Liquid Biofuel
- Biogas
- Others
- Feedstock
- Agricultural Waste
- Wood Waste
- Solid Waste
- Others
- Application
- Power Generation
- Heat Generation
- Transportation
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/bioenergy-market-1620
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Bioenergy Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Europe Holds Largest Market Share
Europe accounted to have substantial growth for Bioenergy Market in 2021. Emerging countries such as India and China have introduced strict regulations to reduce carbon dioxide emissions. This is an important factor driving market growth. In Japan, the use of timber for energy is expanding, two-thirds of the country is covered with forests, and about 100 million m³ of timber is regenerated annually. In 2018, about 9 Mt of solid wood biomass was used for wood and energy, of which more than 75% was wood chips. China, India, Australia, South Korea and Southeast Asia are the largest consumers of this type of energy in the Asia Pacific region.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on "Bioenergy Market Size, Share & Trends Analysis Report by Product Type (Solid Biomass, Liquid Biofuel, Biogas, Others), by Feedstock (Agricultural Waste, Wood Waste, Solid Waste, Others), by Application (Power Generation, Heat Generation, Transportation, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/bioenergy-market-342423
List of Prominent Players in the Bioenergy Market:
- Envi Tec Biogas AG
- Babcock & Wilcox
- Orsted A/S
- Fortum Oyj
- Hitachi Zosen Corporation
- Pacific Bioenergy Corp
- Royal Dutch Shell PLC
- BP PLC
- Enerkem
- MVV Energie AG
Recent Developments:
April 2020: Finnish Swiss biotech company Ductor is building three combined biofertilizer biogas facilities in northern Poland. The new facilities will be built in Poland`s Zachodniopomorskie region, located off the coast of the Baltic Sea. Two of the new plants would have installed capacity of 0.5MW, and the third will be 1MW. All three plants are expected to be operational in 2021.
February 2020: Bright mark Energy, based in the United States, has announced plans to expand its waste-to-biogas project in partnership with a total of six farms in the region. The Yellow Jacket Project extracts methane from 265,000 gallons of dairy fertilizer per day and converts it into renewable natural gas (RNG) and other useful by-products.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Bioenergy Market?
- How will the Bioenergy Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Bioenergy Market?
- What is the Bioenergy market drivers and restrictions?
- What will be the CAGR and size of the Bioenergy Market throughout the forecast period?
This market titled “Bioenergy Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Product Type ° Solid Biomass ° Liquid Biofuel ° Biogas ° Others • Feedstock ° Agricultural Waste ° Wood Waste ° Solid Waste ° Others • Application ° Power Generation ° Heat Generation ° Transportation ° Others • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • Envi Tec Biogas AG • Babcock & Wilcox • Orsted A/S • Fortum Oyj • Hitachi Zosen Corporation • Pacific Bioenergy Corp • Royal Dutch Shell PLC • BP PLC • Enerkem • MVV Energie AG |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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