06 Sep 2016 11:09:55
Global Bioenergy Market to Register 4.92% CAGR from 2016 to 2024 owing to Rising Awareness about GHG Emissions
Bioenergy is a type of renewable energy that has been derived from biomass in order to generate heat and electricity and to produce liquid fuels, which can be used for transportation. Biomass is organic matter that has large amounts of chemical energy. It is widely available in several forms, including forestry products, municipal waste, agricultural products, wood waste, and other waste. Bioenergy is the only form of renewable energy that can be utilized in all three major energy sectors: heat, transportation, and electricity.
In 2016, the global bioenergy market was worth US$168.2 bn and is projected to reach a value of US$246.5 bn by the end of 2024. The market is estimated to exhibit a 4.92% CAGR between 2016 and 2024.
Growing Need for Economic Development to Drive Global Bioenergy Market
The increasing number of measures to reduce greenhouse gas emissions is considered as the most important factor estimated to fuel the growth of the global bioenergy market throughout the forecast period. In addition, concerns associated with energy security and the increasing need for economic development are the other key factors augmenting the growth of the market in the near future. On the flip side, the food versus fuel competition that risks diverting farmlands for production of biofuels has resulted in surged food prices, which is a major factor hampering the growth of the global bioenergy market. Nevertheless, developing an innovative model for sustainable energy is one of the greatest opportunities for the major players operating in the market.
The global bioenergy market can be classified on the basis of application into transportation, off-grid electricity supply, cooking, and others. According to government institutions, the major impact of bioenergy is believed to be observed in the heat sector. Furthermore, bioenergy finds application in the space heating sector, manufacturing industries, and construction activities as one of the major sources of renewable energy. On the basis of type, the global market for bioenergy can be segregated into biogas, biodiesel, bioethanol, and others.
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Europe Bioenergy Market to Lead Global Market in Coming Years
The global bioenergy market can be divided on the basis of geography into Europe, Asia Pacific, North America, and Rest of the World. In the past few years, the Europe and North America markets for bioenergy have been growing at a fast pace. In 2015, France and Germany collectively accounted for a 56% share in the Europe bioenergy market. The presence of major European directives, the European Union Emission Trading Scheme, biofuel and landfill directives, and the common agricultural policy is one of the major drivers for the rapid growth of the Europe bioenergy market. As a result of the implementation of these regulations, Europe is estimated to register the highest growth rate by the end of 2024.
The prominent players operating in the global bioenergy market include Enerkem, Abengoa Bioenergy, BP Biofuels, Novozymes, Gevo, Inc., E. I. du Pont de Nemours and Company, Solazyme Inc., Sapphire Energy, Amyris, Inc., LanzaTech, Joule Unlimited, Butamax Advanced Biofuels, Zeachem Inc., POET LLC, and Ceres Inc.
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