ALBANY, New York, April 14, 2016 /PRNewswire/ --
Transparency Market Research (http://www.transparencymarketresearch.com ) has released a new market report titled "Global Bioenergy Market, by Product Type (Bioethanol, Biodiesel, Biogas, and Others) and by Application Type (Cooking, Off-grid Electricity Supply, Transportation, and Others) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2016-2024." According to this report, the global bioenergy market was valued at US$168.18 Bn in 2016 and is projected to reach US$ 246.52 Bn by 2024 at a CAGR of 4.90% from 2016 to 2024.
The global bioenergy market is undergoing constant evolution to provide its users some of the most dependable and advanced solutions. Bioenergy refers to renewable energy that is generated from materials derived from biological sources. For instance, biomass is a source of bioenergy that may include manure, wood, waste, straw, sugarcane, and many such byproducts.
Bioenergy is the single largest renewable energy source today, providing 10% of world's primary energy supply. It plays a significant role in several developing countries, where it provides basic energy for cooking and space heating. The deployment of advanced biomass cooking stoves, clean fuels, and additional off-grid biomass electricity supply in developing countries are key measures to improve the current situation and achieve universal access to clean energy.
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The bioenergy market has been segmented on the basis of product type, application, and region. In terms of product type, bioethanol and biodiesel together held about 77% share in 2015; bioethanol is used in large quantities as compared to other biofuels.
High oil prices, constricted energy markets, and indications about climate change are among the reasons for policy makers around the world to support the production and use of alternative, renewable energy sources such as bioenergy. Agricultural commodities such as maize are now being used to produce biofuels, bio heat, and bio power which are the components of the bioenergy market. The bioenergy industry helps in the development of areas such as scientific developments, environmental effects, energy balances, and agricultural market economics.
The bioenergy market is broadly classified into biofuels and biogas. Biofuels consists of bioethanol and biodiesel. Biogas is produced by processing residual waste from livestock (dung, manure, and unconsumed food), food production (fruit and vegetable waste, residues from meat, fish and dairy processing, brewery waste, food waste), and effluents from industrial as well as municipal wastewater treatment plants. Bioethanol in the biofuel segment is mainly produced by the sugar fermentation process, although it can also be manufactured by the chemical process of reacting ethylene with steam. Biodiesel is a clean burning renewable fuel made using natural vegetable oils and fats. Biodiesel is made through a chemical process which converts oils and fats of natural origin into fatty acid methyl esters.
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Bioenergy market in North America is increasing due to the stringent emission norms in the region. U.S. in North America is anticipated to lead the production of bioethanol during the forecast period whereas Germany in Europe is expected to lead the biogas production from 2016 to 2024.The bioenergy market in Europe is anticipated to grow due to favorable subsidization schemes regulated by government in countries such as the Germany, France, the U.K., and Sweden related to bioenergy use and production. Major EU directives, commonly known as the Promotion of Renewable Electricity, Biofuels and Landfill Directives, along with the European Emissions Trading Scheme and parts of the Common Agricultural Policy, are some of the most important drivers behind the growth of bioenergy in the European Union.
Increase in demand for electricity due to high population growth has resulted in more efficient and clean energy solutions across the emerging economies in Asia Pacific. This has spurred investments in bioenergy industry. Countries such as India and China are focusing more on effective utilization of bioenergy in the application areas of manufacturing, off-grid electricity supply, and transportation. This would increase the demand for bioenergy market during the forecast period.
Energy authorities in the regions of Latin America and South Africa are focusing on clean energy projects. Through these projects, bioenergy production would integrate energy efficiency by the means of distribution and transmission process. Brazil accounts for the majority of global bioethanol production after U.S. International trade in ethanol is expected to grow rapidly over the next decade, mainly with exports from Brazil to the US and EU.
The bioenergy market has been segmented as follows:
Bioenergy Market: By Product Type
Bioenergy Market: By Application Type
- Off-grid Electricity Supply
Bioenergy Market: By Region
- North America
- Rest of Europe
- Rest of Asia Pacific
Rest of World
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