Shift towards Renewable Energy to Proliferate the Global Bioenergy Market with a CAGR of over 8%| UnivDatos Market Insights

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NOIDA, India, Sept. 19, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Bioenergy Market is expected to grow at a CAGR of over 8% from 2021-2027 reaching USD 600 billion by 2027. The analysis has been segmented into Product Type (Solid Biomass, Liquid Biofuels, Biogas, Other); Feedstock (Agricultural Waste, Wood & Woody Biomass, Solid Waste, Others); Application (Power Generation, Heat Generation, Transportation, Others); Region/Country.

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The Bioenergy market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Bioenergy market. The Bioenergy market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Bioenergy market at the global and regional levels.

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Market Overview

The bioenergy market is expected to grow with a significant CAGR in the coming years. Key factors influencing the growth of the biomass market include is wide availability as a renewable source of energy as the organic materials used to produce biomass are easily available whereas in the case of other renewable sources it is hard to rely on their constant availability. Biomass is produced from organic material/waste that would usually rot and produce CO2 and even methane (a greenhouse gas 21 times more potent than CO2). Therefore, bioenergy is not only sustainable but decreases the CO2 that would have been produced anyways. Furthermore, manufacturers are making an added revenue by producing bioenergy from their leftover waste. This also reduces the garbage dumped in landfills by 60-90% and reduces the cost of landfill disposal. Moreover, the world population is expected to increase to 8 or even to 10.5 billion by 2050 which will increase the need for energy consumption and to respond to this growing demand natural resources need to be used more efficiently and thus the needed switch to biofuels.

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The global bioenergy market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on Product Type, the market is segmented into solid biomass, liquid biofuels, biogas, and others. Amongst product type, the solid biomass segment of the bioenergy market held a significant share in in 2020. Biomass is a renewable organic material produced from plants and animals. Till the mid-1800s, biomass was the largest source of total annual energy consumption in the United States. Using biomass instead of fossil fuels has avoided CO2 emission in many countries. In 2020, 5 quadrillion British thermal units (Btu) and about 5% of the total energy was provided using Biomass in the United States..
• Based on feedstock, the bioenergy market is segmented into agricultural waste, wood & woody biomass, solid waste, and others. Amongst feedstock, wood and woody biomass segment accounted for a major market valuation in 2020. Woody biomass consists of trees, bark, trunks, branches etc. These have a high lignin content which produces large amount of heat and is also used in grid electricity production. In 2018, 2% of the total energy consumption in the United States was from wood and woody biomass waste. Energy from wood can be acquired by directly burning the wood or one can burn the wood in a mixture of wood, coal, and other fuel sources. Indirect methods include deriving energy by thermal or chemical conversion processes.
• Based on application, the bioenergy market is segmented into Power Generation, Heat Generation, Transportation, and Others. The heat generation segment to witness sginifcant growth during 2021-2027. Biofuels are high in heat content and are most used for the generation of heat, which makes it the fastest growing segment. In Europe, use of bioenergy for heat is expected to rise by 8% by 2023 reaching 3.5 exajoules (EJ). The European Union used more than 15 million tons of wood pellets for heating in 2018. Renewable biomass is converted into heat by 3 processes, bacterial decay, burning and conversion to liquid or gas fuel.

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Bioenergy Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
• Rest of the World

For a better understanding of the market dynamics of the Bioenergy market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. The U.S. dominated the market owing to the increasing awareness about renewable energy in the region.

The major players targeting the market include

• Enexor Energy
• Lignetics
• Green Plains Inc.
• Enviva
• Enerkem
• POET
• Drax Group
• Pacific BioEnergy Corp
• EnviTec Biogas AG
• MVV Energie AG

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Bioenergy Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Bioenergy market?
• Which factors are influencing the Bioenergy market over the forecast period?
• What are the global challenges, threats, and risks in the Bioenergy market?
• Which factors are propelling and restraining the Bioenergy market?
• What are the demanding global regions of the Bioenergy market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Bioenergy Market Report Coverage

About UnivDatos Market Insights

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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