The bioenergy market is expected to register a CAGR of over 6% during the forecast period of 2020-2025
NEW YORK, Nov. 18, 2020 /PRNewswire/ --
The bioenergy market is expected to register a CAGR of over 6% during the forecast period of 2020-2025. Bioenergy is one of the renewable energy sources globally. In 2018, the bioenergy power generation increased by approximately 8% over the previous year. The growth in the bioenergy market can be attributed to the increasing shift towards renewables and other non-fossil fuel-based energy sources, such as solid biomass, biogas, and others. Factors, such as increasing demand for energy, advancements in bioenergy conversion technologies, and increasing investment in bioenergy, and declining electricity generation costs from bioenergy facilities are expected to drive the market during the forecast period. However, the increasing penetration of electric vehicles across the globe is expected to have a negative impact on the demand for biofuels in the coming years.
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- Solid biomass dominated the bioenergy market in 2018 and is expected to continue its dominance during the forecast period, owing to its cost competitiveness in the production of bioenergy.
- Emerging waste-to-energy technologies, such as Dendro Liquid Energy (DLE), a recent German innovation in biological treatment of waste, presents high potential in the bioenergy field, being a close to 'zero-waste' technology.
- Europe dominated the market across the world with the majority of the demand coming from countries, such as Norway, Germany, and the United Kingdom.
Key Market Trends
Biomass to Dominate the Market
- In 2018, the biomass-based installed power capacity increased by 5% over the previous year and has accounted for more than 70% of the bioenergy installed capacity across the world.
- Biomass supply comes from a variety of feedstock – wood fuel, forestry residues, charcoal, pellets, agri-culture crops and residues, municipal and industrial waste, biogas, biofuels, etc. Broadly, the supply can be classified into three main sectors – forestry, agriculture, and waste.
- In 2018, more than 65% of the biopower generation in Europe came from solid biomass sources, such as wood chips and wood pellets, around 20% came from municipal waste followed by 15% from biogas. Similarly, electricity generated from biomass and waste accounted for approximately 2% of the total electricity generation in the United States.
- Adding to this, a similar trend has been witnessed in emerging countries, such as India and Indonesia. The biomass power generation capacity in India has rapidly grown over the last few years as the Indian government focuses on increasing power generation through renewable energy sources.
- Therefore, with the increasing demand for renewable energy sources across the globe, the biomass-based electricity generation is expected to witness a significant growth rate during the forecast period.
Europe to Dominate the Market
- In 2018, Europe accounted for the largest share in the global bioenergy market and is expected to continue its dominance in the coming years as well. Bioenergy is expected to remain crucial over the next decade in order to reach renewable energy targets in 2020, which is why the European Union (EU) member states incorporated the bioenergy option in their National Renewable Energy Action Plans (NREAPs).
- Bioenergy is expected to contribute to around 50% of the European Union's (EU's) 20% of renewable energy by 2020. Adding to this, the 2009 EU Renewable Energy Directive has set a target for the United Kingdom to achieve 15% of its total gross final energy consumption from renewable sources by 2020.
- In June 2019, Privilege Finance announced EUR 90 million of investment to fund 14 MW of green energy projects in the United Kingdom, enough to power approximately 28,000 homes. Once built and running at full capacity, these projects are expected to be converting 175,000 metric ton of food waste, which would otherwise have ended up in landfills, as well as agricultural wastes, into green gas for the National Grid.
- Therefore, factors, such as increasing investments in the bioenergy industry and upcoming bioenergy facilities in the region, are expected to augment the region's position in the global bioenergy market during the forecast period.
Competitive Landscape
The global bioenergy market is fragmented. Some of the major bioenergy technology providers and plant owners include Mitsubishi Heavy Industries Ltd, Hitachi Zosen Corp, BTG Biomass Technology Group, and Babcock & Wilcox Volund A/S, Biomass Engineering Ltd., and Orsted A/S.
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