The Bioenergy Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Bioenergy Global Market Report 2024, The bioenergy market size has grown strongly in recent years. It will grow from $271.17 billion in 2023 to $296.74 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to fossil fuel dependency concerns, energy security initiatives, rise in environmental awareness, agricultural residue utilization, industry shift towards renewable energy..
The bioenergy market size is expected to see strong growth in the next few years. It will grow to $424.73 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to market expansion in developing regions, urban waste-to-energy initiatives, global agricultural trends, industrial applications expansion, advancements in biomass conversion.. Major trends in the forecast period include transition to biorefineries, public-private partnerships, decentralized energy production, biofuels in transportation, policy support and incentives..
Increasing demand for energy targets to reduce carbon emissions is expected to propel the growth of the bioenergy market going forward. Greenhouse gas emissions from human activities are responsible for the greenhouse effect, in which carbon dioxide from burning fossil fuels affects the climate. To reduce these emissions, countries are taking several steps to reduce carbon emissions. Bioenergy helps in achieving those targets by reducing carbon emissions and providing natural sources. For instance, the United States has set some targets to reduce net GHG emissions by 50–52% in 2030. Therefore, increasing demand for energy targets to reduce carbon emissions drives the bioenergy market.
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The bioenergy market covered in this report is segmented –
1) By Type: Biomass and Renewable Municipal Waste, Biogas, Liquid Biofuels
2) By Technology: Gasification, Fast Pyrolysis, Fermentation, Other Technologies
3) By Application: Power Generation, Heat Generation, Transportation, Other Applications
Advancements in bioenergy conversion technologies are a key trend gaining popularity in the bioenergy market. Major companies in the bioenergy market are advancing their new technologies, research, and developments in bioenergy to sustain their position in the market. For instance, in September 2023, BASF SE, a Germany-based chemical company launched biomass balance plastic additives. These products encourage the substitution of renewable feedstock for fossil fuels, assisting clients in reducing their carbon footprint, conserving fossil fuels, and maximizing their use of renewable feedstock. These goods should offer the same level of performance and quality as those that customers are used to but with the added benefit of being a sustainable drop-in solution and actively contributing to environmental preservation .
The bioenergy market report table of contents includes:
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