The global bioenergy market size reached 144.4 GW in 2022. Looking forward, IMARC Group expects the market to reach 228.1 GW by 2028, exhibiting a growth rate (CAGR) of 7.75% during 2023-2028.
Bioenergy is a form of renewable energy that is generated from organic matter, such as biomass, biogas, and biofuel. It is widely used to produce heat, fuel for transportation, electricity, and for heating and cooking applications. It is usually obtained from natural processes and sources, such as wind and sunlight. Bioenergy is eco-friendly as it is produced from feedstock, including solid waste, agricultural waste, and liquid biofuels. As compared to conventional energy sources, biofuels offer better energy reliability, reduced landfills, improved biodegradability, minimized carbon footprint and enhanced air quality. It can also be replenished over relatively shorter durations, thereby reducing the energy bills and reliance on fossil fuels.
Bioenergy Market Trends:
The rising prevalence of global warming due to growing industrial activities across the globe is creating a positive outlook for the market. Consumers are focusing on sustainable development by using bio-based fuels for power generation and biomass for developing low cost and energy effect construction materials. In line with this, the increasing environmental consciousness among the masses regarding the adverse effects of pollution and greenhouse gas (GHG) emission is also favoring the market growth. Moreover, various technological advancements, such as the integration of artificial intelligence (AI) and machine learning (ML) with connected devices for optimizing energy usage, balancing electricity supply and predicting the performance of biomass conversion, are providing an impetus to the market growth. Additionally, the increasing product demand to reduce air pollution and emission of GHG due to the rising instances of respiratory diseases, such as pulmonary fibrosis, asthma and lung cancer, is augmenting the market growth. Other factors, including the increasing demand for biomass-based electricity generation and the implementation of various government initiatives to promote the adoption of renewable energy sources, are anticipated to drive the market further toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global bioenergymarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, feedstock and application.
Breakup by Product Type:
Breakup by Feedstock:
Breakup by Application:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Archer-Daniels-Midland Company, Babcock & Wilcox Enterprises Inc., Bunge limited, EnviTec Biogas AG, Fortum Oyj, Hitachi Zosen Corporation, Mitsubishi Heavy Industries Ltd., MVV Energie AG, Ørsted A/S, Pacific BioEnergy and POET LLC.
Base Year of the Analysis
US$ Billion, GW
Product Type, Feedstock, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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Key Questions Answered in This Report
The global bioenergy market reached a volume of 144.4 GW in 2022.
We expect the global bioenergy market to exhibit a CAGR of 7.75% during 2023-2028.
The rising consumer inclination towards biofuels over conventional energy sources, as they offer better energy reliability, reduced landfills, improved biodegradability, etc., is primarily driving the global bioenergy market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for bioenergy.
Based on the product type, the global bioenergy market can be categorized into solid biomass, liquid biofuel, biogas, and others. Currently, liquid biofuel accounts for the majority of the global market share.
Based on the feedstock, the global bioenergy market has been segregated into agricultural waste, wood waste, solid waste, and others. Among these, solid waste currently holds the largest market share.
Based on the application, the global bioenergy market can be bifurcated into power generation, heat generation, transportation, and others. Currently, transportation exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global bioenergy market include Archer-Daniels-Midland Company, Babcock & Wilcox Enterprises Inc., Bunge limited, EnviTec Biogas AG, Fortum Oyj, Hitachi Zosen Corporation, Mitsubishi Heavy Industries Ltd., MVV Energie AG, Ørsted A/S, Pacific BioEnergy, and POET LLC.
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