According to the latest report by IMARC Group, titled "Bioenergy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global bioenergy market reached a volume of
144.4 GW in 2022. Bioenergy is a type of renewable energy that is produced by the burning of biomass fuel. It includes the burning of organic substances, including organic waste, harvest residues and crops. It is widely used to meet the demand for energy in order to generate electricity, transportation and heat. Additionally, its production contributes to a sustainable, secure and economically sound future by supplying clean energy sources and revitalizing rural economies. As a result, it is gaining widespread prominence across the globe due to its benefits of minimizing carbon footprint, enhancing air quality, offering better energy reliability and helping reduce landfills while improving biodegradability.
Global Bioenergy Market Trends:
The global market is primarily driven by an enhanced focus on sustainable development. Along with this, numerous initiatives undertaken by the governments of several countries to promote the uptake of clean resources are creating a positive market outlook. In line with this, the growing investments by public and private agencies in the development of renewable energy generation projects are providing a boost to the market. Moreover, the escalating usage of biofuels in vehicles is, in turn, catalyzing the growth of the market. The market is further driven by the increasing partnership and acquisition activities between leading players in an attempt to strengthen their market position. Furthermore, continual technological advancements, such as the integration of machine learning (ML) and artificial intelligence (AI) with connected devices for balancing electricity supply and optimizing energy usage, are impacting the market growth favorably. Other factors, including rapid urbanization and industrialization, the growing initiatives towards smart city development, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a volume of
228.1 GW by 2028, exhibiting a CAGR of 7.75% during 2023-2028.
- On the basis of the product type, the market has been segmented into solid biomass, liquid biofuel, biogas and others.
- Based on the feedstock, the market has been segregated into agricultural, wood, solid and other wastes.
- On the basis of the application, the market has been classified into power generation, heat generation, transportation and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players 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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