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The latest report by IMARC, 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.
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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.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
Market Summary:
Breakup by Product Type:
• Solid Biomass
• Liquid Biofuel
• Biogas
• Others
Breakup by Feedstock:
• Agricultural Waste
• Wood Waste
• Solid Waste
• Others
Breakup by Application:
• Power Generation
• Heat Generation
• Transportation
• Others
Breakup by Region:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
Competitive Landscape with Key Players:
• 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
• POET LLC.
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