Global Bioenergy Market Size To Exceed USD 258.7 Billion By 2033 | CAGR of 7.5%
The Global Bioenergy Market Size was Valued at USD 125.5 Billion in 2023 and the Worldwide Bioenergy Market Size is Expected to Reach USD 258.7 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: Mitsubishi Heavy Industries Ltd, Hitachi Zosen Corp, BTG Biomass Technology Group, Enexor Energy, Drax Group, EnviTec Biogas AG, Pacific BioEnergy Corp, Lignetics, Enerkem, Green Plains Inc, Enviva, and Others Key Vendors.
New York, United States, April 03, 2024 (GLOBE NEWSWIRE) -- The Global Bioenergy Market Size is to Grow from USD 125.5 Billion in 2023 to USD 258.7 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.5% during the projected period.
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Bioenergy offers hope for our planet's long-term survival. It harnesses nature's power by converting organic materials like plants, agricultural residues, and waste into clean, renewable energy. This environmentally friendly approach lowers greenhouse gas emissions and reduces our reliance on fossil fuels. One of its most significant advantages is adaptability. It can generate electricity, heat, and even biofuels, making it suitable for a variety of applications. Biomass power plants produce electricity efficiently, and biogas from organic waste can provide clean cooking fuel to communities all over the world. Several developed and developing countries are implementing mandatory biofuel policies and setting biofuel targets to improve energy security, contribute to climate change mitigation, and support agricultural development. Mandates and incentives for blending biofuels with fossil fuels help to ensure the continued growth of biofuel production and use. The majority of biofuels are currently consumed in conjunction with fossil fuels at low rates. However, the biomass supply chain is a major driver of large-scale bioenergy production. In many cases, obtaining initial funding for new developments involving specific energy crops is a significant challenge. The majority of productions are based on complex transformation chains linked to feeding and food markets.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the* "**Global Bioenergy Market** Size, Share, and COVID-19 Impact Analysis, By Type (Biomass & Renewable Municipal Waste, Biogas, Liquid Biofuels), By Technology (Gasification, Fast Pyrolysis, Fermentation, Other Technologies), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."*
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*The biomass & renewable municipal waste segment is expected to hold the largest share of the global bioenergy market during the forecast period*.
Based on the type, the global bioenergy market is categorized into biomass & renewable municipal waste, biogas, and liquid biofuels. Among these, the biomass & renewable municipal waste segment is expected to hold the largest share of the global bioenergy market during the forecast period. In this context, biomass refers to waste that can be used to generate heat or power through combustion. In contrast, renewable municipal waste is organic garbage such as rotten vegetables, fruits, and other food items. Organic waste, a type of municipal solid waste (MSW), generates methane through processes like pyrolysis/gasification, incineration, anaerobic digestion, and landfilling. Waste-to-energy technology is becoming more prevalent, as is demand for biomass.
*The fermentation segment is expected to hold a significant share of the bioenergy market during the forecast period*.
Based on the technology, the global bioenergy market is categorized into gasification, fast pyrolysis, fermentation, and other technologies. Among these, the fermentation segment is expected to hold the largest share of the global bioenergy market during the forecast period. This is due to its mature and globally accepted technology. Fermentation yields more than 98% due to its widespread use in industry and processes that require low temperature and pressure, with alternative feedstock options such as Jatropha, animal fats, sludge, or waste cooking oil on the rise, combined with a commercial value of co-products and tax breaks on biodiesel; these technologies are gaining popularity in the early years of the forecast period.
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*North America is anticipated to hold the largest share of the global bioenergy market over the predicted timeframe.*
North America is projected to hold the largest share of the global bioenergy market over the forecast period. Powered by innovations in technology, abundant biomass resources, and a growing emphasis on renewable energy. The United States and Canada have been at the forefront of bioenergy adoption, particularly in the biofuels, biogas, and biomass power generation sectors. Policies such as the United States Renewable Fuel Standard have accelerated the growth of biofuels like ethanol and biodiesel. The continent's emphasis on research and development has yielded novel solutions, including cellulosic biofuels and waste-to-energy projects.
The Europe market is expected to grow at the fastest CAGR growth during the forecast period. The region's commitment to sustainability, stringent environmental regulations, and innovative policies have accelerated the development of bioenergy solutions. Europe invests heavily in advanced technologies such as biomass and biogas generation, biofuel refining, and waste-to-energy conversion.
*Competitive Analysis:*
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global bioenergy market are Mitsubishi Heavy Industries Ltd, Hitachi Zosen Corp, BTG Biomass Technology Group, Enexor Energy, Drax Group, EnviTec Biogas AG, Pacific BioEnergy Corp, Lignetics, Enerkem, Green Plains Inc, Enviva, and among others.
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*Recent Developments*
· *In August 2023,* Babcock & Wilcox announced a partnership with General Hydrogen Corp., a CGI Gases subsidiary. According to the terms of the agreement, General Hydrogen Corp. will purchase net-negative carbon-intensity hydrogen from a biomass-powered facility that employs B&W's innovative BrightLoop technology, which is currently being developed in Louisiana.
*Market Segment*
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global bioenergy market based on the below-mentioned segments:
*Global Bioenergy Market, By Type*
· Biomass & Renewable Municipal Waste
· Biogas
· Liquid Biofuels
*Global Bioenergy Market, By Technology*
· Gasification
· Fast Pyrolysis
· Fermentation
· Other Technologies
*Global Bioenergy Market, Regional Analysis*
· North America
· US
· Canada
· Mexico
· Europe
· Germany
· Uk
· France
· Italy
· Spain
· Russia
· Rest of Europe
· Asia Pacific
· China
· Japan
· India
· South Korea
· Australia
· Rest of Asia Pacific
· South America
· Brazil
· Argentina
· Rest of South America
· Middle East & Africa
· UAE
· Saudi Arabia
· Qatar
· South Africa
· Rest of the Middle East & Africa
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