IMARC Group, a leading market research company, has recently releases report titled “Bioenergy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. The report offers a comprehensive analysis of the industry, which comprises insights on the global bioenergy market share. 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 refers to the renewable energy derived from biological sources, such as plants, organic waste, and biomass. It is considered carbon neutral as the carbon dioxide (CO2) released during combustion is approximately equal to the amount absorbed by the plants during their growth, which significantly reduces net greenhouse gas emissions, mitigating climate change. It is versatile and can be converted into electricity and heat through technologies like biomass power plants and biogas production. Furthermore, bioenergy promotes waste reduction and resource efficiency as organic waste materials can be converted into valuable energy, reducing landfill waste, and providing an economic incentive for waste management. As it can contribute to energy security and sustainable development, the demand for bioenergy is rising across the globe.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/bioenergy-market/requestsample
Bioenergy Market Trends and Drivers:
The increasing awareness about climate change and its consequences is leading to a growing demand for cleaner energy sources. Bioenergy, being carbon-neutral, is seen as an effective way to reduce greenhouse gas emissions and combat global warming. Besides this, as countries seek to reduce their dependence on fossil fuels, bioenergy offers a reliable domestic energy source. Biomass can be locally sourced, reducing vulnerability to international energy supply disruptions. In addition, governing agencies of several countries are implementing policies and incentives to promote bioenergy production. This includes subsidies, tax credits, and renewable energy mandates, which encourage investment in bioenergy projects. Apart from this, advancements in bioenergy technologies, such as improved biomass conversion methods and biogas production techniques, are making bioenergy more cost-effective and efficient. Moreover, bioenergy projects often create jobs in rural areas, stimulating economic growth and providing income opportunities for farmers and local communities. In line with this, bioenergy contributes to a diversified energy portfolio, reducing reliance on a single energy source and enhancing energy resilience. Furthermore, bioenergy promotes a circular economy by utilizing organic waste materials and byproducts from agriculture and forestry, reducing waste and maximizing resource use.
Competitive Landscape with Key Player:
- 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
Report Segmentation:
The report has segmented the market into the following categories:
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
Market 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
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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