Bioenergy Market is Expected to Grow with a CAGR 7.3% from 2022 to 2028

  • Bioenergy Market

As stated in our extensive report; providing insights Key Drivers, Key Restraints, Segments (i.e.,Product Type, Feedstock, Application, and Region); the Global Bioenergy Market accounted for USD 103.5 Billion in the year 2021.

Bioenergy is the energy generated using bio-based renewable sources such as biofuel, biogas, biomass, and other bio-organic waste. The COVID-19 outbreak has impacted the global market negatively. This is attributed to the temporary ban on the import & export and transportation activities, thereby disrupting the supply chain and electricity & biofuel demand from manufacturing, transportation, construction, and oil & gas industries as it is widely used in power applications in these industries.

“Key Factors Likely to Drive Growth of Bioenergy Market”

The key driving factors for the Bioenergy Market are the rise in investment in renewable energy and growth in the transportation sector.Major economies around the sector are centered on developing renewable energy capacities to lessen their dependency on traditional strength generation, which requires fossil fuels. Renewable investment statistics suggest that the worldwide dependence on coal and different fossil fuels is lowering because of the upward push in investment in solar, wind, and geothermal energy. Biofuels are majorly used as substitutes for petroleum-based fuels for transport, and they are considered a part of important strategies to improve fuel security, mitigate climate change, and support infrastructure development. To reap compliance with emission objectives set by numerous governments to sluggish down global warming and to enhance the safety of energy supply, an expanded contribution from each traditional and superior biofuels might be needed over the forecast period.

However, the restraining factor that hinders market growth is the high initial investment for establishing biofuel plants such as the cost of financial assistance and regulations required for the collection, sorting, processing, and supply and distribution of feedstock, construction, and operation of plants, and sale & distribution of biogas and biomethane.

Europe holds the largest share in the Bioenergy Market and is expected to continue this trend in the forecast period.

Some of the key players in the GlobalBioenergy Marketinclude-EnviTec Biogas AG, Babcock & Wilcox, Orsted A/S, Fortum Oyj, Hitachi Zosen Corporation, Pacific Bioenergy Corp, Royal Dutch Shell PLC, BP PLC, Enerkem, MVV Energie AG and others.