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Bioenergy Market Product, Feedstock, Application (Power Generation, Heat Generation, Transportation and Others)

PORTLAND, OREGON, USA, October 12, 2022 /EINPresswire.com/ —

Top Competitors in the Bioenergy Industry

Major players operating and profiled in the bioenergy market report include EnviTec Biogas AG, Babcock & Wilcox, Orsted A/S, Fortum Oyj, Hitachi Zosen Corporation, Pacific Bioenergy Corp, Royal Dutch Shell Plc, BP Plc, Enerkem and MVV Energie AG. Other players operating in the value chain of the global bioenergy market are POET, ADM, Ameresco, Inc., Biomass Engineering Limited, A2A SPA, Drax Group, Enexor Energy, Green Plains, Inc., and others.

According to a new report published by Allied Market Research, the bioenergy market size was valued at $102.5 billion in 2020 and is expected to reach $217.8 billion by 2030, growing at a CAGR of 7 .6% from 2021 to 2030.

Europe is expected to grow at the fastest pace, registering a CAGR of 8.1%, throughout the forecast period.

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In 2020, Europe dominated the global bioenergy market with more than 47.5% share, in terms of revenue.

Heat generation is the fastest growing application segment in the global bioenergy market, which is expected to grow at a CAGR of 8.3% between 2021 and 2030.

In 2020, the liquid biofuels segment accounted for about 40.2% of the global market share and is expected to maintain its dominance till the end of the forecast period.

In 2020, the solid waste segment accounted for 36.8% bioenergy market share in 2020, and is expected to grow at a rate of 7.3% in terms of revenue, increasing its share in the global market.

Significant development in end-use industries such as manufacturing, building & construction, transportation, and power generation is fueling the growth of the bioenergy market over the forecast period.

Additionally, increasing demand for biomass and biofuels for efficient heat generation in Europe and North America is expected to propel the market growth over the forecast period.

Some of the disadvantages of bioenergy such as high cost and space for plant installation, lower efficiency of ethanol compared to gasoline and risk of deforestation in the future are the main factors which are expected to hinder the growth of the global market in the coming years.

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Rising demand for sustainable electricity, transportation fuels, heat generation, and other purposes is expected to fuel the growth of the solid waste bioenergy market over the forecast period.

Rapid growth in the transportation sector across the globe is expected to fuel the growth of the global bioenergy market from 2021 to 2030.

Increased bioenergy investment and R&D to meet future renewable energy targets by European Union Member States is expected to increase the growth of the European bioenergy market during the forecast period.

Rising demand for liquid biofuels from power generation applications in building & construction, residential, and other commercial applications is further expected to drive the market growth in the coming years.

Impact of Covid-19 on the global bioenergy market

The global bioenergy market has witnessed steady growth in 2020, owing to the outbreak of the COVID-19 pandemic. The epidemic has had a negative impact on various sectors and countries, thus diminishing the workforce across the world, which has reduced consumer spending and therefore the demand for vehicles, construction equipment, transport , heat generation and others.

However, due to the lockdown imposed around the world, there is a gap between supply and demand, which has led to a halt in the supply of equipment used in bioenergy production.

In Europe, economies like Germany, France, Spain and Italy have followed strict measures, such as maintaining social distancing and limiting movement to prevent the spread of the coronavirus.

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Bioenergy is the form of energy generated by the use of bio-based sources such as agricultural waste, solid waste, animal manure and human wastewater, biomass and others.

Bioenergy offers various key benefits such as carbon neutrality, independence from fossil fuels, lower cost, wide availability, less environmental pollution, less landfills, etc.

David Correa
Allied Analytics LLP
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