What Is The Current and Historic Market Size Analysis Of The Bioenergy Market?
The bioenergy market has seen considerable growth due to a variety of factors.
• Over the past few years, the bioenergy market has seen significant growth. It is expected to expand from a worth of $296.09 billion in 2024 to $323.44 billion in 2025, with a compound annual growth rate (CAGR) of 9.2%. This growth during the historic period can be traced back to factors such as concerns about dependency on fossil fuels, initiatives aimed at energy security, increased awareness about the environment, the use of agricultural residues, and the industry's shift to renewable energy.
What Is The Forecast For The Bioenergy Market By 2029?
The Bioenergy market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, substantial growth is predicted for the bioenergy market. It's projected that by 2029, it will reach $473.49 billion, growing at a compound annual growth rate (CAGR) of 10.0%.
The market's growth during the forecasted period can be credited to expansion in developing areas, waste-to-energy initiatives in urban areas, global agricultural tendencies, industrial applications expansion, and progress in biomass conversion. Key trends within this forecast period encompass the shift to biorefineries, collaborations between government and private sectors, decentralization of energy production, use of biofuels in transportation, and the effect of policy support and incentives.
What Are The Essential Drivers Behind The Growth Of The Bioenergy Market?
The bioenergy market is anticipated to expand, driven by the escalating demand for energy solutions that aim to diminish carbon emissions. The greenhouse effect, caused primarily by human-induced greenhouse gas emissions - particularly those originating from the combustion of fossil fuels, is impacting the environment. Various nations have initiated multiple measures in a bid to regulate these emissions. Bioenergy plays a critical role in achieving these objectives, as it not only limits carbon emissions but also offers organic sources. For example, the U.S. set a new record by installing 31 gigawatts (GW) of solar energy capacity in 2023, as per a report published by the World Resources Institute, a U.S. based entity. This represents a 55% improvement compared to installations in 2022. Thus, the increasing demand for achieving energy targets and reducing carbon emissions fuels the growth of the bioenergy market.
How Is The Global Bioenergy Market Divided Into Key Segments?
The bioenergy market covered in this report is segmented –
1) By Type: Biomass And Renewable Municipal Waste, Biogas, Liquid Biofuels
2) By Technology: Gasification, Fast Pyrolysis, Fermentation, Other Technologies
3) By Application: Power Generation, Heat Generation, Transportation, Other Applications
Subsegments:
1) By Biomass And Renewable Municipal Waste: Wood And Agricultural Residues, Organic Waste, Algae
2) By Biogas: Anaerobic Digestion, Landfill Gas, Wastewater Treatment Biogas
3) By Liquid Biofuels: Bioethanol, Biodiesel, Bio-jet Fuel
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What Trends Are Reshaping The Future Of The Bioenergy Market?
The bioenergy market is seeing a significant trend in the development of bioenergy conversion technologies. Industry leaders in bioenergy are focusing on innovating and developing new technologies. An example is BASF SE, a chemical company based in Germany, which introduced biomass balance plastic additives in September 2023. These products encourage replacing fossil fuels with renewable feedstock, helping customers lower their carbon emissions, preserve fossil resources, and increase the use of renewable feedstock. The performance and quality of these products are expected to match conventional ones, with the added advantage of being an environmentally friendly alternative.
Who Are the Key Players In The Bioenergy Market?
Major companies operating in the bioenergy market include:
• Babcock and Wilcox Enterprises Inc.
• Orsted A/S
• Hitachi Zosen Corporation
• Pacific Bioenergy Corp.
• Enerkem Inc.
• MVV Energie AG
• Enexor Energy LLC
• Lignetics Inc.
• Green Plains Inc.
• Enviva Partners LP
• POET LLC
• Drax Group PLC
• Ameresco Inc.
• Archer Daniels Midland Company
• EnviTec Biogas AG
• CropEnergies AG
• Abengoa Bioenergy US Holding LLC
• Novozymes A/S
• Alto Ingredients Inc.
• Valero Energy Corporation
• BP Biofuels North America LLC
• Cargill Inc.
• DuPont Industrial Biosciences USA LLC
• Gevo Inc.
• LanzaTech Inc.
• Amyris Inc.
• Butamax Advanced Biofuels LLC
• Genomatica Inc.
• NexSteppe Inc.
• Renmatix Inc.
• Virent Inc.
• Algenol Biofuels Inc.
What Are The Regional Insights Into The Bioenergy Market?
North America was the largest region in the bioenergy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioenergy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
