According to the report by Expert Market Research (EMR), the global bioenergy market Size is projected to grow at a CAGR of 5.6% between 2023 and 2028. Aided by the increasing shift towards renewables and other non-fossil fuel-based energy sources and advances in bioenergy conversion technology, the market is expected to grow significantly by 2028.
Bioenergy is a renewable energy derived from organic materials, commonly referred to as biomass. This can include plant-based materials and animal waste, and it is utilised to produce heat, electricity, or biofuels. Bioenergy plays a crucial role in sustainable development, waste management, and promoting energy security, while also reducing greenhouse gas emissions.
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The rising demand for renewable energy sources is primarily driving the global bioenergy market growth. As the awareness and need for sustainable and environmentally-friendly energy sources increases, there has been a significant shift towards bioenergy. Additionally, the increasing pressures to reduce greenhouse gas emissions and mitigate climate change have accelerated the adoption of bioenergy across various sectors.
The bioenergy market expansion is also greatly influenced by the expanding uses of bioenergy in a variety of industries. As biofuels, bioenergy is being used more frequently in the transportation industry as a renewable substitute for fossil fuels. While it is used for cooking and heating in home settings, bioenergy is a sustainable source of heat and power in the industrial sector. The agricultural industry also uses bioenergy, notably biofuels and biogas, for a range of purposes, such as powering equipment and managing waste.
Additionally, the market expansion is being further fuelled by the rising investment in the research and development of advanced bioenergy technologies and infrastructure. New prospects for bioenergy are being created by advancements in the production of biogas, advanced biofuels, and biomass power technology.
Additionally, the attention on bioenergy as a crucial element in the world’s energy mix has expanded as a result of the government’s increased support and advantageous regulations for the creation of renewable energy. Bioenergy has become an important participant in the transition to renewable energy, along with the rising trend of sustainability and the increasing popularity of green energy, which is fuelling the expansion of the bioenergy market.
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Bioenergy Market Segmentation
The market can be divided based on type, technology, and region.
Market Breakup by Type
• Solid Biomass
• Renewable Waste
Market Breakup by Technology
• Fast Pyrolysis
Market Breakup by Region
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global bioenergy companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Mitsubishi Heavy Industries Ltd
• MVV Energie AG
• A2A S.p.A.
• Hitachi Zosen Corporation
• BTG Biomass Technology Group BV
• Babcock & Wilcox Enterprises, Inc.
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