WILMINGTON, DE , UNITED STATES, July 8, 2024 /EINPresswire.com/ -- The bioenergy market size was valued at $102.5 billion in 2020, and is projected to reach $217.8 billion by 2030, growing at a CAGR of 7.6% from 2021 to 2030. Bioenergy is the form of energy generated by using bio-based sources such as agricultural waste, solid waste, animal manure & human sewage, biomass, and others.
๐ ๐จ๐ซ ๐๐จ๐ซ๐ ๐๐๐ญ๐๐ข๐ฅ๐ฌ- https://www.alliedmarketresearch.com/bioenergy-market-A06874
Bioenergy offers various key benefits such as carbon neutrality, independency on fossil fuels, less cost, wide availability, less environmental pollution, less landfills, and others. Applications of bioenergy include heat & power generation, transportation as lubricants, biorefinery operations, aviation, marine, and manufacturing applications. Rise in awareness and regulations toward waste management significantly contributes toward growth of the market in the coming years.
Significant development of end-use industries such as manufacturing, building & construction, transportation, and power generation fuels growth of the bioenergy market during the forecast period. In addition, increase in demand for biomass and biofuels for efficient heat generation in Europe and North America is expected to propel growth of the market during the forecast period.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ฐ๐ข๐ญ๐ก ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ: https://www.alliedmarketresearch.com/request-sample/A06874
However, some of the disadvantages of bioenergy such as high cost & space for plant setup, less efficiency of ethanol as compared to gasoline, and risk of deforestation in the future are the key factors expected to hamper growth of the global market in the upcoming years.
Depending on product type, the liquid biofuel segment held the highest market share of about 40.2% in 2020, and is expected to maintain its dominance during the bioenergy market forecast period. This is attributed to rise in demand for liquid biofuels from transportation applications such as passenger vehicles, trucks, ships, and airplanes. In addition, increase in demand for liquid biofuels from power generation applications in building & construction, residential, and other commercial applications is further anticipated to drive the market growth in the coming years.
๐๐ฎ๐ฒ ๐๐จ๐ฐ & ๐๐๐ญ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ ๐๐ง ๐๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.alliedmarketresearch.com/checkout-final/7e5bd474eb0d79d3d9fa2f7d9da95b9a
On the basis of feedstock, the solid waste segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in solid waste generation from residential, commercial, and industrial sectors, which can be increasingly used in bioenergy generation.
In addition, rise in demand for sustainable electricity, transportation fuels, heat generation, and other purposes is expected to fuel growth of the bioenergy market for solid waste during the forecast period.
On the basis of application, the transportation segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to stringent government regulations toward carbon emissions from conventional fuel sources such as diesel, kerosene, petrol, and others in transportation applications. In addition, rapid growth of the transportation sector across the globe is expected to fuel growth of the global bioenergy market from 2021 to 2030.
On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe garnered a dominant share in 2020, and is anticipated to maintain this dominance in during the forecast period. This is attributed to presence of key players and huge consumer base in the region.
๐๐ ๐ฒ๐จ๐ฎ ๐ก๐๐ฏ๐ ๐๐ง๐ฒ ๐ช๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง๐ฌ, ๐๐ฅ๐๐๐ฌ๐ ๐๐๐๐ฅ ๐๐ซ๐๐ ๐ญ๐จ ๐๐จ๐ง๐ญ๐๐๐ญ ๐จ๐ฎ๐ซ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ญ ๐๐ญ: https://www.alliedmarketresearch.com/connect-to-analyst/A06874
In addition, increase in investments and R&D toward bioenergy to achieve future renewable energy targets by European Union member states is expected to augment growth of the Europe bioenergy market during the forecast period.
The global market analysis covers in-depth information of the major bioenergy industry participants. The key players operating and profiled in the 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.
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐๐ญ๐ฎ๐๐ฒ:
In 2020, the liquid biofuel segment accounted for about 40.2% of the share in the global market, 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 the year 2020, and is anticipated to grow at a rate of 7.3% in terms of revenue, increasing its share in the global market.
Heat generation is the fastest-growing application segment in the global bioenergy market, expected to grow at a CAGR of 8.3% during 2021-2030.
Europe is expected to grow at the fastest rate, registering a CAGR of 8.1%, throughout the forecast period.
In 2020, Europe dominated the global bioenergy market with more than 47.5% of the share, in terms of revenue.
David Correa
Allied Market Research
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