The global bioenergy market size reached 144.4 GW in 2022. Looking forward, IMARC Group expects the market to reach 228.1 GW by 2028, exhibiting a growth rate (CAGR) of 7.75% during 2023-2028.

The latest research study “Bioenergy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global bioenergy market size reached 144.4 GW in 2022. Looking forward, IMARC Group expects the market to reach a value of 228.1 GW by 2028, exhibiting a CAGR of 7.75% during 2023-2028.

What is Bioenergy?

Bioenergy represents a form of renewable energy that is generated from organic matter, such as biogas, biomass, and biofuel. It is widely used to produce fuel for transportation, electricity, heat, and for heating and cooking applications. Bioenergy is usually obtained from natural processes and sources, including wind and sunlight. It is eco-friendly as it is made from feedstock, such as solid waste, agricultural waste, and liquid biofuels. Compared to conventional energy sources, biofuels offer reduced landfills, improved biodegradability, better energy reliability, minimized carbon footprint, and enhanced air quality. In addition, bioenergy can also be replenished over relatively shorter durations, thereby reducing the power bills and reliance on fossil fuels.

What Are The Key Factors Driving The Global Bioenergy Market?

The escalating prevalence of global warming, owing to the rising industrial activities across the globe and the high focus of consumers on sustainable development by utilizing bio-based fuels for power generation and biomass for developing low-cost and energy-efficient construction materials, are among the primary factors driving the bioenergy market. Besides this, the increasing environmental consciousness in individuals toward the adverse effects of pollution and greenhouse gas (GHG) emission is further augmenting the market growth.

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Moreover, the elevating requirement for bioenergy to reduce air pollution and emission of greenhouse gases (GHG), on account of the growing instances of respiratory diseases, such as asthma, pulmonary fibrosis, and lung cancer, is also catalyzing the global market. Apart from this, the integration of machine learning (ML) and artificial intelligence (AI) with connected devices for balancing electricity supply, optimizing energy usage, and predicting the performance of biomass conversion is acting as another significant growth-inducing factor. Furthermore, the inflating need for biomass-based electricity generation and the launch of several policies by the government bodies to promote the utilization of renewable power sources are anticipated to propel the bioenergy market over the forecasted period. 

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Product Type:

• Solid Biomass
• Liquid Biofuel
• Biogas
• Others

Breakup by Feedstock:

• Agricultural Waste
• Wood Waste
• Solid Waste
• Others

Breakup by Application:

• Power Generation
• Heat Generation
• Transportation

Others

By Geography:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Competitive Scenario with Key Players:

• Archer-Daniels-Midland CompanyADM
• Babcock & Wilcox Enterprises Inc.BW
• Bunge limited BG
• EnviTec Biogas AGETG
• Fortum OyjFOJCY
• Hitachi Zosen Corporation7004
• Mitsubishi Heavy Industries Ltd.MHVYF
• MVV Energie AG [ETR: MVV1]
• Ørsted A/SDNNGY
• Pacific BioEnergy
• and POET LLC.

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Key Highlights of The Report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us:

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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