Bioenergy is a collective term given to a group of bio-derived fuels including, among others, bioethanol, biodiesel, and biogas. These three fuels have increased in demand rapidly over the last few decades and now have become a crucial part of the overall energy scenario. The environmental viability of bioenergy has driven the demand for it, with the eco-friendly generation and harmless decomposition of the fuels catching the eye of several regulatory bodies and international energy agencies. According to the International Energy Agency, bioenergy constitutes 10% of the world’s energy consumption and thus can be considered as the largest source of renewable energy around the world.
Browse Full Global Bioenergy Market Report with TOC :http://www.mrrse.com/bioenergy-market
According to a report published recently by Transparency Market Research and added to the online catalog of Market Research Reports Search Engine (MRRSE), the global bioenergy market stood at US$168.2 bn in 2016. Exhibiting a steady 4.92% CAGR between 2016 and 2024, the market is expected to rise to a valuation of US$246.5 bn.
North America, Europe Lead Global Bioenergy Market
The developed world has been quick to realize the potential of bioenergy in conserving the environment and to support the development of a commercial bioenergy ecology. The U.S. and European powers such as Germany and France have been the pioneers in bioenergy and have supported the growth of the bioenergy by passing several favorable legislations. The U.S. Department of Energy announced this week that it would provide up to US$10 mn for 6 bioenergy research projects. These projects are primarily aimed at developing viable biofuels from non-food crops and enabling the development of a sustainable bioenergy ecology.
Two of the six projects are based at Arizona State University, Tempe. One of the two ASU projects focuses on autotrophic bacteria. It aims to develop species of cyanobacteria that produce ethyl laurate, which is a 14-carbon hydrocarbon and compatible with the existing biofuel infrastructure. The other ASU project is focused on developing colonies of algae that can subsist on both CO2 and cellulosic sugars. This will allow the researchers to significantly increase the amount of algal biomass.
Duke University’s project is aimed at increasing the potential of biorefineries to allow industrial-scale production of biofuels. Lygos Inc. in California aims to develop a cost-efficient process to convert cellulosic sugars into aspartic acid, which is used in biofuels. White Dog Labs in Delaware have gone on a similar path to that taken by Duke University, with the development of novel metabolic mechanisms in microbes to enable concurrent consumption of CO2 and cellulosic sugars being the aim of their project. To round up the list, Illinois-based LanzaTech Inc. aims to develop a manufacturing process of acetone from biologically derived syngas.
Browse the full Press Release of Global Bioenergy Market at http://www.mrrse.com/global-bioenergy-market
Food vs. Fuel Debate could be the Spanner in the Works for Bioenergy Industry
The primary restraint acting on the global bioenergy market is the debate on whether food crops such as maize should be diverted to biofuel production. As a result, and as is clear from the list of projects set to be funded by the DoE, developing a manufacturing process of biofuels that does not involve food crops will remain the main focus of players operating in the global bioenergy market. Success of these projects could thus be vital for the global bioenergy market, as they will allow players to produce biofuels on an industrial scale without consuming food crops.