The global bioenergy market has been witnessing an exceptional surge over the last few years. The increasing environmental pollution and the rising emission of greenhouse gases caused by conventional fuels are compelling people across the world to shift towards bioenergy. The growing depletion of renewable energy sources is also driving the demand for bioenergy remarkably in the global market.
A research report on the global bioenergy market, published by Transparency Market Research (TMR) estimates this market to rise at a CAGR of 4.92% during the period from 2016 to 2024. Experts predict this market to attain a value of US$168.1 bn by 2016 and reach US$246.5 bn by the end of 2024.
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On the whole, the future of the global market for bioenergy looks thriving. The untapped markets in emerging economies, coupled with favorable conditions for the development of a sustainable energy model, are likely to present lucrative opportunities for market participants over the forthcoming years. The ample availability of energy resources and a skilled workforce at lower prices is encouraging established players to expand their businesses to these economies.
Increasing Application in Transportation Boosts Bioethanol Segment
Biogas, biodiesel, and bioethanol are the major products available in the global market for bioenergy. The bioethanol segment is experiencing a tremendous rise on account of the increasing application of bioethanol in transportation. The increasing awareness regarding the environmental benefits that bioethanol offers and the ban on gasoline in a number of countries is fuelling the demand for bioethanol significantly.
The rising prices of crude oil and the increasing emission of greenhouse gases are also encouraging people to shift towards bioethanol. In addition to this, the growing application of ethanol as an additive with petroleum products is projected to propel this segment considerably in the coming year.
Off-grid electricity supply, cooking, and transportation are the main application areas of bioenergy. Of these, transportation has emerged as the leading bioenergy consumer. Cooking is also contributing significantly to the revenue generated in the global bioenergy market.
Europe to Report Highest Growth Rate in Global Bioenergy Market
The worldwide market for bioenergy is spread across North America, Europe, Asia Pacific, and Rest of the World. Among these, North America and Europe lead the global market followed by Asia Pacific. Analysts expect Europe to report the highest growth rate during the period from 2016 to 2024. The implementation of a number of regulations focused on promoting renewable energy, landfills, and biofuels in Europe is likely to boost the bioenergy market in this region significantly in the near future.
Apart from this, the Common Agricultural Policy (CAP) and the European Union Emission Trading Scheme are also projected to influence this market positively over the next few years. Germany and France are anticipated to emerge as the key domestic bioenergy market in Europe by 2024.
Some of the major enterprises functioning in the global biotechnology market are Solazyme Inc., BP Plc., LanzaTech, Butamax Advanced Biofuels LLC, Amyris Inc., DuPont, Enerkem Inc., Abengoa Bioenergy S.A., Zeachem, Novozymes, Gevo Inc., and Ceres Inc.