Bioenergy Market Report, Growth, Industry Trends & Opportunity 2023-2028

Bioenergy Market
May 25, 2023 ( PR Submission Site )

According to the global bioenergy market report by IMARC Group, the market reached a value of 144.4 GW in 2022, and it is projected to reach a value of 228.1 GW by 2028, exhibiting a CAGR of 7.75% during 2023-2028.

What Are Bioenergy?

Bioenergy refers to a form of renewable energy that is generated from organic substances, such as biomass, biogas, and biofuel. It is eco-friendly as it is produced from feedstock, including solid waste, agricultural waste, and liquid biofuels. Bioenergy is widely used to produce heat, fuel for transportation, electricity, and for heating and cooking applications. Additionally, its production contributes to a sustainable, secure, and economically sound future by supplying clean energy sources and revitalizing rural economies.

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What Are The Growth Prospects And Trends In The Bioenergy Industry?

The growing prevalence of global warming, on account of the increasing industrial activities across numerous countries, is primarily augmenting the bioenergy market. Furthermore, the rising focus of the masses on sustainable development by using bio-based fuels for power generation and biomass to develop low-cost and energy effect construction materials is positively influencing the market growth. Apart from this, the increasing environmental consciousness among consumers regarding the adverse effects of pollution and greenhouse gas (GHG) emission is acting as another significant growth-inducing factor. Moreover, the growing utilization of biofuels to reduce air pollution and emission of GHG, owing to the increasing instances of respiratory diseases, such as pulmonary fibrosis, asthma, and lung cancer, is also bolstering the global market. Besides this, the escalating demand for biomass-based electricity generation and the launch of several government initiatives to promote the usage of renewable energy sources are further catalyzing the market growth.

Additionally, the inflating technological advancements, including the integration of artificial intelligence (AI) and machine learning (ML) with connected devices for optimizing energy usage, balancing electricity supply, and predicting the performance of biomass conversion, are also driving the global market. In addition to this, the growing urbanization and industrialization levels and extensive R&D activities conducted by key players are expected to drive the bioenergy market in the coming years.

What Is Included In Market Segmentation?

The report has segmented the market into the following categories: Key Market Segmentation:

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

Market Breakup By Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Who Are The Key Players Operating In The Industry?

The report covers the major market players including:

  • Archer-Daniels-Midland Company
  • Babcock & Wilcox Enterprises Inc.
  • Bunge limited
  • EnviTec Biogas AG
  • Fortum Oyj
  • Hitachi Zosen Corporation
  • Mitsubishi Heavy Industries Ltd.
  • MVV Energie AG
  • Ørsted A/S
  • Pacific BioEnergy and POET LLC.

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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.

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