Global Bioenergy market share 2024, Forecast To 2033
29 Feb, 2024
The bioenergy market size has witnessed significant growth in recent years, escalating from$271.17 billion in 2023 to$296.74 billion in 2024, reflecting a notable compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be primarily attributed to concerns surrounding fossil fuel dependency, initiatives aimed at enhancing energy security, heightened environmental awareness, utilization of agricultural residues, and a notable industry shift towards renewable energy sources. The forecast predicts robust expansion, with the market poised to reach$424.73 billion by 2028, maintaining a steady CAGR of 9.4%. Anticipated drivers include market expansion in developing regions, urban waste-to-energy initiatives, global agricultural trends, the broadening of industrial applications, and advancements in biomass conversion technologies.
Global Bioenergy Market Key Driver
Increasing demand for energy targets to reduce carbon emissions is expected to propel the growth of the bioenergy market going forward. Greenhouse gas emissions from human activities are responsible for the greenhouse effect, in which carbon dioxide from burning fossil fuels affects the climate. To reduce these emissions, countries are taking several steps to reduce carbon emissions. Bioenergy helps in achieving those targets by reducing carbon emissions and providing natural sources. For instance, the United States has set some targets to reduce net GHG emissions by 50–52% in 2030. Therefore, increasing demand for energy targets to reduce carbon emissions drives the bioenergy market. The 2023 market size for bioenergy corresponds to the increasing global focus on renewable energy sources, with projections for 2024 and 2028 indicating continued growth driven by the imperative to mitigate climate change and transition towards sustainable energy systems.
Get A Free Sample Of The Global Bioenergy Market ReportGlobal Bioenergy Market Segments
The global bioenergy market covered in this report is segmented –
1) By Type: Biomass and Renewable Municipal Waste, Biogas, Liquid Biofuels
2) By Technology: Gasification, Fast Pyrolysis, Fermentation, Other Technologies
3) By Application: Power Generation, Heat Generation, Transportation, Other Applications
By Geography: The regions covered in the bioenergy market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the bioenergy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioenergy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Bioenergy Industry Players
Babcock and Wilcox Enterprises Inc., Orsted A/S, Hitachi Zosen Corporation, Pacific Bioenergy Corp., Enerkem Inc., MVV Energie AG, Enexor Energy LLC, Lignetics Inc., Green Plains Inc., Enviva Partners LP, POET LLC, Drax Group PLC, Ameresco Inc., Archer Daniels Midland Company, EnviTec Biogas AG, CropEnergies AG, Abengoa Bioenergy US Holding LLC, Novozymes A/S, Alto Ingredients Inc., Valero Energy Corporation, BP Biofuels North America LLC, Cargill Inc., DuPont Industrial Biosciences USA LLC, Gevo Inc., LanzaTech Inc., Mascoma LLC, Myriant Corporation, Sapphire Energy Inc., Solazyme Inc., Amyris Inc., Butamax Advanced Biofuels LLC, Coskata Inc., Genomatica Inc., LS9 Inc., NexSteppe Inc., Renmatix Inc., Terrabon Inc., Virent Inc., Algenol Biofuels Inc.
Get The Full Global Bioenergy Market Report
Bioenergy Market Overview
Bioenergy refers to biomass, a form of renewable energy from organic materials that are used to produce electricity, transportation fuels, and heat. The biomass is transformed into a solid, liquid, or gaseous fuel and used as a primary renewable energy source for power generation, heating buildings and industries, and transportation.
Bioenergy Global Market Report 2023 provides data on the global bioenergy market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bioenergy market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.