Global Bioenergy Market Expected to Grow at a CAGR of 5.6% During 2024-2032, Driven by the Rising Global Demand for Green Energy and Reduced Carbon Emissions

Because of a change in the trend to eliminate dependence on fossil fuels, the global demand for renewable energy is steadily increasing. The bioenergy industry is an important component of the total green energy market. The bioenergy demand has also been boosted by government funding, mostly in major developing countries. Among the technologies covered by the bioenergy industry are biomass power, electricity from waste combustion, bioenergy boilers, and energy from waste heat, among others. Biomass electricity is one of the fastest-growing segments in the overall market, with new biomass electricity projects being developed at various scales.

The global bioenergy industry is propelled by many key industry players, such as Mitsubishi Heavy Industries Ltd. (TYO: 7011) and MVV Energie AG (ETR: MVV). Privilege Finance announced EUR 90 million investment in June 2019 to support 14 MW of renewable energy projects in the UK, enough to fuel around 28,000 homes. Once completed and operational, these schemes are planned to turn 175,000 metric tonnes of food waste, as well as agricultural waste, into green gas for the National Grid. By 2020, bioenergy is projected to account for about half of the European Union's (EU) 20% renewable energy. Furthermore, the EU Green Energy Directive of 2009 set a goal for the UK to reach 15% of total gross final energy demand from renewable sources by 2020.

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Market Analysis by Type, Technology, and Region:

• The market is segmented based on type into solid biomass, biogas, and renewable waste, among others.

• The market is categorised in terms of technology into gasification, fast pyrolysis, and fermentation, among others.

• The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increasing shift towards renewables and other non-fossil fuel-based energy sources, such as solid biomass, biogas, and others, is a major contributor to the growth of the bioenergy industry. 

• During the forecast period, factors such as the rising energy demand, advances in bioenergy conversion technology, and increased bioenergy investment are expected to be the major industry drivers.

• The decreasing electricity generation costs from bioenergy facilities are expected to drive the industry. 

• As oil is becoming a scarcer resource, this may lead to its increased cost and the reduction in need for importing oil. This is anticipated that renewable green programmes undertaken by various governments would promote the use of bioenergy in a variety of sectors. Thus, the market will grow in the forecast period as well.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for bioenergy for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, technologies, and regions of bioenergy. 

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Mitsubishi Heavy Industries Ltd, MVV Energie AG, A2A S.p.A., Hitachi Zosen Corporation, BTG Biomass Technology Group BV, and Babcock & Wilcox Enterprises, Inc., among others are the key players in the global bioenergy market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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