This research report highlights that the opportunity in the global bioenergy market will be worth US$246.52 bn by 2024 rising from US$158.39 bn in 2015 and expanding at a steady CAGR of 4.9% between 2016 and 2024.
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Currently, large companies, such as E. I. du Pont de Numerous and Company, are focusing on establishing its presence in various regions and on strengthening their vertical integration activities by offering a wide range of products that are used for making advanced biofuels, thereby winning business from other operating players.
Additionally, companies are also spending a significant amount of their budget on creating brand awareness, which can be seen in the business strategy of companies such as Amyris Inc’s, notes TMR.
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Energy Deficit due to Industrialization Propels Bioenergy Usage
The upsurge in energy demand due to increasing industrialization and urbanization have led to a perplexing energy deficit for several countries.
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This dilemma has become the major driving force for the progress of bioenergy market in the recent years, as more and more consumers realize its potential to be a reliable, efficient, and renewable source of energy.
As bioenergy emits lesser greenhouse gas in comparison to burning of conventional fuel resources, it is being taken seriously while planning the energy mixes in several countries. A TMR analyst says, “Bioenergy constitutes 10% of total energy supply in the world and is estimated to be about 80% of the overall renewable energy supply across the globe.” The report also predicts that the range of advantages surrounding the adoption of bioenergy will also propel the overall market.
Cultivation of Cash Crops Threatens Bioenergy Market
The biggest restraint in the bioenergy market is its production process that will result in the cultivation of cash crops in the agricultural sector, thereby threatening the pricing system of other crops. Use of cash crops to produce biogas and biofuels is anticipated to create yet another issue of food security over a period of time.
Therefore, the correlation between rising food prices and the cultivation of cash crops for supplementing bioenergy is likely to hamper the growth of this market.
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Against all odds, the bioenergy market still has bright future as several countries are adopting it as an alternative fuel for running vehicles. For instance, biofuels and its variants such as ethanol and biodiesel used as an alternative gas for vehicles are proving to be a lucrative ground for growth.
The increasing adoption of bioethanol as an environment-friendly alternative to gasoline is expected to boost this segment at a CAGR of 3.40% from 2016 and 2024.
This review is based on a Transparency Market Research report, titled, “Bioenergy Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2016 – 2024.”
The bioenergy market has been segmented as:
Bioenergy Market: By Product Type
Bioenergy Market: By Application Type
- Off-grid Electricity Supply
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