Bioenergy Holds Huge Potential to Make the Shift to Renewable Energy. North America to Witness the Highest Growth
Bioenergy Market is expected to exceed the market valuation of more than US$ XX billion by 2027 expanding at a reasonable CAGR of around XX% during the forecast period (2021-2027). A total of 82.7 EJ of renewable energy was produced in 2018 globally. This included Solar, Wind, Hydro, Bioenergy, and Geothermal. Bioenergy included industrial waste, municipal waste, solid biomass, biogas, and liquid biomass. In 2018, 55.6 EJ of total bioenergy was produces which is s 1.2% increase from the previous year. Renewable energy altogether has seen a significant growth of 2.36% during the study period. Bioenergy is increasingly being recognized as a renewable source of energy and is expected to grow fast. The advantage of biomass as an energy source is that it can easily be converted into liquid transportation fuels which are equivalent to fossil-based fuels like gasoline, diesel fuel and jet fuel. Bioenergy technology helps reuse the carbon from biomass and waste streams into reduces emission fuels for trucks, cars, ships, and jets, renewable power and biproducts.
Main uses of bioenergy include electricity, transportation, and heat production among others. Bioenergy is most used in the production of electricity. In 2018, 637 TWh of electricity was produced by bioenergy out of a total of 6890 TWh produced by renewable sources. Bioenergy is the third largest producer of renewable electricity after hydropower (62%) and wind (19%). Over the year use of bioenergy for electricity production has shown a growth rate of over 8%. The second highest usage of bioenergy was to produce heat, accounting for 96% of the total renewable heat production in 2018. Bioenergy is the highest producer of both direct and indirect heat in all renewable sources. The transport sector is also realization the potential of bioenergy as of the total renewable used in the transportation sector, 91% accounted from liquid and gaseous biofuels.
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The covid-19 pandemic had some form of an impact in all industries. The bioenergy sector was also significantly affected by the pandemic. The World Bioenergy Association (WBA) took a ‘COVID-19 and its impact on the global bioenergy sector’ survey in May 2020. Bioenergy Stakeholders were invited to respond to the survey consisting of impacts of covid on production, employment, revenue, and investments in the sector. According to the survey, the hardest hit sector was the liquid biofuels sector. The low price of oil makes it hard for biofuels to compete with the conventional fossil fuels. The significant drop in demand for transport fuels during the pandemic also caused hardships for biofuels, though some producers diverted their production to essential commodities like hand sanitizers.
Amongst product type, the solid biomass segment of the bioenergy market was valued at USD$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027. Biomass is a renewable organic material produced from plants and animals. Using biomass instead of fossil fuels has avoided CO2 emission in many countries. In 2020, 5 quadrillion British thermal units (Btu) and about 5% of the total energy was provided using Biomass in the United States.
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Based on feedstock, the bioenergy market is segmented into agricultural waste, wood & woody biomass, solid waste, and others. Amongst feedstock, wood and woody biomass segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period. Woody biomass consists of trees, bark, trunks, branches etc. These have a high lignin content which produces large amount of heat and is also used in grid electricity production. In 2018, 2% of the total energy consumption in the United States was from wood and woody biomass waste.
Based on application, the bioenergy market is segmented into Power Generation, Heat Generation, Transportation, and Others. The heat generation segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F. Biofuels are high in heat content and are most used for the generation of heat, which makes it the fastest growing segment. In Europe, use of bioenergy for heat is expected to rise by 8% by 2023 reaching 3.5 exajoules (EJ).
Additionally, the report provides detailed initiatives that are being taken in the field of Bioenergy, globally. The report provides a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. Asia Pacific dominated the market in 2020, with XX% share.
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Enexor Energy, Lignetics, Green Plains Inc., Enviva, Enerkem, POET, Drax Group, Pacific BioEnergy Corp, EnviTec Biogas AG, and MVV Energie AG are some of the prominent players operating in the Bioenergy market. Several M&As along with partnerships have been undertaken by these players to make Bioenergy as cost-effective and as widely available as possible.
Bioenergy Market Segmentation
Market Insight, by Product Type
- Solid Biomass
- Liquid Biofuels
Market Insight, by Feedstock
- Agricultural Waste
- Wood and woody Biomass
- Solid Waste
Market Insight, by Application
- Power Generation
- Heat Generation
Market Insight, by Region
- North America Bioenergy Market
- United States
- Rest of North America
- Europe Bioenergy Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Bioenergy Market
- Rest of Asia-Pacific
- Rest of World Bioenergy Market
Top Company Profiles
- Enexor Energy
- Green Plains Inc.
- Drax Group
- Pacific BioEnergy Corp
- EnviTec Biogas AG
- MVV Energie AG