The demand within the global bioenergy market is slated to grow with fresh developments in the energy sector. Depletion of fossil fuels has created humongous opportunities for new industries such as renewable and green energy. The energy sector has sent clarion calls to several industries, requesting them to conserve and preserve the earth’s natural cover. Furthermore, the rising levels of air and environmental pollution have compelled these industries to invest in renewable technologies. The shift from non-renewable resources to renewable energy technologies forms the basis for growth within the global bioenergy market. There is little contention about the growing focus on renewable technologies across leading industries.
- The total volume of revenues within the global bioenergy market is set to increase in the years to follow. The solar energy sector has become an important contributor to the total energy mix. Viable production of solar energy has helped in driving demand within the global bioenergy market. Furthermore, the availability of lithium ion batteries that can help in developing solar heaters and solar cells has also given a thrust to market growth. Therefore, the global bioenergy market is slated to tread along a lucrative track in the times to follow.
- Use of biogas and other organic materials to produce energy has created new opportunities for growth within the global bioenergy market. The next decade would witness the emergence of new technologies to exploit the energy of the earth.
- The wind energy sector has also generated fresh opportunities for growth within the global bioenergy market. In addition to this, the viability of exploiting wind energy technologies across key regions has also given an impetus to market maturity. Several new entities have invested in the wind energy sector in recent times. The next decade would play a defining role in driving demand across the global bioenergy market.
Widening Energy Gap Pushes Countries to Use Bioenergy
The growing demand for energy to keep up with the industrial spurt and the rampant urbanization has created a huge shortfall, coaxing several countries to resort to alternative energy options. The increasing pressure on the world leaders to reduce the carbon footprint and the deadly amount of greenhouse gasses is also forcing nations across the globe, especially developing countries to take up the option of bioenergy seriously. With these environmental, social, and political pressures the opportunity in the global bioenergy market is anticipated to be worth US$246.52 bn by 2024 from US$158.39 bn in 2015. During the forecast period of 2016 and 2024, the global market is expected to rise at a CAGR of 4.9%.
Yet another growth driver for the bioenergy is the looming crisis of energy security. The transportation industry, known as the backbone of every economy, depends on oil, which makes it exceptionally vulnerable to any changes in the oil prices. Modern economies are heavily relying on renewable sources of energy to achieve long-term energy security by reducing their dependence on other nations to fuel their economic growth. Thus, the sustainable environmental projects initiated by several governments are expected to propel the usage of bioenergy across several sectors.
Bioethanol: An Alternative to Conventional Fuel
Bioethanol is the largest product segment of the bioenergy market. Increasing awareness about the advantages of bioethanol, its cost-efficiency, and its benefit to the environment are some the underlying factors supporting the growth of this segment. The biggest end user of bioethanol is the transportation industry. The sale of bioethanol has gained momentum in the recent years due to the ban on usage of gasoline in some countries. In the foreseeable future, the unaffordable rise in the price of crude oil is going to push governments and private sector to commercialize the sale of bioethanol for several purposes.
Supportive Policies Help Europe Lead the Race
Europe is at the forefront of the bioenergy consumption, changing the perspective of the world towards greener living with its positive efforts. As of 2014, the region accounted for 44.0% of the global market with support from governments in the form of subsidies. The major production plants supplemented the bioenergy needs of Europe are based in France, the U.K., Germany, and Sweden. The key policies changing the face of the energy mix in Europe are Promotion of Renewable Electricity, European Emissions Trading Schemes, and Biofuels and Landfill Directives.
Some of the key players operating in the global bioenergy market are Joule Unlimited, Amyris, Inc., Abengoa Bioenergy, BP Biofuels, Butamax Advanced Biofuels, Ceres Inc., E. I. du Pont de Nemours and Company, Enerkem, Gevo, Inc., POET LLC, Novozymes, LanzaTech, Sapphire Energy, Zeachem Inc., and Solazyme Inc. The majority of the players in this market are focusing on improving their brand awareness and investing in expanding their geographical reach to grab bigger and better shares in the overall market. Vertical integration is also an important business strategy adopted by some of the companies in the global bioenergy market.
This research study analyzes the market for bioenergy both in terms of volume (Billion Gallons) and revenue (US$ Bn). The bioenergy market has been segmented on the basis of product type, application type, and geography. In terms of region, the market has been divided into four segments that comprise 15 countries, which are the major players in the global bioenergy market. For the research, 2014 has been taken as the base year, while all forecasts have been given for the period from 2016 to 2024. Market data for all the segments has been provided at the regional as well as country-specific level from 2016 to 2024. The report provides a broad competitive analysis of companies engaged in the bioenergy industry. The report also includes the key market dynamics such as drivers, restraints, and opportunities affecting the global bioenergy market. These market dynamics were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive analysis of the global bioenergy market with the help of Porter’s Five Forces model. This analysis helps in understanding the five major forces that affect the market structure and market profitability. The forces analyzed are bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition.
The high-level analysis in the report provides detailed insights into the bioenergy market globally. There are currently numerous drivers of the market. Some of the most prominent drivers are climate change mitigation and adaptation, energy security, and waste treatment. Market attractiveness analysis was carried out for the bioenergy market on the basis of geography. Market attractiveness was estimated on the basis of common parameters that directly impact the bioenergy market in different regions. The parameters include biogas and biofuel costs, government policies, bioenergy demand, and applications such as transportation, cooking, and off-grid electricity supply.
Bioenergy is a critical part of the renewable energy mix. It is the only renewable energy that can be used across all three energy sectors (electricity, heat and transport) it is projected to be another growing segment within the renewable energy market after wind energy segment. The bioenergy market is rapidly evolving and changing. It represents a growing market opportunity for both new start-up companies and traditional companies from a point of view to transfer their capabilities into this new growth market. It is also a broad and varied sector, covering a range of technologies at different stages of development.
The bioenergy market was segmented on the basis of product type (bioethanol, biodiesel, biogas, and others) and application type (cooking, off-grid electricity supply, transportation, and others). The bioenergy market was analyzed across four geographies: North America, Asia Pacific, Europe, and Rest of the World. Regional data has been provided for each sub-segment of the bioenergy market. Key players in the bioenergy market include Abengoa Bioenergy, Amyris, Inc., BP Biofuels, Butamax Advanced Biofuels, Ceres Inc., E. I. du Pont de Nemours and Company, Enerkem, Gevo, Inc., Joule Unlimited, LanzaTech, Novozymes, POET LLC, Sapphire Energy, Solazyme Inc., and Zeachem Inc. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments.
Bioenergy Market: By Product Type
Bioenergy Market: By Application Type
- Off-grid Electricity Supply
Bioenergy Market: By Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of World