Bioenergy Market 2021 Future Growth Analysis and Demands 2027

Global bioenergy market is projected to grow at a fast rate. Fossil fuel exhaustion has created humongous prospects for emerging technologies, such as renewable and green energy. The energy sector has sent clarion calls to various industries, asking them to retain and preserve the natural cover of the earth. In addition, alarming increase in air pollution and environmental pollution has enforced these industries to invest in renewable technologies. In the global bioenergy industry, the shift from non-renewable capital to renewable energy technology forms the basis for development.

In addition, within the global bioenergy market, the wind energy sector has generated lucrative growth opportunities, owing to high electricity demand. In recent years, major companies have been investing in the wind energy market. However, surge in adoption of electric vehicles across the globe is expected to negatively impact the biofuels demand.

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Factors such as increase in energy demand, development in bioenergy conversion technologies, rise in investment in bioenergy, and decline in cost of electricity production from bioenergy facilities are anticipated to propel the growth of the global bioenergy market during the projected timeline. The transport industry, regarded as the core of every economy, is dependent on oil, rendering it extremely vulnerable to fluctuations in oil prices. Modern economies rely heavily on renewable energy sources to achieve long-term energy stability by decreasing their dependence on other nations to boost their economic growth. Thus, it is expected that sustainable environmental projects initiated by several governments will accelerate the use of bioenergy across several industries.

Key Players in bioenergy market include Joule Unlimited, Amyris, Inc., Abengoa Bioenergy, BP Biofuels, Butamax Advanced Biofuels, Ceres Inc., E. I. du Pont de Nemours and Company, Enerkem, Gevo, Inc., and Mitsubishi Heavy Industries Ltd

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Global bioenergy market is expected to witness slowdown during the forecast period, owing to the outbreak of the COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output from transportation industry to energy sector.

In addition, the bioenergy market is expected to witness direct impact for the next one or two years, if the growth of the transportation sector declines, as it is one of the key consumers of bioenergy. Moreover, companies are dealing with missing sales and fractured supply chains as production activities shutdowns.

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