Bioenergy Market Size, Growth 2022-2027: Industry Analysis, Share, Trends, and Forecast

The latest research study "Bioenergy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" by IMARC Group, finds that the global bioenergy market reached a volume of 133.58 GW in 2021. Looking forward, IMARC Group expects the market to reach a volume of 212.10 GW by 2027 exhibiting a growth rate (CAGR) of 7.80% during 2022-2027.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Industry Definition and Application:

Bioenergy is a source of renewable energy that can be utilized as a potential alternative to fossil fuels. In terms of product types, it can be categorized into solid biomass, liquid biofuel, biogas, etc. These forms of bioenergy are extensively used to produce heat and electricity and as fuel for transportation and cooking applications. They are eco-friendly and provide higher energy reliability, improved biodegradability, reduced landfills, minimized carbon footprint, and enhanced air quality in comparison to the conventional fuel variants. As a result, bioenergy sources are in high demand across countries.

Bioenergy Market Trends and Drivers:

The growing prevalence of global warming, on account of the increasing industrial activities, is primarily driving the bioenergy market. In line with this, the elevating instances of lung cancer, asthma, and pulmonary fibrosis, owing to high environmental pollution and greenhouse gas (GHG) emissions, are acting as significant growth-inducing factors.

Besides this, the rising utilization of biofuels for power generation and biomass for developing energy efficiency and low-cost construction materials is further catalyzing the global market. Moreover, the introduction of artificial intelligence (AI) and machine learning (ML) integrated devices to optimize energy usage and balance electricity supply is also positively influencing the market growth.

Additionally, the expanding need for biomass-based electricity generation processes and the launch of several policies by government bodies to promote the adoption of renewable energy sources are expected to fuel the bioenergy market in the coming years.

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Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Product Type:
• Solid Biomass
• Liquid Biofuel
• Biogas
• Others

Breakup by Feedstock:
• Agricultural Waste
• Wood Waste
• Solid Waste
• Others

Breakup by Application:
• Power Generation
• Heat Generation
• Transportation
• Others

By Geography:
• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

List of Major Key Players:
The major players in the market are Archer-Daniels-Midland Company, Babcock & Wilcox Enterprises Inc., Bunge limited, EnviTec Biogas AG, Fortum Oyj, Hitachi Zosen Corporation, Mitsubishi Heavy Industries Ltd., MVV Energie AG, Ørsted A/S, Pacific BioEnergy and POET LLC.

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