Bioenergy Market Size Expected to Rise 228.1 GW by 2028 at CAGR 7.75%

Industry Overview of Bioenergy Market
Bioenergy refers to a form of renewable energy that is generated from organic substances, including biomass, biogas, and biofuel. It is widely used to produce heat, fuel for transportation, electricity, and heating and cooking applications. Bioenergy is eco-friendly as it is produced from feedstock, such as solid waste, agricultural waste, and liquid biofuels. Compared to conventional energy sources, biofuels offer better energy reliability, reduced landfills, improved biodegradability, minimized carbon footprint, and enhanced air quality. It can also be replenished over relatively shorter durations, thereby reducing energy bills and reliance on fossil fuels.

How Big Is the Bioenergy Market?
The global bioenergy market size reached 144.4 GW in 2022. Looking forward, IMARC Group expects the market to reach 228.1 GW by 2028, exhibiting a growth rate (CAGR) of 7.75% during 2023-2028.

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Global Industry Trends and Drivers:
The growing prevalence of global warming, on account of the increasing industrial activities across the globe, is among the key factors driving the bioenergy market. Moreover, the inflating focus of consumers on sustainable development by using bio-based fuels for power generation and biomass to develop low-cost and energy effect construction materials is also stimulating the market growth. Besides this, the increasing environmental consciousness among the masses regarding the adverse effects of pollution and greenhouse gas (GHG) emission is acting as another significant growth-inducing factor. Furthermore, numerous technological advancements, including the integration of artificial intelligence (AI) and machine learning (ML) with connected devices for optimizing energy usage, balancing electricity supply, and predicting the performance of biomass conversion, are further propelling the global market. Apart from this, the rising usage of biofuels to reduce air pollution and emission of GHG, owing to the increasing instances of respiratory diseases, such as pulmonary fibrosis, asthma, and lung cancer, is also bolstering the global market. Additionally, the escalating demand for biomass-based electricity generation and the launch of several government initiatives to promote renewable energy sources adoption are anticipated to fuel the bioenergy market over the forecasted period.

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What Is Included in Market 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

Breakup by Region:
• 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

The report provides a comprehensive analysis of the industry key players listed below:
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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