Bioenergy Market Segment Forecasts up to 2024, Research Reports:TMR

Bioenergy is a critical part of the renewable energy mix. It is the only renewable form of energy that can be used across all three energy sectors (electricity, heat, and transportation) 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 offers numerous opportunities for both new start-up companies and traditional companies from the 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.

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Climate change mitigation and adaptation, energy security, and waste treatment are some of the primary growth drivers for the bioenergy market. Another factor adding to the changing perspective toward bioenergy is its potential to bring about rural development and provide new opportunities for employment in the agriculture sector. Apart from growth prospects, the bioenergy industry faces challenges related to high initial investments and installation costs for biofuel and biogas production.

The global bioenergy market is undergoing constant evolution to provide its end use industries some of the most dependable and advanced energy solutions. Bioenergy is a renewable form of energy that is generated from materials that are derived from biological sources. For instance, biomass is a type of bioenergy that may include manure, wood, waste, straw, sugarcane, and other byproducts. Bioenergy is the single largest renewable form of energy today, providing 10% of world’s primary energy supply. It plays a significant role in many developing countries, where it provides basic energy for cooking and space heating. The deployment of advanced biomass cooking stoves, clean fuels, and additional off-grid biomass electricity supply in developing countries are key measures to improve the current situation and achieve universal access to clean energy.

High oil prices, constricted energy markets, and indications about climate change are among the reasons for policy makers around the world to support the production and use of alternative, renewable energy such as bioenergy. Agricultural commodities such as maize are now being used to produce biofuels, bioheat, and biopower which are the components of the bioenergy market. The bioenergy industry helps in the development of areas such as scientific developments, environmental effects, energy balances, and agricultural market economics.

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The bioenergy market is broadly classified into biofuels and biogas. Biofuels consists of bioethanol and biodiesel. Biogas is produced by processing residual waste from livestock (dung, manure, and unconsumed food), food production (fruit and vegetable waste, residues from meat, fish and dairy processing, brewery waste, food waste), and effluents from industrial as well as municipal wastewater treatment plants. Bioethanol in the biofuel segment is mainly produced by the sugar fermentation process, although it can also be manufactured by the chemical process of reacting ethylene with steam. Biodiesel is a clean burning renewable fuel made using natural vegetable oils and fats. Biodiesel is made through a chemical process which converts oils and fats of natural origin into fatty acid methyl esters. The bioenergy market is expanding in North America and Europe. Major European directives, commonly known as the promotion of renewable electricity, biofuels and landfill directives, along with the European Union Emission Trading Scheme and the common agricultural policy are some of the most important drivers for the growth of the bioenergy market in Europe in 2015. Europe is anticipated to grow with the highest annual growth rate in 2024. Germany and France together held a market major share of 56% in the bioenergy market in Europe in 2015.

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