Press release
Bioenergy Market Size Forecasted To Achieve $473.49 Billion By 2029 With Steady Growth
Bioenergy
What Is the Bioenergy Market Size and Projected Growth Rate?
The market size for bioenergy has seen a steady increase over the recent years. It is expected to escalate from $296.09 billion in 2024 to $323.44 billion in 2025 with a compound annual growth rate (CAGR) of 9.2%. The growth during the historical phase can be credited to several factors such as worries about dependency on fossil fuels, initiatives for energy security, augmentation in environmental consciousness, the use of agricultural waste, and the industrial transition to renewable energy.
Expectations are high for robust expansion in the bioenergy market over the coming years. The predicted growth will take the market to a valuation of $473.49 billion by 2029, indicating a compound annual growth rate (CAGR) of 10.0%. Factors contributing to this surge during the forecast period include the burgeoning expansion in emerging markets, efforts to transform urban waste into energy, global agricultural patterns, the growth of industrial applications, and progress in biomass conversion technology. Key trends predicted for the forecast period encompass the shift towards biorefineries, collaboration between public and private sectors, decentralised energy production, adoption of biofuels in transport sector, and supportive policies and incentives.
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What Are the Major Segments in the Bioenergy Market?
The bioenergy market covered in this report is segmented -
1) By Type: Biomass And Renewable Municipal Waste, Biogas, Liquid Biofuels
2) By Technology: Gasification, Fast Pyrolysis, Fermentation, Other Technologies
3) By Application: Power Generation, Heat Generation, Transportation, Other Applications
Subsegments:
1) By Biomass And Renewable Municipal Waste: Wood And Agricultural Residues, Organic Waste, Algae
2) By Biogas: Anaerobic Digestion, Landfill Gas, Wastewater Treatment Biogas
3) By Liquid Biofuels: Bioethanol, Biodiesel, Bio-jet Fuel
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What Are The Driving Bioenergy Market Evolution?
The surge in energy demand for lowering carbon emissions is anticipated to spur the expansion of the bioenergy market in the future. Human activities are the main cause of greenhouse gas emissions that contribute to the greenhouse effect, whereby climate change is affected by the carbon dioxide produced from burning fossil fuels. As such, countries are implementing various measures to cut down on carbon emissions. Bioenergy plays a crucial role in realizing these objectives by minimizing carbon emissions and offering natural resources. For instance, the World Resources Institute, a US-based entity, reported in February 2024 that the U.S. set a new record in 2023 by installing 31 gigawatts (GW) of solar energy capacity, a jump of 55% from the capacity installed in 2022. Therefore, the growing demand for energy targets aimed at reducing carbon emissions propels the bioenergy market.
Which Firms Dominate The Bioenergy Market Segments?
Major companies operating in the bioenergy market are Babcock and Wilcox Enterprises Inc., Orsted A/S, Hitachi Zosen Corporation, Pacific Bioenergy Corp., Enerkem Inc., MVV Energie AG, Enexor Energy LLC, Lignetics Inc., Green Plains Inc., Enviva Partners LP, POET LLC, Drax Group PLC, Ameresco Inc., Archer Daniels Midland Company, EnviTec Biogas AG, CropEnergies AG, Abengoa Bioenergy US Holding LLC, Novozymes A/S, Alto Ingredients Inc., Valero Energy Corporation, BP Biofuels North America LLC, Cargill Inc., DuPont Industrial Biosciences USA LLC, Gevo Inc., LanzaTech Inc., Amyris Inc., Butamax Advanced Biofuels LLC, Genomatica Inc., NexSteppe Inc., Renmatix Inc., Virent Inc., Algenol Biofuels Inc.
What Trends Are Expected to Dominate the Bioenergy Market in the Next 5 Years?
Innovations in bioenergy conversion methodologies are growing in popularity within the bioenergy market, and this is a noteworthy trend. Major players in this industry are focusing on the advancement and refinement of new bioenergy technologies, research, and development efforts to maintain their market position. For example, in September 2023, the Germany-based chemical firm BASF SE introduced its biomass balance plastic additives. These breakthrough products promote the use of renewable feedstock as a substitute for fossil fuels, helping customers to lessen their carbon emissions, conserve fossil fuels, and optimize their use of renewable feedstock. These products still deliver the same level of performance and quality that customers expect, but also come with the added advantage of being a sustainable alternative and a proactive contributor to environmental preservation.
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Which Is The Largest Region In The Bioenergy Market?
North America was the largest region in the bioenergy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioenergy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Bioenergy Market?
2. What is the CAGR expected in the Bioenergy Market?
3. What Are the Key Innovations Transforming the Bioenergy Industry?
4. Which Region Is Leading the Bioenergy Market?
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