Press release
Energy Deficit due to Industrialization Propels Bioenergy Market
Global Bioenergy Market
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Currently, large companies, such as E. I. du Pont de Numerous and Company, are focusing on establishing its presence in various regions and on strengthening their vertical integration activities by offering a wide range of products that are used for making advanced biofuels, thereby winning business from other operating players. Additionally, companies are also spending a significant amount of their budget on creating brand awareness, which can be seen in the business strategy of companies such as Amyris Inc’s, notes TMR.
Energy Deficit due to Industrialization Propels Bioenergy Usage
The upsurge in energy demand due to increasing industrialization and urbanization have led to a perplexing energy deficit for several countries. Developing countries are especially feeling the pinch as they remain the on the pivot of balancing economic development and watching their carbon footprint as the world face the monumental crisis of global warming. This dilemma has become the major driving force for the progress of bioenergy market in the recent years, as more and more consumers realize its potential to be a reliable, efficient, and renewable source of energy.
As bioenergy emits lesser greenhouse gas in comparison to burning of conventional fuel resources, it is being taken seriously while planning the energy mixes in several countries. A TMR analyst says, “Bioenergy constitutes 10% of total energy supply in the world and is estimated to be about 80% of the overall renewable energy supply across the globe.” The report also predicts that the range of advantages surrounding the adoption of bioenergy will also propel the overall market.
Cultivation of Cash Crops Threatens Bioenergy Market
The biggest restraint in the bioenergy market is its production process that will result in the cultivation of cash crops in the agricultural sector, thereby threatening the pricing system of other crops. Use of cash crops to produce biogas and biofuels is anticipated to create yet another issue of food security over a period of time. Therefore, the correlation between rising food prices and the cultivation of cash crops for supplementing bioenergy is likely to hamper the growth of this market.
Against all odds, the bioenergy market still has bright future as several countries are adopting it as an alternative fuel for running vehicles. For instance, biofuels and its variants such as ethanol and biodiesel used as an alternative gas for vehicles are proving to be a lucrative ground for growth.
The research report highlights that the opportunity in the global bioenergy market will be worth US$246.52 bn by 2024 rising from US$158.39 bn in 2015 and expanding at a steady CAGR of 4.9% between 2016 and 2024. The increasing adoption of bioethanol as an environment-friendly alternative to gasoline is expected to boost this segment at a CAGR of 3.40% from 2016 and 2024.
This review is based on a Transparency Market Research report, titled, “Bioenergy Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2016 – 2024.”
The bioenergy market has been segmented as:
Bioenergy Market: By Product Type
Bioethanol
Biodiesel
Biogas
Others
Bioenergy Market: By Application Type
Cooking
Off-grid Electricity Supply
Transportation
Others
Bioenergy Market: By Region
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Rest of Europe
Asia Pacific
China
India
Japan
Rest of Asia Pacific
Rest of World
Brazil
Argentina
Mozambique
Others
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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