The demand within the global bioenergy market has been rising on account of advancements in the field of renewable energy, finds Transparency Market Research (TMR). The competition within the global bioenergy market has been on a rise due to the emergence of improved technologies for harnessing bioenergy. It is expected that the leading vendors within the global bioenergy market would leverage the growing popularity of clean energy sources. Moreover, these vendors are also expected to capitalise on entering into agreements with global entities for energy production. The presence of a stellar industry for renewable energy production is projected to play a crucial role in generating revenues for the market vendors. Moreover, the key vendors in the global bioenergy market are gradually increasing their marketing budgets.
Mergers and acquisitions are projected to be a key trend in the global bioenergy market in the years to follow. There have been key advancements in the domain of energy-efficient technologies, and this has also contributed towards the growth of the market vendors. The leading vendors in the global bioenergy market are on a quest to enter into small and local markets. Some of the key vendors in the global bioenergy market are Amyris, Inc., Joule Unlimited, Abengoa Bioenergy, Butamax Advanced Biofuels, BP Biofuels, Ceres Inc., Enerkem, Gevo, Inc., E. I. du Pont de Nemours and Company, and POET LLC.
Transparency Market Research (TMR) predicts that the global bioenergy market would expand at a stellar CAGR of 4.9% over the period between 2016 and 2024. Furthermore, the total value of the global bioenergy market is expected to reach US$246.52 bn by 2024, rising up from a value of US$158.39 bn in 2015. On the basis of geography, the market for bioenergy in Asia Pacific is growing at a stellar pace.
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Energy Deficits to Prompt Increased Use of Bioenergy
With growth in population and improvements in standards of living, the demand for energy has increased across the globe. Non-renewable sources of energy have been diminishing over the past decades, and this factor has created room for the emergence of renewable avenues for energy production. Therefore, the demand within the global bioenergy market is projected to increase in the years to come. Furthermore, bioenergy can be harnessed from multiple organic sources including insects and microorganisms. This factor has also led to the popularity of bioenergy across the globe. The bioenergy market is also project to attract stellar investments in the years to follow.
Economic Growth of Emerging Economies
National development and economic growth are the most important concerns for governments and authoritative bodies. The energy sector of a country plays a vital role in defining the growth dynamics of that country. Several countries currently endow tremendous potential for harnessing bioenergy, and this is a key global propensity. As these countries harness their potential for renewable energy production, the global bioenergy market shall expand. Moreover, the presence of several vendors who are assisting multiple regions in harnessing renewable avenues for energy production shall also give a thrust to market growth.
The global bioenergy market can be segmented as:
Bioenergy Market: By Product Type
- Bioethanol
- Biodiesel
- Biogas
- Others
Bioenergy Market: By Application Type
- Cooking
- Off-grid Electricity Supply
- Transportation
- Others
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