The demand for Bioenergy is witnessing an uptick on account of rising use of renewable energy to produce electricity. The Bioenergy market is expected to grow with a significant CAGR in the coming years. Biofuels are obtained through biological carbon fixation from organisms living in a relatively short period of time. In 2020, United States was the leading producer of biofuels, producing 1,347 petajoules of biofuel. After United States, Brazil and Indonesia produced 884 and 283 petajoules respectively. In Europe, Germany produced 146 petajoules in 2020 which placed it among top five countries in biofuel production and the leading producer in Europe. The United States accounted for 38% of the global biofuel production in 2019 which makes it by far the largest producer of biofuels. It also produced 1,557 petajoules of biodiesel and again making it the largest producer of biodiesel. The production of biofuels has increased from 187 thousand barrels of oil equivalent per day in 2000 to 1.8 million barrels of oil equivalent per day in 2019. The largest consumer of biofuels in the United States is the U.S. National Army. Vehicles can be fueled with biofuel blends using 10% ethanol. In the beginning of the 20th century, many Ford T models were fueled with ethanol. Conversion of consumption of biomass material to produce biofuels can occur thermally, biochemically, or chemically.
The covid-19 pandemic had some form of an impact in all industries. The bioenergy sector was also significantly affected by the pandemic. The World Bioenergy Association (WBA) took a ‘COVID-19 and its impact on the global bioenergy sector’ survey in May 2020. Bioenergy Stakeholders were invited to respond to the survey consisting of impacts of covid on production, employment, revenue, and investments in the sector. According to the survey, the hardest hit sector was the liquid biofuels sector. The low price of oil makes it hard for biofuels to compete with the conventional fossil fuels. The significant drop in demand for transport fuels during the pandemic also caused hardships for biofuels, though some producers diverted their production to essential commodities like hand sanitizers. However, it did lead to large plant closures and reduced production volumes. The solid biomass sector showed resilience.
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According to ‘UnivDatos Market Insights (UMI)’ research report “Bioenergy Market Analysis, 2020”, the Bioenergy market is projected to grow at a CAGR of X% during 2021-27F. Increasing awareness about fossil fuels and its increasing use by manufacturers is one of the prominent reasons which is driving the market of the Bioenergy. For Instance: In 2018, 55.6 EJ of total bioenergy was produced which is 1.2% increase from the previous year. Also, Biomass is produced from organic material/waste that would usually rot and produce CO2 and even methane (a greenhouse gas 21 times more potent than CO2).
Based on the Product Type, the market is fragmented into solid biomass, liquid biomass, biogas, and others. Solid Biomass Segment accounted for the largest share in 2020 and is anticipated to register a lucrative CAGR during the forecast period. Till the mid-1800s, biomass was the largest source of total annual energy consumption in the United States. Biomass is still an important fuel source in many developing countries for cooking and heating.
Wood & Woody Biomass Segment to Witness Robust growth
Based on Feedstock, the market is fragmented into agricultural waste, wood & woody biomass, solid waste, and others. Wood & woody biomass segment had the highest revenue and CAGR growth in the analyzed period. Woody biomass consists of trees, bark, trunks, branches etc. These have a high lignin content which produces large amount of heat and is also used in grid electricity production.
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Based on the Application, the market is fragmented into Power Generation, Heat Generation, Transportation, and Others. Heat Generation Segment accounted for the largest share in 2020 and is anticipated to register a lucrative CAGR during the forecast period. Biofuels are high in heat content and are most used for the generation of heat, which makes it the fastest growing segment.
North America to Grab Lion’s Share, and witnessed Explicit Growth
Based on the Region, North America dominated the Bioenergy market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to increasing demand for renewable sources of energy. For example, an estimated 4.47 quadrillion British thermal units (Btu) were used in 2020 by the United States. North America is expected to skyrocket with a CAGR of X% in the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Bioenergy Market Analysis, 2020”.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Bioenergy Market are Enexor Energy, Lignetics, Green Plains Inc., Enviva, Enerkem, POET, Drax Group, Pacific BioEnergy Corp, EnviTec Biogas AG, and MVV Energie AG among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry.
“Bioenergy Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Bioenergy providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.
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- The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities.