Bioenergy is a renewable source of energy derived from organic materials known as biomass. It can be used to produce energy for heat, electricity, transportation, and products. The energy generated from biomass is known as bioenergy. Biomass when used as an energy source is called feedstock and can range from plants and timber to food an agricultural waste and even sewage. Dry combustible feedstocks like wood pellets are burnt in furnaces or boilers, which boils water that creates steam and drives a turbine to create electricity.
Carbon Dioxide is released when burning biomass. However, the net carbon release is balanced as same amount of carbon dioxide is released which was absorbed when growing organic matter. Thus, the carbon cycle is balanced. Where fossil fuels release carbon dioxide that been locked away since millions of years which disrupts the Earth’s current carbon balance. The sustainability of bioenergy can be best analysed by distinguishing whether waste feedstocks or energy crops are being used.
Amongst product type, the solid biomass segment of the bioenergy market was valued at USD$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 growing at a CAGR of XX% from 2021-2027.
Based on feedstock, the bioenergy market is segmented into agricultural waste, wood & woody biomass, solid waste, and others. Amongst feedstock, wood and woody biomass segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analysed period.
Based on application, the bioenergy market is segmented into Power Generation, Heat Generation, Transportation, and Others. The heat generation segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F.
For a better understanding of the market adoption of Bioenergy Industry, the market is analysed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific will dominate the Bioenergy market on account of increasing need for alternative energy sources.
Some of the major players operating in the market include Enexor Energy, Lignetics, Green Plains Inc., Enviva, Enerkem, POET, Drax Group, Pacific BioEnergy Corp, EnviTec Biogas AG, and MVV Energie AG. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Bioenergy Market was valued at US$ XX billion in 2020 and is projected to expand significantly with a CAGR of XX% from 2021-2027F to US$ XX billion in 2027. The Bioenergy Market is expected to witness a boost on account of its high adoption in the North America region.