Globally, total biofuel production is expected to increase by 25% until 2024. In 2018, production of biofuel witnessed fastest growth in comparison of the last 5 years period between 2013-2018. The growth can be credited to the surge in Brazil’s ethanol output. Overall, Asia accounts for half of the growth, as its ambitious biofuel mandates aimed at reinforcing energy security boost demand for agricultural commodities and improve air quality. In addition to biofuels, renewable electricity is expected to provides more than 10% of renewable energy to the transport sector by 2024, majorly driven by China. China is expected to witness highest biofuel production growth globally. The rollout of 10% ethanol blending in a growing number of provinces and increasing investments in production capacity drive a tripling of ethanol production in China by 2024. Brazil registers the second-largest growth, boosted by the introduction of the Renovabio program in 2020. The United States and Brazil are expected to account for two-thirds of total biofuel production by 2024.
Renewable electricity used for heat is expected to increase by more than 40%, a similar increase to that of bioenergy, which is expected to account for one-fifth of global renewable heat consumption by 2024. Such growth can be credited to mainly to the rising share of renewables in electricity generation and, to a lesser extent, greater electrification of end uses. Modern bioenergy would remain the largest source of renewable heat by 2024. More than two-thirds of bioenergy growth is forecast to occur in the industry sector, driven by increased demand from India, China and the European Union
Based on source the global Renewable Fuels market is bifurcated into Geothermal resources, Biomass Energy, Hydropower, Ocean Energy, Solar PV, Wind Power, Others. In 2020, XX segment dominated the market, however, XX segment is expected to witness highest CAGR growth during the forecast period.
Based on End-use sector the market is divided into Cooling and Heating Sector, Power Sector, Transportation Sector, Others. Currently, in 2020, XX segment dominated the market, however, XX segment is expected to witness highest CAGR growth during the forecast period.
For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Netherlands, Spain, Rest of Europe), Asia-Pacific (China, India, Thailand, Indonesia, Rest of APAC), Latin America (Brazil, Argentina, Rest of Latin America) and Rest of World.
Some of the major players operating in the market include Archer Daniels Midland, Eni S.p.A., BlueFire Ethanol Fuels, Inc., Cosan S.A., Coskata, Inc., Sapphire Energy, Neste Oyj, Renewable Energy Group, Shell, British Petroleum