Bioenergy Global Market Report 2024

The global bioenergy market has grown strongly in recent years. It will grow from $271.17 billion in 2023 to $296.74 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth observed in the historical period can be attributed to several key factors. Firstly, concerns regarding dependency on fossil fuels prompted increased exploration and adoption of alternative energy sources. Initiatives to enhance energy security played a significant role in shaping the energy landscape. The growing environmental awareness led to a heightened interest in sustainable and cleaner energy options. Utilization of agricultural residues as a bioenergy source contributed to the overall growth, offering an environmentally friendly alternative. Furthermore, the industry's shift towards renewable energy sources, driven by both economic and environmental considerations, played a crucial role in shaping the historic period's growth trends.

The global bioenergy market is expected to see strong growth in the next few years. It will grow to $424.73 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. Anticipated growth in the forecast period is driven by the expansion of markets in developing regions, the implementation of urban waste-to-energy initiatives, alignment with global agricultural trends, the expansion of industrial applications, and continuous advancements in biomass conversion technologies. Key trends expected in this period encompass a shift towards the establishment of biorefineries, the formation of strategic public-private partnerships, the promotion of decentralized energy production solutions, the increased integration of biofuels in transportation, and the ongoing support from policies and incentives within the industry. These trends reflect the business landscape's responsiveness to evolving market dynamics and a commitment to sustainable and innovative practices.

The bioenergy market is poised for growth, propelled by an escalating demand for energy that aligns with global targets to curtail carbon emissions. Human activities emitting greenhouse gases contribute to the greenhouse effect, impacting climate patterns. In response, countries are actively working to mitigate these emissions. Bioenergy emerges as a pivotal solution, aiding in the achievement of carbon reduction targets while leveraging natural sources. A case in point is the United States, which has set ambitious goals to slash net greenhouse gas emissions by 50-52% by 2030. This emphasis on meeting energy demands while reducing carbon footprints underscores the driving force behind the bioenergy market.

The bioenergy market experiences a surge in growth driven by mounting environmental concerns globally. These concerns encompass the impact of human activities on ecosystems, biodiversity, and the overall health of the natural environment. Bioenergy, with its environmental benefits such as carbon neutrality and reduced greenhouse gas emissions, addresses these concerns effectively. The integration of bioenergy into agricultural practices promotes land use efficiency. This shift towards sustainability is emphasized as exemplified by the United Kingdom's greenhouse gas emissions per resident, witnessing a 2% increase in 2022 compared to the previous year. The bioenergy market's growth trajectory is thus intricately linked to the heightened environmental consciousness prevailing worldwide.

Technological advancements in bioenergy conversion stand out as a prominent trend propelling the bioenergy market forward. Key industry players prioritize innovation in technologies, research, and development to sustain their market positions. For instance, in September 2023, BASF SE, a renowned German chemical company, unveiled biomass balance plastic additives. These products actively promote the substitution of renewable feedstock for fossil fuels, providing clients with the means to reduce their carbon footprint. The goal is to conserve fossil fuels, maximize the utilization of renewable feedstock, and deliver products of equivalent performance and quality. This introduction exemplifies the industry's commitment to embracing cutting-edge technologies in bioenergy, fostering sustainability and environmental preservation.

Key players in the bioenergy market are strategically emphasizing biofuels as a primary driver for revenue generation. Biofuels, acknowledged as a renewable energy source, contribute to a carbon-neutral cycle, emitting an amount of carbon dioxide during combustion equivalent to that absorbed by plants during their growth. Demonstrating this commitment, in March 2023, BSBIOS Industria e Comercio de Biodiesel Sul Brasil S.A, a prominent Brazil-based company specializing in biodiesel production, launched the biofuel named Be8 BeVant. Positioned as an immediate solution, BeVant targets businesses seeking to fulfill decarbonization commitments in the short term, particularly those reliant on conventional diesel oil. This innovative biofuel enables emissions reduction without substantial investments in engine replacements or new fueling infrastructure.

In October 2022, the Green Investment Group (GIG), a leading UK-based firm specializing in green infrastructure principal investment, completed the acquisition of BayWa Bioenergy for an undisclosed amount. This strategic move by GIG is geared towards enhancing the platform through the integration of cutting-edge technological methods. These advancements may encompass the incorporation of carbon capture and CO2 liquefaction technology, capable of producing food-grade purity CO2. BayWa, a Germany-based bioenergy company, positions itself to benefit from the acquisition, aligning with GIG's objectives and contributing to the evolution of bioenergy solutions with a focus on sustainability and technological innovation.

Major companies operating in the bioenergy market report are Babcock and Wilcox Enterprises Inc., Orsted A/S, Hitachi Zosen Corporation, Pacific Bioenergy Corp., Enerkem Inc., MVV Energie AG, Enexor Energy LLC, Lignetics Inc., Green Plains Inc., Enviva Partners LP, POET LLC, Drax Group PLC, Ameresco Inc., Archer Daniels Midland Company, EnviTec Biogas AG, CropEnergies AG, Abengoa Bioenergy US Holding LLC, Novozymes A/S, Alto Ingredients Inc., Valero Energy Corporation, BP Biofuels North America LLC, Cargill Inc., DuPont Industrial Biosciences USA LLC, Gevo Inc., LanzaTech Inc., Mascoma LLC, Myriant Corporation, Sapphire Energy Inc., Solazyme Inc., Amyris Inc., Butamax Advanced Biofuels LLC, Coskata Inc., Genomatica Inc., LS9 Inc., NexSteppe Inc., Renmatix Inc., Terrabon Inc., Virent Inc., and Algenol Biofuels Inc.

North America was the largest region in the bioenergy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioenergy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bioenergy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of bioenergy include biomass, renewable municipal waste, biogas, and liquid biofuels. Biomass and renewable municipal waste represent biomass sources requiring minimal additional inputs, suitable for bioenergy generation. Various technologies, such as gasification, fast pyrolysis, fermentation, and others, are employed in power generation, heat production, transportation, and other applications within the bioenergy sector.

This report provides bioenergy market statistics, including bioenergy industry global market size, regional shares, competitors with a bioenergy market share, detailed bioenergy market segments, market trends and opportunities, and any further data you may need to thrive in the bioenergy industry. This bioenergy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The bioenergy market consists of sales of renewable hydrocarbon fuels such as bioethanol, biodiesel, and cellulosic ethanol. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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