The bioenergy market share will post an incremental growth of USD 80.16 billion, progressing at a CAGR of 7.6% during the forecast period. The increasing concerns about the environment and energy security will offer immense growth opportunities to market vendors. The market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Browse Technavio's 173-page report and in-depth TOC on "Bioenergy Market by application (transportation, off-grid electricity, cooking, and others), product type (liquid biofuel, solid biomass, and biogas), and geography (Europe, North America, APAC, South America, and Middle East and Africa).
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The bioenergy market is segmented by application (transportation, off-grid electricity, cooking, and others), product type (liquid biofuel, solid biomass, and biogas), and geography (Europe, North America, APAC, South America, and Middle East and Africa).
The growth of the bioenergy market size in the transportation segment will be significant during the forecast period. The growth is attributed to factors such as a rise in the demand for biodiesel products. Biodiesel is an alternative to regular diesel for diesel engines, as it is environmentally friendly. Europe is estimated to contribute 33% to the growth of the global market during the forecast period. Thus, the demand for biodiesel is expected to increase in Europe owing to the rising use of biodiesel in vehicles to reduce greenhouse gas emissions.
The increasing concerns about the environment and energy security will directly influence the bioenergy market. In addition, the advances in enzyme technologies are the major bioenergy market trends that will positively impact the market growth. However, factors such as the fall in crude oil prices will hamper the bioenergy market growth.
The market is fragmented due to the presence of several players. Some of the major bioenergy market vendors are A2A Spa, Archer Daniels Midland Co., Babcock and Wilcox Enterprises Inc., BP Plc, Cargill Inc., Darling Ingredients Inc., ENERKEM Inc., Fortum Oyj, Fulcrum BioEnergy Inc., Hitachi Zosen Corp., Louis Dreyfus Co. BV, Manta Biofuel, MVV Energie AG, Orsted AS, POET LLC, Schaumann BioEnergy Consult GmbH, SGP BioEnergy Holdings LLC, Shell plc, SynTech Bioenergy LLC, and Thumb BioEnergy LLC
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2023-2027.
CAGR of the bioenergy market forecast during 2023-2027.
Market-level data on units, average selling prices, and values of the bioenergy market share.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the bioenergy market.
Bioenergy market industry growth across Europe, North America, APAC, South America, and Middle East and Africa.