The world is overly dependent on fossil fuels to satisfy its energy demands. For example, in the US, fossil fuels accounted for 81.5% of the total energy consumption. Excessive reliance on exhaustible energy sources is causing their depletion rate to overtake their replenishment rate. The US Energy Information Administration (EIA) estimates that the current global stock of crude oil will be adequate to meet the world’s oil demand until 2050. A report published by the Millennium Alliance for Humanity and the Biosphere (MAHB) states that coal will run out in 70 years, gas will be over in 40 years, and oil will be gone in the next 30 years. These stark projections are reinforcing the need for the global society to develop and actively embrace bioenergy sources and reduce dependence on conventional energy.
The global bioenergy market size stood at USD 344.90 billion in 2019 and is projected to reach USD 642.71 billion by 2027, exhibiting a CAGR of 8.0% during the forecast period (2020-2027).
The solid biomass segment is projected to lead the global market. Solid biomass includes wood chips, wood pellets, and fuelwood for cooking and heating, etc. Governments of several countries provide incentives and subsidies to consumers using wood pellets for heating applications. Recently, the UK government launched the Domestic Renewable Heat Incentive (Domestic RHI) scheme for promoting the use of renewable heat. Furthermore, solid biomass is widely used in developing countries, mainly for cooking, heating water, and domestic space heating.
Liquid biofuels are another major product type segment of the market. Global production of liquid biofuels increased by nearly 7% in 2018 compared to that in 2017, reaching 154 billion liters in 2018. The U.S. and Brazil are the largest ethanol producers in the world. Together, these countries accounted for 84% share of the global ethanol production in 2018. On the other hand, Europe is the largest producer and consumer of biodiesel in the world. The region alone produces around 35% of the total global biodiesel production.
List of Key Players Covered in this Market Report:
• Enexor Energy (U.S.)
• Lignetics (U.S.)
• Green Plains Inc. (U.S.)
• Enviva (U.S.)
• Enerkem (Canada)
• POET (U.S.)
• Drax Group (U.S.)
• Pacific BioEnergy Corp (Canada)
• EnviTec Biogas AG (Germany)
• MVV Energie AG (Germany)
For More Information, Request a Sample Copy of the Global Market Research Report:-
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/bioenergy-market-103296
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