Bioenergy Market Size, Share & Trends Analysis Report By Type, By Application, By Technology, By Region, And Segment Forecasts, 2023 To 2030

The sustainable provision of future energy demand can be significantly aided by biomass. It currently contributes the most renewable energy to the world's energy mix, and there is tremendous room for growth in the generation of heat, power, and transportation fuels. By utilizing the considerable amount of wasted residues and garbage, it is possible to significantly increase the usage of bioenergy.

A wide range of sources produce bioenergy. Certain bioenergy sources are byproducts of industrial processes that would have happened otherwise, such as black liquor produced during the manufacturing of paper. Unlike to other sources of energy, bioenergy is more frequently derived from specially cultivated plants or trees, which requires a lot of land. Therefore, the rising awareness related to sustainable energy sources is expected to bolster the demand of bioenergy during the forecasted years.

Bioenergy is advantageous because there is versatility in the contexts and industries it can be utilized in, from solid bioenergy and biogases used for power and heat in houses and industrial operations to liquid biofuels used in cars, ships, and airplanes. Additionally, it frequently makes use of already-built infrastructure; for instance, biomethane can use existing natural gas pipes and end-user technology.

Furthermore, Policies like the Renewable Energy Directive (RED) and the Fuel Quality Regulation of the European Union region, which have controlled the necessary biofuel share for the transport sector, have contributed to the huge increase in the demand for biofuel over the past decade.

The regulatory authorities and major manufacturers are also stepping up by observing the potential and surging demand of bioenergy, for instance, The advanced clean energy storage project, which is anticipated to be the largest industrial green hydrogen production and storage facility in the world, has received a conditional commitment from the U.S. Department of Energy's (DOE) Loan Programs Office for up to USD504.4 million in debt financing. The project's other partners include Mitsubishi Power Americas, Inc., Magnum Development, LLC, and Haddington Ventures, LLC.

Some of the key players in the market include Mitsubishi Heavy Industries Ltd, Hitachi Zosen Corp., BTG Biomass Technology Group, Enexor Energy, Drax Group, EnviTec Biogas AG, Pacific BioEnergy Corp., Lignetics, Enerkem, Green Plains Inc., and Enviva.