Rise in concern toward reducing carbon emissions, production of renewable by-products improving the economics of bio-refinery operations, and surge in demand for electricity consumption drive the growth of the global bioenergy market. However, the outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of aircraft industries across the world, thereby adversely disrupted the supply chain and affected the overall design, development, and production facilities.
Portland, OR, Oct. 21, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global bioenergy market generated $102.5 billion in 2020, and is projected to reach $217.8 billion by 2030, witnessing a CAGR of 7.6% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in concern toward reducing carbon emissions, production of renewable by-products improving the economics of bio-refinery operations, and surge in demand for electricity consumption drive the growth of the global bioenergy market. However, high production cost, increase in demand for electric vehicles and reducing number of fuel stations restrain the market to some extent. On the other hand, growth in Urban Air Mobility platform and shift in preference to provide enhanced passenger comfort present new opportunities in the upcoming years.
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The outbreak of the COVID-19 pandemic led to global lockdown and temporary closure of a number of industry verticals, thereby affecting the overall growth of the global bioenergy market.
It further disrupted the whole supply chain, leading to difficulty in supply of raw materials and aircraft appliances. This, in turn, affected the market demand.
However, the bioenergy market is expected to recover by the second quarter of 2021 as COVID-19 vaccination has started in various economies across the globe, which is expected to improve the global economy.
The report offers detailed segmentation of the global bioenergy market based on product type, application, feedstock, and region.
Based on feedstock, the solid waste segment held the highest market share in 2020, holding more than one-third of the total market share, and is expected to continue its leadership status during the forecast period. However, the wood waste segment is estimated to register the highest CAGR of 8.3% from 2021 to 2030.
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Based on application, the transportation segment held the largest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the heat generation segment is projected to register the highest CAGR of 8.3% from 2021 to 2030.
Based on region, Europe contributed to the highest share in terms of revenue in 2020, holding nearly half of the total market share, and is estimated to continue its dominant share by 2030. Moreover, Europe is projected to manifest the fastest CAGR of 8.1% during the forecast period. Other regions discussed in the report include North America, Asia-Pacific, and LAMEA.
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Leading players of the global bioenergy market analyzed in the research include EnviTec Biogas AG, Babcock & Wilcox, Orsted A/S, Fortum Oyj, Hitachi Zosen Corporation, Pacific Bioenergy Corp, Royal Dutch Shell Plc, BP Plc, Enerkem, and MVV Energie AG.
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