Rampant Urbanization Impels Governments to Look for Alternatives such as Bioenergy

The bioenergy market includes products such as bioethanol, biogas, biodiesel, and others. These products are used for cooking, transportation, off-grid electricity supply, and for other purposes. The shifting focus of several countries towards green energies has put the spotlight on forms of bioenergy such as biodiesel and ethanol as suitable alternatives for operating vehicles. Furthermore, the increasing gap between depleting reserves of fossil fuels and the growing demand for energy has also forced nations to focus on the development of bioenergy as a means to reconcile the issue. Owing to these unwavering market drivers, the global bioenergy market is expected to be worth US$246.52 bn by 2024 as against US$158.39 bn in 2015. During the forecast period of 2016 and 2024, the global market is anticipated to expand at a CAGR of 3.40%.

Q. Who are the leading players in the global bioenergy market?

A. According to an extensive research report published by Transparency Market Research, the leading players in the global market are as E. I. du Pont de Numerous and Company Enerkem, Joule Unlimited, Gevo, Inc., LanzaTech, POET LLC, and Novozymes. To gain a bigger share in the global market, these companies are expected to expand their geographical reach in the coming years. Analysts also predict that these players are likely to explore vertical integration options to widen their product portfolio and win contracts for equipment and products that are required for making biofuels.

Q. What will drive the global market?

A. After the recent economic recession, economies across the world are grappling to earn to sustainable revenues through rapid industrialization. An obvious outcome of this is rampant urbanization, especially in the developing countries, that are witnessing a huge migration of population in search of better jobs and improved lifestyles. Both of these factors have had a cascading effect on the energy demands, creating a colossal conundrum of increasing carbon footprint. This has further complicated the issue of global warming as cities are contributing to higher pollution levels. In a bid to find sustainable solutions, governments and environmentalists are promoting the usage of bioenergy for various purposes.

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Q. How much will bioenergy contribute to the total energy mix?

A. Adoption of bioenergy is slowly gaining momentum as several consumers are realizing its properties such as renewability, reliability, and efficiency. The burning of bioenergy forms emits lesser greenhouse gases as compared to conventional resources, which is an important factor driving the demand for bioenergy across the globe. According to research analysts, bioenergy is expected to constitute 80% of the overall renewable energy mix in the coming years.

The growing inclination of government bodies towards increasing the adoption of bioenergy is projected to drive the global market in the coming years. For instance, The European Commission’s steady stance on biofuel policies is expected find ways to use biofuels as a sustainable energy source all through 2040. However, the market is being restrained by the possibility of excessive cultivation of cash crops that are the main source for production of bioenergy. This could threaten the pricing of agricultural products and result in issues pertaining to food security for several nations across the globe.

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