The report presents a comprehensive research of the global bioenergy market by application, including transportation, off-grid electricity, and cooking. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing concerns about the environment and energy security
Fossil fuels are limited, and energy production is primarily based on fossil fuels. Several countries import large quantities of crude oil, which influences the growth of their economy. One of the fastest growing alternatives to conventional energy sources is bioenergy. Bioenergy aids in expanding the energy mix and in reducing the dependency on global petroleum markets.
According to a senior analyst at Technavio for specialty chemicals research, “For countries that have less or no reserves, bioenergy reduces the dependency on imported crude oil. One of the key factors for the increasing demand for bioenergy is that it is derived from local feedstocks. To encourage the production of biomass feedstocks, cultivators and farmers are offered incentives by the governments. Agriculture-based economies generate huge amounts of agricultural waste.”
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Market trend: advances in enzyme technologies
In the manufacturing of bio-based fuels such as bioethanol from lignocellulose, hemicellulose, lignin, and various other biomasses, enzymes play an essential role. Advances in enzyme technologies allow the conversion of biomass into renewable biofuels. An extensive range of organic feedstock can be used for producing biofuels. Enzymes help in changing the chemical structure and properties of a variety of biomass and help in biofuel production. Each type of biomass contains a different concentration of the diverse compound. Enzyme technologies enable the commercial production of biofuels.
Market challenge: fall in crude oil prices
A key substitute for diesel and gasoline is cellulosic ethanol. The instability in the global crude oil prices has caused a sharp decline in oil trading prices. A systemic demand-supply imbalance in the global crude oil markets, which has diminished the popularity of bioethanol, biodiesel, and other alternative renewable fuels can be attributed to the significant decline in oil price. The low crude oil prices have expanded the price gap between conventional fuels and biofuels
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