Bio energy Market Size, Share, Growth, Trends, Applications and Industry Strategies to 2027
Bio-energy Market Overview:
The current state of definitions, classifications, applications, and the industrial chain structure were examined in the Bio-energy Market Research Report. The study offers unbiased, expert commentary on the market's current state, performance in the past, rates of production and consumption, demand and supply, and forecasted income generation predictions. The leading companies involved in the Bio-energy sector's strategic goals and company growth objectives are also covered in the market study on Bio-energy. The research takes into account a variety of strategies, including brand marketing, product launches, partnerships and collaborations, government and corporate transactions, mergers and acquisitions, and partnerships and collaborations.
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The Rapid Depletion of Fossil Fuels across the Globe:
The world is excessively reliant on fossil fuels to meet its energy requirements. For example, in the United States, fossil fuels accounted for 81.5% of total energy consumption. Excessive reliance on finite energy sources is leading the rate of depletion to outpace the rate of replenishment. According to the US Energy Information Administration (EIA), current global crude oil stocks will be sufficient to fulfill global oil demand until 2050. According to research produced by the Millennium Alliance for Humanity and the Biosphere (MAHB), coal will be depleted in 70 years, gas in 40 years, and oil in 30 years. These dire predictions highlight the urgent need for the global community to develop and actively embrace bioenergy sources to lessen reliance on conventional energy. This rapid deplection of fossil fuels is expected to drive the bio-energy market growth through out the forecast period.
Bio-energy Market Segmentation:
The Bio-energy Market is divided into Power Generation, Heat Generation, Transportation, and Others based on Application. In 2020, the Transportation sector held a 41% market share. Government regulations governing carbon emissions from conventional fuel sources used in transportation, including diesel, kerosene, gasoline, and others, are to blame for the segment's expansion. Additionally, the rapid global growth of the transportation industry is anticipated to be advantageous to the global industry during the forecast period.
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Bio-energy Market Key players:
- 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)
COVID-19 Impact on Bio-energy market:
The Bio-energy market has been significantly impacted by the COVID-19 outbreak. Facilities for the production of Bio-energy have been put on hold because of the global economic downturn and a labour shortage. The COVID-19 pandemic has caused a sizable and protracted decline in production utilisation, and staff have been kept away from their facilities by travel bans and facility closures, which will slow the growth of the Bio-energy market in 2020. On the other hand, the negative effects of COVID-19 on the market for Bio-energy are anticipated to be transient, and the industry is anticipated to quickly recover by early 2021 due to strong demand for Bio-energy.
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