Published By : 14 Apr 2016 | Published By : QYRESEARCH
Bioenergy is an important part of the entire renewable energy mix that countries plan to bring down greenhouse emissions and work towards curbing climate change. This renewable form of energy is used across three important sectors such as heat, electricity, and transportation. Analysts predict that it will be an important element in the overall renewable energy market after wind energy segment in the coming years.
Bio Energy to Contribute 6% to Overall Heating Segment by 2020
The global bioenergy market is segmented on the basis of product, application, and region. The products sold in this market are bioethanol, biodiesel, biogas, and others. The applications of bioenergy are seen in cooking, off-grid electricity supply, transportation, and others. Geographically, this market is segmented into North America, Europe, Asia Pacific, and Rest of the World. According to research, government institutions are expecting bioenergy to contribute 6% to the overall heating segment by 2020. Estimates by the Committee for Climate Change suggests that bioenergy will be able to meet industry’s heat demand of 13% by 2020 and 25% by 2030.
Wide Range of Bioenergy Application Drives Overall Demand
In the near future, biofuels such as bioethanol and biodiesel, which are currently being used for transportation, will be used for generating and supplying off-grid electricity. Bioenergy is also being used in the space heating area with advancements in bioenergy technology that is being used as renewable energy. This is also acquiring pace in construction and manufacturing as an important renewable energy source. Several chemical factories and manufacturing industries are also using biogas plans to supply electricity, thereby enabling conversion of generated waste into biomass for making biogas.
India and China to Be Biggest Consumers of Bioenergy Products
Presently, the global bioenergy market is has tremendous support from various governments and private firms. Furthermore, the demand for renewable energy has gone up as major industries are trying to cut down on energy consumption. Geographically, Brazil and Europe are the biggest consumers of biofuels. Both of these nations are allocating renewable energies for the purpose of transportation and electricity. North America and Europe are also significant leaders in the market with Asia Pacific following the lead closely. In the coming years, India and China will be the key consumers of bioenergy products.