Bio Energy Market Globally Expected to Drive Growth through 2019Posted by pranav suryawanshi on September 24th, 2019 The global bioenergy market is undergoing constant evolution to provide its users some of the most dependable and advanced solutions. Bioenergy refers to a renewable source of energy that is made from materials that are derived from biological sources. For instance, biomass is a type of bioenergy that may include manure, wood, waste, straw, sugarcane, and many such byproducts.
As the world reels under the pressures of an increasing energy crisis, it needs to look at different types of bioenergy solutions to salvage the situation. Increasing oil prices, limited and depleting resources, and growing environmental concerns are some of the compelling reasons fueling the expansion of the global bio energy market. Additionally, promotion of bio energy by the Kyoto Protocol has also led to rapid growth of this market in most signatory countries. Energy gained from these materials is less environmentally damaging, which makes it attractive to investors and users.
Some of the important components of the bio energy market are biogas, starch-based and cellulosic ethanol, biodiesel, etc. Presently, the biofuels segment is the only one to have shown great promise of achieving large-scale CO2 emission reductions. According to analysts, the growth of this segment is also expected to create jobs, improve energy security, and boost economic growth.
Some of the primary growth drivers for the global bio energy market are concerns about energy shortage and environmental impact of carbon emissions, and growing worry of losing energy independence for many governments. Another factor adding to the changing perspective towards bio energy market is its potential to bring about rural development and open up new opportunities for the agriculture and forestry sectors.
While the development and advancement is encouraging the growth of the global bio energy market, there are several hurdles this market needs to overcome to make it a story of soaring success. The bio energy market faces challenges in terms of technological assistance, economics, and knowledge. Several environmentalists are also opposed to the idea of burning forest biomass as it leads to greenhouse gas emissions. However, the biggest opportunity for the global bio energy market is the increasing demand for electricity across the world.
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