According to the research report titled ‘Global Bioenergy Market Size study, By Type (Solid Biomass, Biogas, Renewable Waste, and Others), By Technology (Gasification, Fast Pyrolysis, Fermentation, and Others) and Regional Forecasts 2021-2027,’ available with MarketStudyReport, global bioenergy market to expand at 5.82% CAGR during the period 2021-2027.
 

Soaring demand for renewable energy, and massive advancements in bioenergy conversion technologies are drivers expediting the growth of global bioenergy market.
 

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In this regard, the International Energy Agency in 2020 reported that in the first quarter of 2020, the use of renewable energy in numerous sectors raised by 1.5% across the world.
 

For those unaware, bioenergy is a form of renewable energy that is obtained from biomass. Biomass is any living organic material that absorbs sunlight and stores it in chemical energy. Bioenergy is used in the production of electricity, transportation fuels, etc.  
 

Rising government emphasis towards bioenergy sources, coupled with huge investments employed for the enhancements in this field are creating lucrative opportunities, thus accelerating the industry development.
 

On the downside, availability of numerous substitutes for bioenergy is likely to cause a hindrance in the progress of the business landscape in the forthcoming years.
 

In terms of type, worldwide bioenergy industry is divided into biogas, renewable waste, solid biomass, and others. Based on technology, the industry is segregated into fermentation, fast pyrolysis, gasification, and others. 
 

Concerning the regional outlook, Europe market is poised to garner a significant revenue share during the assessment timeframe, attributed to the surging R&D activities for bioenergy, combined with huge investments by key players, and large consumer base in the region. 
 

Additionally, Asia Pacific market is slated to emerge as a remunerative growth avenue during the analysis period, due to the increasing public awareness and rising government focus on the production of renewable sources of energy. 
 

The prominent players aiding the global bioenergy industry scenario are Fortum Oyj, Mitsubishi Heavy Industries Ltd., Enerkem, MVV Energie AG, Orsted A/S, Babcock & Wilcox Enterprises Inc., A2A S.p.A., Biomass Engineering Ltd., Hitachi Zosen Corporation, and BTG Biomass Technology Group among others.