SUSTAINABLE BIOENERGY MARKET ANALYSIS

Sustainable Bioenergy MarketSize and Trends

MARKET DYNAMICS

Increasing electricity generation from biomass for reducing fossil fuel demand in the electricity sector is expected to drive growth of sustainable bioenergy market during the forecast period. For instance, according to the World Bioenergy Association, in 2017, 596 Terawatt Hour (TWh) of biopower was produced globally, which was an increase of 25TWh from 2016.

Countries across the globe are framing new policies to make energy systems secure and sustainable in order to reduce their greenhouse gas (GHG) emissions. This is expected to increase demand for sustainable bioenergy during the forecast period. In 2015, the European Union (EU) Member States passed a new policy framework for climate and energy, including targets for the period between 2020 and 2030. The targets include reducing the EU’s GHG emissions by 40% relative to emissions in 2005 and ensuring at least 27% of the EU’s energy will come from renewable sources.

Focus on developing new technologies to produce bioenergy in sustainable ways is expected to drive the market growth during the forecast period. For instance, in February 2019, National Renewable Energy Laboratory (NREL) partnered with BHP (mining, metals and Petroleum Company) to develop sustainable ways to clean up mining impacts and develop feedstock for biofuels. NREL will use BHP’s closed uranium mine sites in New Mexico, U.S. as a test bed to grow biomass and produce biofuels while simultaneously restoring soil and water.