Bioenergy Market
The biggest restraint in the bioenergy market is its production process that will result in the cultivation of cash crops in the agricultural sector, thereby threatening the pricing system of other crops. Use of cash crops to produce biogas and biofuels is anticipated to create yet another issue of food security over a period of time. Therefore, the correlation between rising food prices and the cultivation of cash crops for supplementing bioenergy is likely to hamper the growth of this market.
Against all odds, the bioenergy market still has bright future as several countries are adopting it as an alternative fuel for running vehicles. For instance, biofuels and its variants such as ethanol and biodiesel used as an alternative gas for vehicles are proving to be a lucrative ground for growth.
The research report highlights that the opportunity in the global bioenergy market will be worth US $ 246.52 bn by 2024 rising from US $ 158.39 bn in 2015 and expanding at a steady CAGR of 4.9 % between 2016 and 2024. The increasing adoption of bioethanol as an environment-friendly alternative to gasoline is expected to boost this segment at a CAGR of 3.40 % from 2016 and 2024.
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This review is based on a Transparency Market Research report, titled,“ Bioenergy Market- Global Industry Analysis, Size, Share, Growth Trends and Forecast 2016 – 2024.”
The bioenergy market has been segmented as: Bioenergy Market: By Product Type-Bioethanol-Biodiesel-Biogas-Others
Bioenergy Market: By Application Type-Cooking-Off-grid Electricity Supply
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