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
Transparency Market Research
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