LONDON–(BUSINESS WIRE)–#Research–The global
bioenergy market is expected to grow at a CAGR of close to 6%
during the period 2018-2022, according to a new market research study by Technavio.

The report presents a comprehensive research of the global
bioenergy market by application, including transportation,
off-grid electricity, and cooking. The report also determines the
geographic breakdown of the market in terms of detailed analysis and
impact, which includes key geographies such as APAC, the Americas, and
EMEA.

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Market driver: increasing concerns about the environment and energy
security

Fossil fuels are limited, and energy production is primarily based on
fossil fuels. Several countries import large quantities of crude oil,
which influences the growth of their economy. One of the fastest growing
alternatives to conventional energy sources is bioenergy. Bioenergy
aids in expanding the energy mix and in reducing the dependency on
global petroleum markets.

According to a senior analyst at Technavio for specialty
chemicals research, “For countries that have less or
no reserves, bioenergy reduces the dependency on imported crude oil. One
of the key factors for the increasing demand for bioenergy is that it is
derived from local feedstocks. To encourage the production of biomass
feedstocks, cultivators and farmers are offered incentives by the
governments. Agriculture-based economies generate huge amounts of
agricultural waste.”

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Market trend: advances in enzyme technologies

In the manufacturing of bio-based fuels such as bioethanol from
lignocellulose, hemicellulose, lignin, and various other biomasses,
enzymes play an essential role. Advances in enzyme technologies allow
the conversion of biomass into renewable biofuels. An extensive range of
organic feedstock can be used for producing biofuels. Enzymes help in
changing the chemical structure and properties of a variety of biomass
and help in biofuel production. Each type of biomass contains a
different concentration of the diverse compound. Enzyme technologies
enable the commercial production of biofuels.

Market challenge: fall in crude oil prices

A key substitute for diesel and gasoline is cellulosic ethanol. The
instability in the global crude oil prices has caused a sharp decline in
oil trading prices. A systemic demand-supply imbalance in the global
crude oil markets, which has diminished the popularity of bioethanol,
biodiesel, and other alternative renewable fuels can be attributed to
the significant decline in oil price. The low crude oil prices have
expanded the price gap between conventional fuels and biofuels

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