Global Bioliquid Heat and Power Generation Market to 2027: EU Mission for 100 Climate Neutral Cities by 2030 to Significantly Impact Demand – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Bioliquid Heat and Power Generation Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The bioliquid heat and power generation market is expected to grow with a CAGR of around 7.1% during the forecast period. The COVID-19 pandemic outbreak had a significant impact on the market which got reflected in delays in project executions or suspensions.
For example, the construction of the Tees Renewable Energy Plant, a 299 megawatt (MW) bio-gas power plant in the United Kingdom got suspended due to the pandemic.
The global bioliquid heat and power generation (cogeneration) market is largely driven by the features like cost-effective and efficient methods of power generation, and low carbon power generation technology. However, the market growth is hindered by high initial costs and competition from alternative technologies.
The bioethanol segment is expected to grow at the fastest rate during the forecast period due to the high availability of fuel in many countries.
The government policies to promote renewables-based power generation technologies in almost all the countries create ample opportunities for the market growth. Furthermore, biomass meets about 10% of the total global energy demand thus making it the most potential candidate amongst the renewables.
Europe is likely to dominate the market during the forecast period due to increasing share of bioenergy in the energy generation mix.
Key Market Trends
Bioethanol Segment is to Dominate the Market
Bioethanol currently has the largest chunk in the biofuels based energy generation mix across the globe. The benefits of the fuel and high production rate are the key factors responsible for the high growth of the segment. The fuel results in 85% reduction in green-house gas emissions, particularly nitrogen oxide, as compared to fossil fuels, and 30% as compared to other biofuels.
Many countries have increased their share of bioenergy in the electricity generation in the form of large CHP plants or individual power generating units, particularly on the commercial scale. In Brazil, the bioenergy share in renewable electricity generation as of 2020, was around 10%.
To prove the commercial viability of bioethanol based power generation, a 41 MW peaking power plant started operations in 2019 on Reunion Island, a remote French territory in the Indian Ocean to the east of Madagascar using ethanol from an island distillery. The plant is currently owned by Albioma, the French renewable energy producer.
The other reason behind the growth of the segment is the increase in the production output of ethanol in many countries. As an example, In April 2021, Praj Industries clinched a contract to set up India’s largest capacity syrup based ethanol plant from Godavari Biorefineries (GBL) in Karnataka. The plant is expected to come online within one-two years.
Such developments are expected to have a positive impact on the bioliquids heat and power generation market.
Europe Expected to Witness Highest Growth
The European region is recently endowed with high industry experise in the field of biofuels based energy generation, by the industrial leaders. Moreover, the region is already blessed with high availability of biomass which can be used to make biofuels.
In 2020, the region witnessed the surpass of renewables over fossil fuels in power sector, with 38% share in the electricity mix. The country had set targets to achieve around 55% of power generation by renewables, and to achieve carbon-neutrality by 2050. Thus, the government has taken numerous initiatives to increase this share even more in final energy consumption.
As an example, In January 2020, the European Parliament adopted the resolution on “European Green Deal”, which focuses on the importance of decarbonizing the energy sector as the topmost priority for a net-zero greenhouse gas emissions economy by 2050.
Furthermore, the Horizon Europe (2021-2027) programme was launched in the year 2020 to support research and innovation initiatives financially, in the crucial areas of the economic development, of which climate change is one of them.
And most importantly, the very recent EU mission for “100 climate-neutral and smart cities” by 2030, is expected to have a overwhelming effect on the demand for renewables in energy generation in all the European nations.
Owing to such developments, the bioliquid heat and power generation market is expected to have a spike in future.
- Albioma SA
- Archer-Daniels-Midland Co
- Ameresco Inc
- Envitec Biogas AG
- Enviva Inc.
- Drax Group
- Strabag SE
- Pinnacle Renewable Energy Inc.
- Green Plains Inc.
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Laura Wood, Senior Press Manager
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