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A change in the trend to minimize reliance on traditional energy, the global demand for renewable energy is increasing. The bio-energy industry is an important component of the overall renewable energy market. The bio-energy industry has also been boosted by government funding, mostly in major developed countries.
The concept ‘bio-energy’ is not only about electricity but can also be used in heat and transportation applications. The global bio-energy industry is rapidly emerging as a new storm force in the energy market, with numerous opportunities for both start-ups and traditional energy companies. Traditional energy firms around the world are now focusing their efforts on expanding their capacities in a highly profitable market.
Because of the outbreak of the COVID-19 pandemic, the world bioenergy market will slow down during the forecast period. Governments of different countries have locked the factories in many cities and provinces worldwide, which has led to a severe slowdown in the transportation industry’s output and the energy sector. Moreover, if the transport sector is declining as it is one of the key consumers of bioenergy, the bioenergy industry is expected to have a direct impact for the next one or deux years. In addition, companies deal with shutdowns in their production activities with lack of sales and fractured supply chains.
Among the technologies covered by the bio-energy industry are biomass electricity, electricity from waste combustion, bio-energy boilers, and energy from waste heat, to name a few. Biomass electricity is one of the fastest-growing segments of the overall market, with new biomass electricity projects being built all the time. Waste wood, woodchip, compost, agricultural wastes, energy crops, and sewage sludge are examples of biomass electricity feedstocks. Bio-energy boilers are another important market segment that is expected to expand rapidly over the next decade or so.
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