Bioenergy With Carbon Capture And Storage Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By End Use (Ethanol Production, Pulp & Paper Mills, Cement Production, Biogas Production, Electrical Power Plants, Heat Power Plants), By Technology (Oxy-combustion, Pre-combustion, Post-combustion), By Form of Energy (Heat, Electricity, Biofuels, Others), By Applic

Global bioenergy with carbon capture and storage market growth is expected to with a significant CAGR in the forecast period, 2023-2027. The global bioenergy with carbon capture and storage market is anticipated to grow on account of increasing demand for biofuels. Surge in the production of biofuels to obtain bioenergy from biomass such that heat, & power can be generated in the process, is driving the growth of the global bioenergy with carbon capture and storage market in the upcoming five years.

During various forms of power generation, fossil fuel burning emits large quantity of carbon. To reduce this carbon emissions or utilize them in some process such that the emission does not harm the environment, carbon capture and storage is done. It is an advanced opportunity to either utilize the captured carbon (CCU) or store the captured carbon (CCS). Bioenergy with carbon capture and storage is a beneficiary method that extracts CO2 from the atmosphere while it produces renewable energy in the form of heat, power and transport fuels. Residues and by products of forestry, agriculture, and organic wastes form the biomass that is when processed, CO2 emitted from the process along with other CO2 emissions, can be captured and either used in other chemical processes or stored underground. Carbon dioxide consumed by plants during photosynthesis cannot be re-emitted but stored underground or in the form of plant products. Thus, carbon is removed from the environment thus reducing global warming too.

Demand For Biofuels Drive Market Growth

In the year 2020, global biopower capacity was recorded as 126,557 MW. Out of the total bio-power generation, the United States, recorded bio-power capacity of 12,372 MW, which is roughly 10% of the total biopower generation.

Due to exhaustive fossil fuels, the higher demand for power generation, environmental degradation, loss of non-renewable resources, etc. biofuels are higher in demand and require higher production to satisfy the growing population’s demands. Moreover, bio-fuels production and storage have a lot of room for improvement in terms of reducing the cost of fuel for the consumers. Thus, demands for efficient and nature friendly fuels for the power generation supports the growth of the global bioenergy with carbon capture and storage market in the next five years.

Technological Advancement Supports Market Growth

Biofuel production although at certain level is natural, but its utilization, and increased production, requires technological advancement in the manufacturing units, chemical procedure conductions, and engine re-modellings such that biofuels can be utilized instead of fossil fuels. For instance, specially designed electric vehicles are manufactured that are run on the electric energy generated power instead of oil or petroleum products. Government is aiding the research organizations, and market players to invest in extended research and innovative product development such that more industrial processes and manufacturing units can be functional over bio-fuels and their consumption of fossil fuels can be minimized.

Market Segmentation

The global bioenergy with carbon capture and storage market is segmented by end use, technology, form of energy, application, regional distribution, and competitive landscape. Based on end use, the market is bifurcated into ethanol production, pulp & paper mills, cement production, biogas production, electrical power plants, and heat power plants. Technology based market segmentation is further fragmented into oxy-combustion, pre-combustion, and post combustion. On the basis of form of energy, the market is further differentiated into heat, electricity, biofuels, and others. Based on application, the market is also segmented into biomass conversion and carbon storage. The regional analysis of the market is divided into five regions, the North American region, the South American region, the European region, the Asia Pacific region, and the Middle East & African region.

Company Profile

Drax Group, FS-Fueling Sustainability, Sekab BioFuels & Chemicals AB, Chevron Corporation, Schlumberger New Energy, Clean Energy Systems, are enlisted in a partial list of major market players of the global bioenergy with carbon capture and storage market.