The increasing need for environmental sustainability and energy independence is driving the biorefinery market growth globally, between the period of 2014 and 2019. This is mainly due to its ability to generate energy and fuel through the use of biomass, which brings about a reduction in the use of fossil-based fuels. The US Energy Independence and Security Act of 2007 was introduced to promote energy independence and energy security through the increasing production of renewable energy-based fuels and batteries. The global market for biorefineries is fueled by the acceptance of biofuels in mainstream usage and is envisaged to surpass US$790 million by 2019.
Leading vendors analysed in this biorefinery market research report are Abengoa Bioenergy Corp., Aventine Renewable Energy, Neste Oil OYJ, Renewable Energy Group Inc., UOP LLC, and Valero Energy Corp. And the other prominent vendors in the market are BP Biofuels North America, Cargill, Poet, Sinopec, and du Pont.
Currently there are only four countries to use biofuels in the aviation industry, but the overall goal of becoming carbon neutral will result in the biorefinery industry witnessing a large amount of investments in feedstock as well as in the manufacturing process. Moreover bio jet fuels have certain unique challenges that are expected to be met through new technologies. Therefore the aviation industry beginning to use biofuels will give a boost to the investments in the biorefinery industry.
Technological Segmentation and Analysis: Industrial Biotechnology, Thermochemical and Physico-Chemical
In this market research report, analysts estimate the industrial biotechnology segment to account for more than 49% of the total market share by 2019. Industrial biotechnology, or white biotechnology, involves the usage of enzymes and microorganisms to produce bioenergy. The augmented demand for biorefinery products like bioethanol, bio diesel, hydrogen, and biogas is expected to foster growth in this segment during the forecast period. Order a copy of the research here.
Based on the geographical segmentation of the biorefinery market, America is envisaged to be one of the major markets for biorefinery technologies in terms of revenue generation and is envisaged to account for more than 70% of the total market share by 2019. The widespread abundance of feedstock and arable area in this region is expected to result in its high revenue-generating capacity during the forecast period.
Further, the biorefinery market report states that biorefineries require advanced technology and a high level of expertise in energy and fuel production, which makes this a very capital-intensive market. The high initial costs required for the installation of a refinery are the major barrier for new entrants.
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A related report on Energy & Power sector title Global Residential Solar Energy Storage Market 2015 - 2019 spreads across 79 pages forecasts global residential solar energy storage market to grow at a CAGR of 67.6% during the period 2014-2019.
The key players in the global residential solar energy storage market are BYD, Samsung SDI, C&D Technologies, Exide Technologies, GS Yuasa, LG Chem, Panasonic and VARTA Microbattery. Access the complete report here.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/refining/06112015/biorefinery-market-is-to-surpass-us790-million-by-2019-1695/