The key driving factor of the global biorefinery technologies market is rise in demand for sustainable sources of energy. With surge in population all over the world and improvement in standard of living, the demand for energy has escalated notably. Thus, due to extensive use of conventional sources of energy majorly fossil fuels, they are depleting fast, creating a major disproportion in the demand and supply of energy. This has forced mankind to seek for alternative sources of energy, and thus biorefinery emerged as a viable option to meet the demand for energy and create a sustainable environment in the long run.
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Presently, several countries depend on other nations for imports to meet their energy demands. A country can prevent itself for major shocks and upsets in the global market by making itself self-sufficient in terms of production of energy that is required to cater to the demand. Thus, many countries are investing significantly for finding renewable sources of energy, and biomass has turned out to be one of the most reliable resources of energy production.
Moreover, the implementation of stringent environmental regulations in several countries such as the target set by the Renewable Energy Directive (RED) of the European Union for production of at least 20% of the energy from renewable sources are generating the demand for efficient and less polluted energy sources, which fuels the growth of the biorefinery market globally. However, the requirement of high initial capital investment and uncertain global economic conditions are expected to hinder the growth of the market to some extent.
Key Market Players
- Renewable Energy Group Inc.
- Neste
- Abengoa Bioenergy SA
- UOP LLC
- Valero Energy Corporation
- Pacific Ethanol Inc
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Key benefits of the report
- This study presents the analytical depiction of the global biorefinery technologies industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global biorefinery technologies market share.
- The current market is quantitatively analyzed from 2020 to 2029 to highlight the global biorefinery technologies market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
COVID-19 scenario analysis
- The global market of biorefinery technologies is severely impacted by the outbreak of the COVID-19 pandemic.
- The pandemic has forced many industries in the biorefinery market to nearly stop their operations to comply with the government regulations such as social distancing.
- Owing to the lockdown implemented across various countries, national and international transport has been hampered, which has significantly impacted the supply chain of the industries across the globe.
- A major section of the market resides in China. The global market for biorefinery technologies was immensely affected, due to the complete shutdown of all business operations in the country and outbreak of coronavirus.
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