A biorefinery integrates biomass conversion processes and equipment to produce products such as transportation biofuels, power, and chemicals from biomass. With the global rise in population, the industrial revolution and urbanization have also increased. Consequently, governments and organizations around the world are forging ahead in the direction of biorefinery technologies. In addition, the global environmental rules have also triggered numerous public and private initiatives related, incenting the adoption of processes relevant to biorefinery technologies. The fuel produced through the biorefinery process emits fewer greenhouse gases and is inexpensive, fueling demand for biorefinery technologies. Besides, the industry has increased emphasis on biofuels due to the world's diminishing fossil fuel supplies to meet the growing need for energy. These factors are accelerating the growth of the biorefinery technologies market in the forecast period.
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Paced Demand for Sustainable Energy to Stimulate Growth Across Biorefinery Technologies Market
The need for energy has significantly increased with the surge in the global population and rising standards of living. This, in turn, has propelled the demand for renewable energy sources. Against this backdrop, biorefinery technologies has emerged as a reliable solution to meet the growing needs for energy. Green biorefinery allows sustainable conversion of green biomass into a range of commercially viable goods and energy. These biorefineries offer affordable feedstock readily available in large quantities. Hence, green biorefinery has gained tremendous popularity. Such a scenario is poised to enhance the global biorefinery technologies market landscape, creating promising growth prospects for the upcoming years.
Rise in Demand from Chemical Industry to Unlock Novel Growth Opportunities for Biorefinery Technologies Market Participants
The growing production of chemical products from biomass has led to a rise in demand for biorefineries in the chemical industry. As compared to refineries that use fossil fuels, the biomass refineries are more sustainable, eco-friendly, and viable. This is because these waste materials are widely available, can collect carbon and biomass feedstocks, and are affordable renewable resources for large-scale commercial beneficiaries. As a result, the demand for biorefinery technologies is increasing in the chemical industry, assuring influential growth across the global market. Furthermore, the increased RD activities are expected to amplify the production of goods with most advanced features. To this end, the global market is set to witness robust growth throughout the projection period.
North America to Acquire a Dominant Position in Biorefinery Technologies Market, Backed by Strong Government Support
North America is expected to hold a lion’s share in the biorefinery technologies market. This can be mainly attributed to growing environmental concerns around the globe. The government authorities in the region have also introduced various measures related to an abundance of biogas feedstock. Moreover, there are strict laws for monitoring domestic non-renewable resource consumption, fuelling the regional market growth. In addition to this, the region has experienced tremendous technological adoption. This has led to a surge in demand for environmentally friendly waste management techniques.
Leading Market Players
Some of the major players in the biorefinery technologies market include Valero Energy Corporation, Renewable Energy Group Inc., Abengoa Bioenergy SA, UOP LLC, Neste, and Pacific Ethanol Inc.
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