Biofuels Market to Witness Robust Expansion by 2023
Posted: Sep 19, 2020
Increasing population across the globe has led to an increase in the demand for energy sources. This has directly resulted into increased consumption of fossil fuels such as coal and petroleum which are expected to deplete by 2060. It is estimated that the world consumes approximately 10 billion tonnes of oil every year. Owing to this, there is an increase in demand for sustainable solutions such as biofuels and other alternate sources of energy. Moreover, dependency on fossil fuels for energy generation has led to an increase in greenhouse gases volume which has a direct impact on public health as these gases pollute air leading to global warming. Moreover, gases produced from wastes pose serious threat to public health and can lead to mass epidemic as they give rise to several hazardous diseases. Biofuels are mainly produced from feedstock such as corn and waste among others. They are mainly classified as first, second and third generation biofuels depending on the feedstock.
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Biofuels have numerous advantages over fossil fuels; such as, they produce less greenhouse gases as compared to fossil fuels and are renewable source of energy, among others. Factors such as increased globalization, surge in population, and Gross Domestic Product (GDP), among others have led to an increase in the overall energy demand globally. The U.S. Energy Information Administration (EIA) predicts that the increase in energy demand will continue to grow in the future with the fastest growth in non-Organization for Economic Cooperation and Development (OECD) countries. Therefore, the need for biofuels for applications such as transportation, electricity generation, and heating has increased largely at a global scale.
Biofuels industry is expected to advance due to increasing energy demand, policy mandates and pressure to reduce greenhouse gas emissions in developing and non-developed economies. Existing players will have an established platform for increased commercialization and business expansion across the various segments of biofuels value chain. Countries are focusing to increase the blending percentage of biofuels in fossil fuels. Moreover, production of advanced biofuels is on the rise owing to policy mandates. Increasing production of advanced biofuels is expected to abruptly revolutionize the biofuels industry and its value chain. It will help various public and private stakeholders to enhance their abilities for the production of biofuels and market it to the end user.
Financial barriers and expensive technologies for biofuels projects can be tackled by the involvement of private and public players both. Thus, they have an immense opportunity to expand their business throughout the value chain. One of the strategies can be the adoption of public private partnerships in developing economies. Moreover, use of new innovative technologies such as catalytic conversion, pyrolysis, and gasification, among others have proven their effectiveness for biofuels and reduced operational costs. Drop in fuels such as Hydrogenated Vegetable Oil (HVO) have their own major benefits.
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Moreover, use of new innovative technologies such as catalytic conversion, pyrolysis, and gasification, among others have proven their effectiveness for biofuels and reduced operational costs. Drop in fuels such as Hydrogenated Vegetable Oil (HVO) have their own major benefits. Increasing production of second generation and third generation biofuels is a clear indicator that countries are focusing on the production and usage of advanced biofuels in order to drive sustainability and reduce operational costs.
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