Market Study: Global Biofuels Market to Grow to $246bn by 2024
(Biofuels International) The global biofuels market was valued at $168.18 billion (€149.05bn) in 2016 and is projected to reach $246.52 billion by 2024 at a CAGR of 4.92%, a new market study finds.
According to Transparency Market Research’s new study biofuels and bioenergy are a critical part of the renewable energy mix, being the only renewable energy that can be used across all three energy sectors (electricity, heat, and transportation).
Biofuels are projected to be another growing segment within the renewable energy market after wind energy segment, and it offers numerous opportunities for both new start-up companies and traditional companies, from the point of view to transfer their capabilities into this new growth market.
It is also a broad and varied sector, covering a range of technologies at different stages of development.
Climate change mitigation and adaptation, energy security, and waste treatment are some of the primary growth drivers for the global biofuel market. READ MORE