Energy Crop Market: Introduction
- Energy crop are used for the production of energy. These crops are converted into various forms of fuel such as pellets, bioethanol, and biogas. These fuels -are used to generate power or heat.
- The usage of energy crops has been rising since the last few years, as they are cheaper and low maintenance vis-à-vis traditional fossil fuel
- Companies are focusing on developing better quality crops that can grow faster and have better biomass to provide maximum yield in a short time
Key Drivers and Restraints of Global Energy Crop Market
- Rise in industrialization and urbanization across the globe is estimated to be a key driver of the energy crop market. Demand for energy has been increasing significantly across the world since the last few years. This is expected to drive the global energy crop market.
- Implementation of stringent rules and regulations to minimize carbon emission due to combustion of fossil fuel is another key driver of the energy crop market. This has encouraged companies to focus on better, cleaner, and cheaper fuel. Energy crops are providing cleaner and cheaper solution.
- Increase in usage of renewable energy such as solar, wind, and hydro is estimated to restrain the energy crop market in the near future. Various companies are investing in renewable energy sources. This is projected to adversely affect the global energy crop market during forecast period.
Global Energy Crop Market: Segmentation
- The global energy crop market can be segmented based on feedstock, application, product, end-user, and region
- In terms of feedstock, the global energy crop market can be classified into maize, Sudan grass, willow, poplar, sugarcane, and others. Rise in demand for Sudan grass, maize, and sugarcane is likely to drive the market.
- Based on application, the global energy crop market can be bifurcated into power generation and heat generation. The power generation segment is estimated to expand at a significant CAGR, owing the increase in demand for electricity across the globe due to an industrialization and urbanization.
- In terms of product, the global energy crop market can be segregated into biomass, biogas, bioethanol, and biodiesel. The biomass segment is expected to expand at a fast-paced CAGR during the forecast period.
- Based on end-user, the global market can be split into residential, commercial, industrial, and utilities. The industrial segment is expected to lead the market due to a rise in industrialization across the globe. This trend is anticipated to continue during the forecast period.
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Global Energy Crop Market: Regional Segmentation
- Based on region, the global energy crop market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global energy crop market in 2018. The market in the region is projected to expand during the forecast period, owing to a rise in infrastructure, industrialization, and initiatives by governments to provide electricity to all parts of their respective countries.
- The market in North America is likely to expand significantly during the forecast period owing to rapid increase in infrastructure and industrialization in the U.S. and Canada
- Europe is estimated to be a key region of the global energy crop market in the near future. Significant number of projects are being undertaken by various countries in the region, such as Sweden, Germany, Italy, and France, to reduce the emission of greenhouse gases.
- The energy crop market in Latin America and Middle East & Africa is anticipated to expand at a steady pace during the forecast period. Increase in investments in the production of bio-based energy in developing counties is expected to drive the energy crops market in these regions during the forecast period.
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Key Players Operating in Market
- Acciona SA
- John Wood Group Plc
- ANDRITZ AG
- Babcock & Wilcox Enterprises Inc.
- ENGIE SA
- Drax Group Plc
- General Electric Co.
- Ameresco Inc.
- ON SE
- Vattenfall AB