The competition in the is being driven by the domination of big players who are adopting innovative strategies to increase their geographical research, finds a new report by Transparency Market Research.
Currently, large companies, such as E. I. du Pont de Numerous and Company, are focusing on establishing its presence in various regions and on strengthening their vertical integration activities by offering a wide range of products that are used for making advanced biofuels, thereby winning business from other operating players. Additionally, companies are also spending a significant amount of their budget on creating brand awareness, which can be seen in the business strategy of companies such as Amyris Inc’s, notes TMR.
The upsurge in energy demand due to increasing industrialization and urbanization have led to a perplexing energy deficit for several countries. Developing countries are especially feeling the pinch as they remain the on the pivot of balancing economic development and watching their carbon footprint as the world face the monumental crisis of global warming. This dilemma has become the major driving force for the progress of bioenergy market in the recent years, as more and more consumers realize its potential to be a reliable, efficient, and renewable source of energy.
As bioenergy emits lesser greenhouse gas in comparison to burning of conventional fuel resources, it is being taken seriously while planning the energy mixes in several countries. A TMR analyst says, “Bioenergy constitutes 10% of total energy supply in the world and is estimated to be about 80% of the overall renewable energy supply across the globe.” The report also predicts that the range of advantages surrounding the adoption of bioenergy will also propel the overall market.
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