Second-Generation Biofuels Market Analysis

Application (Transportation, Power Generation)

The global second-generation biofuels market is segmented and analyzed for demand and supply by application into transportation and power generation. Out of which, the transportation segment is anticipated to garner the highest revenue by the end of 2037. The growth of the segment can be attributed to growing urbanization. Approximately 4.4 billion people, or 56% of the world's population, reside in urban areas. By 2050, approximately 7 out of 10 people would live in cities, with the urban population predicted to more than double from its current size. The demand for transportation grows along with the population of metropolitan regions. Whether it's for business, school, or recreational purposes, people need to be able to move around in cities. Public transport networks, including bus systems and others, have expanded as a result of this. However, the transportation sector contributes significantly to greenhouse gas emissions, and the usage of second-generation biofuels could help reduce these emissions. Since they are produced from renewable energy resources and may reduce reliance on non-renewable resources such as oil, biofuels are seen as a more environmentally friendly alternative to fossil fuels.

Process (Biochemical Process, Thermochemical Process)

The global second-generation biofuels market is also segmented and analyzed for demand and supply by process into biochemical process, and thermochemical process. Amongst which, the thermochemical process segment is expected to have the highest growth over the forecast period. The manufacturing of second-generation biofuels heavily relies on thermochemical processes. Non-food feedstocks, including forestry and agricultural waste, may be converted into biofuels quite effectively using thermochemical techniques. Second-generation biofuels may be produced from a range of non-food feedstocks, unlike first-generation biofuels, which are primarily made from food crops. This helps to prevent competition with food production. Moreover, biofuels with a high energy density could be created using thermochemical processes, making them ideal for use in transportation-related applications. Gasification and pyrolysis are instances of thermochemical processes that could produce biofuels with energy densities that are comparable to or even surpass those of fossil fuels.

Our in-depth analysis of the global market includes the following segments: