Biofuel Future and market scope
The global renewable Biofuel and Bioenergy market was valued at $928.0 Billion in 2017, and is expected to reach $1,512.3 Billion by 2025, registering a CAGR of 6.1% from 2018 to 2025. Renewable energy technologies convert the energy from different natural sources such as sun, tides, wind and others, into its usable forms such as electricity. The renewable energy policy goal is to “accelerate renewable technology advancement and industrial system development specifically supporting the technology breakthrough and industrialization of bio-liquid fuel, wind power, biomass power, and alternative energy.” Four necessary policies in shaping China’s renewable energy landscape are: Renewable Energy Law of the People’s Republic of China that outlines policy goals; Medium and long-run Development Plan for Renewable Energy.