The global algae biofuel market is expected to reach USD
10.73 billion by 2025, according to a new report by Grand View Research, Inc.
Depleting fossil fuel resources as well as rising awareness towards environment
protection is expected to be the key factor for driving industry growth.
Algae has the ability to offer 2
to 20 times higher yield than existing biofuel feedstock including corn stover,
corn, sorghum and beet which is likely to open new avenues for the industry
growth over the projected period. Increasing R&D conducted by numerous
startup companies as well as various oil & gas majors, and university-led
research consortiums are expected to propel production of the over the
projected period. However, technological challenges and high capital investment
in algae biomass and fuel production are expected to limit the industry growth.
Growing demand for low cost,
reliable and sustainable energy sources to ease acute vulnerability to
petroleum supply chain and meet the rising fuel demand by automotive and
aviation sector is expected to have a positive impact on the industry growth
over the forecast period. The industry is experiencing three major hurdles
including maintaining algae biomass cultivation consistency across various
regions and climates, high water demand for algae production and lack of
technology innovation to commercial scale up. As a result, the market is
expected to foresee regional partnerships and collaborations to capitalize the
production and technology exchange for large scale productions.
Browse full research report on Global Algae Biofuel Market: http://www.grandviewresearch.com/industry-analysis/algae-biofuel-market
Further key findings from
the report suggest:
- Transportation is expected to dominate the algae biofuel market accounting over 70% of the overall demand by 2025, owing to its high potential to replace diesel and gasoline in automotive vehicles
- In Europe, the demand for the product in transportation application is expected to grow at a CAGR of over 12% from 2018 to 2025. High demand for biodiesel in the European countries owing to the government regulations and high adoption rate in the region is expected to propel industry growth.
- North America is expected to be the largest market accounting over 30%, owing to high investment by the start-up companies and the U.S. government to support renewable energy sector over
- Asia Pacific is expected to grow at a CAGR of over 8% to reach the revenue of over 2 billion by 2025, owing rapid technological advancements and low raw material costs in the region
- In 2010, the U.S. based Solazyme, Inc. delivered over 36,000 liters of 100% algae-derived biofuel to the U.S. Navy, for testing and certification purpose, which was seen as key step towards product commercialization
- The major players in the algae biofuel industry include Algenol, Blue Marble Production, Solazyme Inc., Sapphire Energy, Culture Biosystems, Origin Oils Inc., Proviron, Genifuels, Algae Systems, Solix Biofuels, Algae Production Systems and Reliance Life Sciences
Grand View Research has segmented the global algae biofuel
market on the basis of application, and region:
Algae Biofuel Application Outlook (Volume, Million
Gallons, Revenue, USD Million, 2018 - 2025)
- Transportation
- Others
Algae Biofuel Regional Outlook (Volume, Million
Gallons, Revenue, USD Million, 2018 - 2025)
- North America
- U.S
- Europe
- Asia Pacific
- Rest of the World
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
No comments:
Post a Comment