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.
In depth research report on 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
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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, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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