Algae Biofuel Market Size, Share, Growth, Trends and Industry Analysis Report, 2018 to 2025
The global algae biofuel market size is expected to be USD 5.96 billion in 2018 and is anticipated to witness significant growth owing to increasing demand for bio-based resources to replace traditional fossil fuels products.
(firmenpresse) - The global algae biofuel market size is expected to reach USD 10.73 billion by 2025, according to a new report at a CAGR of 8.8% 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.
Further key findings from the report suggest:
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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.
Sherry James
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Grand View Research, Inc
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Datum: 19.12.2019 - 05:40 Uhr
Sprache: Deutsch
News-ID 1554888
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Typ of Press Release: Financial
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Date of sending: 19.12.2019
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