The global Algae Biofuel market size is expected to reach USD 12.88 billion by 2030, according to a new study by Polaris Market Research. The report “Algae Biofuel Market Share, Size, Trends, Industry Analysis Report, By Type (Jet Fuel, Bioethanol, Methane, Biodiesel, Bio-Butanol, Green Diesel, Bio-Gasoline, Others); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The government's increased efforts to promote the use of renewable energy sources and reduce carbon emissions are predicted to create more lucrative prospects for market participants during the projection period. The future expansion of the industry will also be aided by the expanding development of new aspects, such as improved biofuel final production volume and expanded raw material development, among other considerations.
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The demand for algae biofuels as a necessary energy source is the main element causing the increase. The demand for algal fuels has surged as a result of the rising cost of gasoline and diesel. The market for biofuel is also rising as people's preferences for eco-friendly lifestyles grow due to its health advantages and lack of environmental risks.
The global market for such fuels may expand due to the increased use and supply of renewable resources. Because it is less expensive than other methods, requires less land, consumes very little water, and enhances the environment by absorbing CO2, the development of microalgae fuels is financially viable.
For instance, according to BioMed Research International, Malaysia, Thailand, and Indonesia currently produce between 70 and 250 percent of their biodiesel. According to the International Energy Agency, governments from all around the world have invested more than $500 million in the algae-to-biofuels industry.
However, the business is heavily constrained by factors including the need for higher capital expenditure and current technological restrictions, which are sharply lowering the potential for expansion of the worldwide algal fuels market. These elements are thought to hinder industry expansion.
Algal fuel is becoming more useful in a wide range of industries and is becoming more and more commercially and economically viable to produce. Due to algae's rising popularity over the past ten years, many industrial sectors have also begun employing it commercially. Algae fuel can be utilized to produce pyrolysis oil or combined heat and power. Because it immediately replaces petroleum without affecting engine performance, algae fuel is also favored for use in transportation.
Algae Biofuel Market Report Highlights
Polaris Market Research has segmented the algae biofuel market report based on type, application, and region:
Algae Biofuel, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Algae Biofuel, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Algae Biofuel, Regional Outlook (Revenue - USD Billion, 2018 - 2030)