Algae Biofuels Market Poised to Garner Maximum Revenues During 2018 – 2025
North America has the largest algae biofuel market, owing to favorable government policies for renewable energy resources such as algae biofuels. The US Department of Energy has invested US$ 8 million on development of next generation algae biofuel in July 2017. This will drive the growth for algae biofuel market in US.
Europe has a significant demand for algae biofuels, owing to high adoption rate and government regulations. European Union has laid down various regulation policies such as Biofuels Directives which targets to reduce greenhouse gas (GHG) in transport fuel by 6% by 2020. Renewable Energy Directives (RED) which targets to replace 10% transport fuels by biofuels are fuelling the growth of algae biofuels in Europe.
There is a lucrative growth of algae biofuel market in Asia Pacific, due to growing transportation industry and increasing government initiatives for alternative fuels.
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In Latin America and Middle East, the demand for fossil fuels is increasing due to growing industrialization and automobile industry. Algae biofuels are an attractive alternatives in these regions as they provide sustainable source of energy. The Middle East has a tremendous potential for algae production. This is mainly owing to factors such as the presence of extensive coast-lines and non-arable lands, extreme favorable climatic conditions, large number of power plants and oil refineries as points of carbon dioxide capture by algae, and presence of lipid productive algae species in its coastal water.
Key Players in the Global Algae Biofuel Market
The algae biofuel manufactures are adopting various strategies such as research and development to increase the adoption of algae biofuel as sustainable energy source and sustain their market positions. Some major market players operating in the global algae biofuel market include Algenol Biofuels, Blue Marble Production, Chevron Corporation, Culture Biosystems, Genifuels, Imperium Renewables, Inc., Origin Oils Inc., Reliance Life Sciences, Proviron, Sapphire Energy, Inc., Solazyme Inc., and Solix Biofuels.
The growing demand for fuels, increasing regulatory policies and government support, the volatility of supply and cost of fossil fuels, growing transportation industry, and the environmental benefits of the algae biofuels are the drivers for algae biofuel market growth. The high production cost is the major challenge to algae biofuel market. However, several market players and government agencies are investing in research and development to reduce the operating cost.
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Algae Biofuels -Market Taxonomy
On the basis of fuel type, the global algae biofuels market is segmented into: Bioethanol, Biodiesel,Methane, Bio-butanol, Bio gasolineJet fuels, Green diesel, Other
On the basis of application, the global algae biofuels market is segmented into: Transportation, Aerospace, Others
The increasing demand for fuels in road transport applications such as minivans, motorbikes, light duty vehicles, passenger vehicles, and small trucks is augmenting the algae fuel market growth. This has attributed to increasing investment in research and development to introduce algae biofuel as potential alternative. Furthermore, the penetration of biofuels in industrial sector as energy source is fueling the growth of algae biofuel market.
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