Algae Biofuel Market Trends and Forecast
The future of the global algae biofuel market looks promising with opportunities in the transportation and aerospace markets. The global algae biofuel market is expected to reach an estimated $14.9 billion by 2030 with a CAGR of 9.7% from 2024 to 2030. The major drivers for this market are rising demand for sustainable & renewable energy sources, growing concerns over carbon emissions & environmental impact, and rising demand for biofuels in road vehicles.
• Lucintel forecasts that bioethanol is expected to witness the highest growth over the forecast period.
• Within this market, transportation is expected to witness the higher growth.
• North America will remain the largest region over the forecast period.
Country Wise Outlook for the Algae Biofuel Market
• United States: ExxonMobil partnered with Viridos to scale up algae biofuel production, aiming to achieve commercial viability by 2025, supported by government grants for renewable energy research.
• Japan: IHI Corporation announced the successful development of a new algae strain with higher biofuel yield, targeting a 30% increase in production efficiency by 2026, aligning with Japan’s green energy targets.
• India: Reliance Industries launched a pilot project for large-scale algae biofuel production, aiming to reduce reliance on fossil fuels and support the governmentÄX%$%Xs National Biofuel Policy goals by 2030.
• Australia: Muradel Pty Ltd received government funding to expand its algae biofuel facility, aiming to produce 1 million liters of biofuel annually by 2025, contributing to Australia’s renewable energy targets.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Algae Biofuel Market by Segment
The study includes a forecast for the global algae biofuel market by type, application, and region.
Algae Biofuel Market by Type [Value from 2018 to 2030]:
• Bioethanol
• Biodiesel
• Methane
• Jet Fuel
• Biobutanol
• Biogasoline
• Green Diesel
• Others
Algae Biofuel Market by Application [Value from 2018 to 2030]:
• Transportation
• Aerospace
• Others
Algae Biofuel Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Algae Biofuel Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies algae biofuel companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the algae biofuel companies profiled in this report include-
• Lgenol
• Culture BioSystems
• OriginClear
• Genifuel Corporation
• ALGAE PRODUCTION SYSTEMS
• Culture Biosystems
• Proviron
• Solix
• Cellana
• Biofuels Digest
Recent Development in the Algae Biofuel Market
• Algenol: Announced the development of a proprietary algae strain that can produce biofuel more efficiently, reducing production costs by 20%. This breakthrough is expected to accelerate the commercial viability of algae biofuels.
• Solazyme (now TerraVia): Expanded its algae production facilities in Brazil to produce high-value biofuel and bioproducts, targeting a significant increase in output by 2024 to meet growing global demand for renewable energy.
• Sapphire Energy: Secured $144 million in funding to advance its algae biofuel technology, aiming to produce 100 million gallons of algae biofuel per year by 2025, contributing to the reduction of greenhouse gas emissions.
• Reliance Industries: Initiated a large-scale algae cultivation project in India, with the goal of producing 10,000 barrels of biofuel per day by 2030, aligning with national renewable energy goals and reducing dependency on imported oil.
Features of the Global Algae Biofuel Market
Market Size Estimates: Algae biofuel market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Algae biofuel market size by type, application, and region in terms of value ($B).
Regional Analysis: Algae biofuel market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the algae biofuel market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the algae biofuel market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the algae biofuel market size?
Answer: The global algae biofuel market is expected to reach an estimated $14.9 billion by 2030.
Q2. What is the growth forecast for algae biofuel market?
Answer: The global algae biofuel market is expected to grow with a CAGR of 9.7% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the algae biofuel market?
Answer: The major drivers for this market are rising demand for sustainable & renewable energy sources, growing concerns over carbon emissions & environmental impact, and rising demand for biofuels in road vehicles.
Q4. What are the major segments for algae biofuel market?
Answer: The future of the algae biofuel market looks promising with opportunities in the transportation and aerospace markets.
Q5. Who are the key algae biofuel market companies?
Answer: Some of the key algae biofuel companies are as follows:
• Lgenol
• Culture BioSystems
• OriginClear
• Genifuel Corporation
• ALGAE PRODUCTION SYSTEMS
• Culture Biosystems
• Proviron
• Solix
• Cellana
• Biofuels Digest
Q6. Which algae biofuel market segment will be the largest in future?
Answer: Lucintel forecasts that bioethanol is expected to witness the highest growth over the forecast period.
Q7. In algae biofuel market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the algae biofuel market by type (bioethanol, biodiesel, methane, jet fuel, biobutanol, biogasoline, green diesel, and others), application (transportation, aerospace, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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