Press release
Algae Fuel Market Repository of Analysis and Information for Every Facet of 2023
TMR foresees the global algae market to expand at a 7.39% CAGR during the forecast tenure 2016-2024 to earn around US$1.1 bn by the end of 2024. By cultivation technology, open pond cultivation could continue to generate higher demand in the market. By region, North America is anticipated to take the lead in the market. In 2016, the U.S. accounted for an 87.6% share of the regional market by value.
Reference URL: https://www.transparencymarketresearch.com/algae-market.html
Alarming Increase in Carbon Emission Helps Algae Biomass Take Center Stage
As pointed out by a TMR analyst, there has been a tremendous rise of the world algae market in the recent years. Of late, the need to shift from fossil fuel resources to renewable energy sources has become prominent. This could be due to the worrying increase in carbon emission from scores of industries. As a result, demand for algae biomass is projected to increase at a telling rate since it is an important ingredient used to produce biofuel.
Vendors operating in the world algae market could expect lucrative growth opportunities birthing on the back of high focus on the use of renewable energy sources in both developing and developed countries. Furthermore, increasing demand for biofuel because of the implementation of tight emission standards and policies is forecasted to set the tone for valuable growth in the market.
Expensive Research for Advancement of Algae Production Techniques Dents Market
In the foreseeable future, growth of the international algae market is foretold to slow down due to the negative impact of reduction in crude oil prices. Another factor that could deter market growth is expensive capital investment required for research and development to develop advanced algae production techniques.
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However, the international algae market is envisaged to gather pace in terms of growth as rising application of algae in wastewater treatment creates a wealth of opportunities in the near future. Furthermore, constant increase in industrial activities is prognosticated to augment the demand in the market. Use of algal biotechnology in carbon dioxide capture and utilization could act as another opportunity for market growth. Increasing efforts to commercialize biofuel production from algae could help raise more demand in the market.
The information presented in this review is based on a TMR report, titled “Algae Market (Application – Marine Sector, Aviation Sector, Road Transport, DHA Production (Protein Sales), DHA Production (Pharmaceutical Applications), and Bioplastics; Cultivation Technology – Open Pond Cultivation, Raceway Pond Cultivation, Closed Photo Bioreactor Cultivation, and Closed Fermenter Systems Cultivation) – Global Industry Analysis, Size, Share, Growth, Trends, And Forecast 2016 – 2024.”
The global algae market has been segmented as presented below:
Global Algae Market: Application
Marine Sector
Aviation Sector
Road Transport
DHA Production (Protein Sales)
DHA Production (Pharmaceutical Applications)
Bioplastics
Global Algae Market: Cultivation Technology
Open Pond Cultivation Technology
Raceway Pond Cultivation Technology
Closed Photo Bioreactor Cultivation Technology
Closed Fermenter Systems Cultivation Technology
Global Algae Market: Region
North America
U.S.
Canada
Mexico
Europe
Germany
Russia
U.K.
Rest of Europe
Asia Pacific
India
China
Australia
Rest of Asia Pacific
Middle East and Africa
Saudi Arabia
Nigeria
South Africa
Rest of Middle East and Africa
Latin America
Brazil
Argentina
Peru
Rest of Latin America
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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