Algae Biofuel market is projected to grow at a CAGR of 7.55% to reach US$8.744 billion by 2023, from US$5.650 billion in 2017. There has been a rise in the demand for biofuels as an alternative to fossil fuels. Growing environmental and sustainability concerns regarding the excess use of fossil fuels is significantly driving the demand for algae biofuels. High potential of algae to replace conventional raw materials required to produce biofuels is further boosting the adoption of algae biofuels across different industries. Geographically, North America and Europe hold a significant market share of global algae biofuels market owing to the presence of major market players in the region coupled with supportive government initiatives and policies to encourage the use of biofuels.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the Algae Biofuel value chain. The last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the Algae Biofuel market.
Major industry players profiled as part of the report are Algenol, Solix Biofuels, and Sapphire Energy among others.
Algae Biofuel market has been analyzed through following segments:
Middle East and Africa