To tackle global warming, governments of many nations have set up targets to control their carbon footprints. This thrust on environment protection has majorly contributed to the global market for algae, which is an emerging biological resource with wide ranging potential applications in pharmaceuticals, transportation, health care, and bioplastics. As a result, algae cultivation has attracted a lot of government and private funding. Volume-wise, the global algae market is expected to generate 27,552.11 tons of algae by 2024, expanding at a CAGR of 5.32% between 2016 and 2024.
Browse the full Global Algae Market Report:http://www.mrrse.com/algae-market
A major deterrent to the market has been the tumbling crude prices on account of supply glut. This is because biofuels form 0.8% of the global energy mix and algal biomass contributes to about 42% of global biofuel share.
The global market for algae was worth US$0.608 bn in 2015. Exhibiting a healthy CAGR of 7.39% from 2016 to 2024, it is expected to achieve a value of US$1.143 bn by 2024.
Algae-based Biofuels Hold out Strong Promise for Market
A mixture of fossil fuels and algae-based biofuels is finding application in the transportation sector. But a lot more needs to be done before algae biofuels can emerge as viable alternatives to highly polluting biofuels. Full-scale biofuel commercialization, for example, needs substantial investments in research and technology. It also requires expanding existing production units by almost ten times their current size. The primary objective is to lower the steep prices of end products such as kerosene, jet fuel, ethanol, and methanol extracted from algal biomass. The algae-to-biofuel market is anticipated to witness significant growth rate by 2035.
Stringent Environment Regulations Fillips North America Market
North America, powered by the U.S., dominates the global algae market. In fact, the U.S. contributed a whopping 86.4% vis-à-vis volume and 87.6% vis-à-vis value to the market in the region in 2016. The U.S. is anticipated to dominate the algae market in the continent in the near future too via expansions of its production facilities to meet the increased demand. In fact, the U.S. and Canada are home to large number of companies engaged in algae cultivation on account of strict environmental regulations in the two countries that have resulted is rapid adoption of green-based products.
Europe has also emerged as a strong contender in the market for algae due to the ambitious strategy of the European Union to develop a bioeconomy in the continent. Russia, the U.K., and Germany have already embarked upon the task of commercializing proprietary technologies for algae production by capturing solar energy and sequestration of carbon dioxide.
Browse the full Press Release of Global Algae Market at :http://www.mrrse.com/algae-market-report
Powered by India, Asia Pacific to Register Strong Growth
The top-ten carbon emitters in the world, namely China, India, Japan, Iran, and Indonesia that together account for over 40% of global emissions, are present in Asia Pacific. Hence, robust initiatives are underway to commercialize production of biofuels from algae in the region. For instance, conducive government rules and rise in small and medium enterprises in India have contributed majorly to the algae market in Asia Pacific.