The latest market report published by Credence Research, Inc. “Global Algae Biofuel Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The global algae biofuel market generated revenue of around USD 7.0 billion in 2021 and is anticipated to grow a CAGR of over 8.30% during the forecast period from 2022 to 2028 to reach around USD 11.29 billion in 2028.
The growth is primarily driven by the increasing demand for renewable fuels, rising petrol and diesel prices, and increasing inclination towards eco-friendly lifestyles characterized by fewer or no adverse environmental and health effects. Moreover, there will be an increase in government initiatives and increased restrictions on the sale of gasoline containing higher percentages of ethanol in the United States, which will drive demand for biofuel. Although electric vehicles are expected to hamper the growth of this market to a certain extent, they are expected to be more widely adopted in the future.
Browse Global Algae Biofuel Market report- https://www.credenceresearch.com/report/algae-biofuel-market
The global algae biofuel market is bifurcated into Type, Applications, and Geography. Based on type, the market is categorized into bioethanol, biodiesel, methane, jet fuel, biobutanol, biogasoline, green diesel, and others. On the basis of applications, the global market is segmented into transportation, aerospace, and other applications. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2021, North America dominated the global algae biofuel market and accounted for a major market revenue share in terms of value. This region’s largest share is mainly attributed to the increasing government support and the growing preferences for renewable energy sources. Further, the manufacturers made early investments in the market. It is expected that the product will gain high demand for the manufacture of bioethanol. Additionally, the U.S. government has shifted biofuel manufacturing from food-based crops to microalgae-based crops, which will boost the demand for biofuel during the forecast period.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global algae biofuel market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level
- In-depth analysis of the global algae biofuel market segmentation based on type and applications.
- The global algae biofuel market report also includes analyzing the global, regional, and country levels, along with key market trends, significant players analysis, market growth strategies, and key application areas.
The Global Algae Biofuel Market is Segmented into:
|Forecast Period||2022 – 2028|
|Historical Year||2016 – 2021|
|Segmentation|| By Type (2016–2028; US$ Bn)|
By Application (2016–2028; US$ Bn)
By Geography Segment (2016–2028; US$ Bn)