Algae Biofuel Market Size was valued at USD 9.9 Bn in 2023 and is predicted to reach USD 16.1 Bn by 2031 at a 6.23% CAGR during the forecast period for 2024-2031.
Global algae biofuel uses algae to produce oils that are rich in energy. Popular biofuels such as corn and sugarcane have alternatives in the form of algae fuels. When made from seaweed, it is called seaweed fuel. During the projected period, the global algae biofuel market is anticipated to experience growth due to a number of factors, including the increasing demand for detergent in developing nations, fuel in various end-use industries, and the need for environmentally friendly and sustainable energy. Another factor fueling the aviation industry’s rising need for affordable fuels is expected to boost the market for global algae biofuels. Additionally, market participants should anticipate more lucrative opportunities due to the government’s growing efforts to promote the use of renewable energy sources and reduce carbon emissions.
However, the global algal biofuel industry is slowing down its growth due to a lack of available capital, high cost, and outdated technology are preventing it from reaching its full potential. These issues are anticipated to impede the market’s progress. The global algal biofuel industry is expected to continue rising in the coming years due to a number of factors, such as improvements in raw material technology, continuous research & development, and an increase in the ultimate production volume of biofuels.
Competitive Landscape
Some of the Major Key Players in the Algae Biofuel Market are
- Algenol Biofuels, Inc.
- Seambiotic
- BDI-BioEnergy International GmbH
- Neste
- AlgaEnergy S.A.
- Cellana Inc.
- Viridos, Inc.
- ALGAMOIL, LLC. USA
- Diversified Energy Specialists
- Inventure Renewables, Inc.
- Genifuel Corporation
- Euglena Co., Ltd.
- Algae Systems, LLC.
- LanzaTech
- Reliance Industries Limited
Market Segmentation:
The global algae biofuel market is segmented based on end-use industry, type, process, and raw material. Based on the end-use industry, the market is segmented into transportation, power generation, and others. By type, the market is segmented into bioethanol, biodiesel, biogas, and others. By process, the market is segmented into chemical, thermochemical, and biochemical. By raw material, the market is segmented into spirulina, chlorella, dunaliella, and others.
Based on the End-Use Industry, the Power Generation Global Algae Biofuel Segment is Accounted as a Major Contributor to the Global Algae Biofuel Market
The power generation global algae biofuel market is expected to hold a major global market share in 2023. Due to a renewable and less carbon-intensive substitute for fossil fuels, algae biofuels fit effectively with the worldwide trend toward sustainable energy in the fight against climate change. Power generation applications can benefit from algal biofuels due to their high energy content and relatively smaller environmental imprint. In addition, biofuels are rising in favor as a means for governments around the world to achieve their climate goals and cut emissions of greenhouse gases. Power companies are being incentivized to use cleaner energy sources by the current regulatory climate.
Spirulina Segment to Witness Growth at a Rapid Rate
Spirulina is growing because it has a better sustainability profile and more potential output per acre due to its fast growth rate and reduced land use needs. Biotechnological developments in algae culture and processing are also making it easier and cheaper to transform algae such as spirulina into biofuels, growing this segment.
In the Region, The North American Global Algae Biofuel Market Holds a Significant Revenue Share
The North American global algae biofuel market is expected to register the highest market share in revenue in the near future. It can be attributed to the decreased emissions of carbon dioxide and reliance on fossil fuels, fostering an atmosphere that is conducive to investments in algal biofuels and quickening the rate of innovation and commercialization within the algae biofuel industry.
In addition, Asia Pacific is projected to grow rapidly in the global algae biofuel market because of rising consumer interest in renewable fuels, robust demand for bioethanol production, and rising investment in renewable and bio-based energy sources by both public and private entities. Additionally, a positive growth driver is the favorable government programs that encourage the use of renewable energy sources and global businesses toward the expanding markets of the Asia Pacific region.
Recent Developments:
- In January 2024, the U.S. Department of Energy Office of Clean Energy Demonstrations selected Technical Energy and LanzaTech Global, Inc. to begin the award negotiations for up to $200 million in funding from the Bipartisan Infrastructure Law and Inflation Reduction Act as part of the Industrial Demonstrations Program.
- In February 2024, AlgaEnergy and Nutrient TECH are thrilled to announce that Tyler Grenzow has been named President of North America. This important position calls on Tyler to spearhead De Sangosse’s nutritional and solutions business in North America via both firms, bringing the two brands closer together and solidifying De Sangosse’s position as a market leader.
Algae Biofuel Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 9.9 Bn |
|
Revenue Forecast In 2031 |
USD 16.1 Bn |
|
Growth Rate CAGR |
CAGR of 6.23% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, By Process, By Raw Material, By End-use Industry and By Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Algenol Biofuels, Inc., Seambiotic, BDI-BioEnergy International GmbH, Neste, AlgaEnergy S.A., Cellana Inc., Viridos, Inc., ALGAMOIL, LLC. USA, Diversified Energy Specialists, Inventure Renewables, Inc., Genifuel Corporation, Euglena Co., Ltd., Algae Systems, LLC., LanzaTech, and Reliance Industries Limited. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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