Global Algae Market Is Anticipated to Reach Us$1.1 Bn by 2024 : Transparency Market Research

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Research

Algae Market - Global Industry Analysis, Size, Share,

Growth, Trends, And Forecast 2016 - 2024

Published Date

20-Sept-2016

236 Page Report

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Demand for Algae Cultivation on the Rise as Need for Biofuel

Soars across Energy Sector, finds TMR

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Algae Market

REPORT DESCRIPTION

Algae Market - Global Industry Analysis, Size, Share, Growth, Trends, And Forecast 2016 - 2024

Algae Market: Snapshot

The global algae market is developing at a gradual pace around the world, with a number of algae oil

production facilities yet to be fully commercialized. Growing concerns regarding the emission of greenhouse

gases have driven the adoption of renewable energy sources, algae being a prominent one. Apart from a rising

demand for algae-based biofuels in road, marine, and aviation applications, the plastics industry has also

upped its demand for algae to produce biodegradable plastics.

The global algae market was valued at US$608.0 mn in 2015 and is projected to reach US$1.1 bn by 2024, at

a CAGR of 7.39% therein. In terms of volume, the market is poised to expand at a 5.32% CAGR between 2016

and 2024.

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Low Investment Requirements Drive Adoption of Open Pond Cultivation Technology

In terms of cultivation technology, the algae market has been classified into open ponds cultivation technology,

raceway ponds cultivation technology, closed photo bio-reactors, and closed fermenter systems. On a global

scale, more than 80% of algal biomass is generated through open pond cultivation technology. Open pond

cultivation systems require low investment and as a result are utilized on a larger scale.

However, in recent years, established players...