The global quest for greener, organic biofuel alternatives has sparked a surge of interest in third-generation biofuels. Algae biofuels have emerged as a standout in this regard, as they resolve the disadvantages of second-generation crop-based biofuels. Botryococcus braunii, Crypthecodinium cohnii, and Nitzschia species are used to make algae biofuels. Stakeholders and interested investors have put tens of thousands of dollars into realising this opportunity in recent years. The use of modern biochemical engineering processes has also resulted in the development of a strong technical infrastructure.
Related project:- ALGAE BIOFUEL
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According to NIIR PROJECT CONSULTANCY SERVICES (NPCS) biodiesel is used in the marine industry also as it is a good material as a shipping fuel, being biodegradable, non-toxic and essentially free of Sulphur and aromatics.
Related projects:- Fuels (Alcohol fuel, Alternative fuels, Biomass, Biofuel, Combustion, Domestic fuels, Energy density, Fossil fuel, Fuel oil, Fuel poverty, Gas fuel, Hydrocarbon, Liquid fuels, Oxidation, Propellant, Solid fuel), Energy development Projects
Application Insights: -
· The demand for alternative liquid fuel products in commercial aviation and military applications is expected to drive market growth during the forecast period. Manufacturer initiatives to meet necessary fuel requirements, as well as a positive government outlook for the industry, are expected to drive demand.
· Petroleum fluids, such as jet fuel, diesel, gasoline, and fuel oil, account for one-third of global energy consumption, with demand expected to rise at a CAGR of more than 1.5 percent over the forecast period. With the rapid growth of the automotive industry due to increasing customer income and technological advancements, demand for new renewable raw material sources such as algae is expected to increase.
· Increasing demand for biofuel in road transport applications such as small trucks, minivans, light-duty vehicles, motorcycles, and passenger travelers is expected to push manufacturers to invest more in research and development to improve low-cost renewable fuel resources.
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Global Algae Biofuel Market: Trends and Opportunities: -
The rapid evolution of the algae biofuel market is fueled by the ever-increasing demand for fuels in various end-use industries, as well as the growing need for green and renewable energy sources. Algae biofuels have emerged as a viable way to meet the world's fuel needs in a low-carbon economy. The transportation industry's rapid advancements in various parts of the world have given the algae biofuel market a strong growth boost. Several government policies have centered on the introduction of renewable energy
sources in recent years in a number of countries around the world. The growing demand for low-cost aviation fuels is also a positive development for the algae biofuel industry.
Related videos:- Renewable Energy Sector, Green Power, Solar Energy, Biofuel, Hydroelectric, Wind, Non-conventional Energy, New and Renewable Energy
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Asia-Pacific Market: -
Due to the region's rapid growth in the automotive industry, Asia Pacific is expected to be a key market for the product. The presence of large economies such as India, which account for a significant portion of the world's population, is expected to boost demand for renewable energy. Reliance Industries and Algenol launched India's first Algenol algae development platform in January 2015. Reliance Industries Ltd. also opened a new facility to turn algae into oil in July 2013, with the aim of generating 100 barrels of oil per day in the coming years. According to sources, this is expected to open up new opportunities for business growth.
Related book:- The Complete Book on Biomass Based Products (Biochemicals, Biofuels, Activated Carbon)
Global Market: -
Despite the COVID-19 crisis, the global demand for algae biofuels, which was estimated to be worth US$ 6.8 billion in 2020, is expected to rise to US$ 11.4 billion by 2027, with a CAGR of 7.5 percent from 2020 to 2027. In the United States, the demand for algae biofuels is expected to reach $1.8 billion by 2020. China, the world's second largest economy, is expected to hit a projected market size of US$ 2.5 billion by 2027, representing a 11.4 percent CAGR from 2020 to 2027. Japan and Canada are two other notable geographic markets, with forecasted growth rates of 4.1 percent and 6.7 percent, respectively, from 2020 to 2027.
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Conclusion: -
Through our network of professional consultants, we undertake the project report that elucidates the present market potential as well as future scope of the product. Please contact NPCS (NIIR PROJECT CONSULTANCY SERVICES) for further details.
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