The global algae market was valued at US$608.0 mn in 2015 and is projected to reach US$1.1 bn by 2024, at a CAGR of 7.39% therein. In terms of volume, the market is poised to expand at a 5.32% CAGR between 2016 and 2024.
Albany, NY -- (SBWIRE) -- 11/17/2016 -- This research study analyzes the market for algae in terms of revenue (US$ Mn) and volume (tons). The algae market has been segmented on the basis of application, cultivation technology, and geography. The geographical segmentation includes regions, which are further divided into 15 countries. The report features a detailed regional segmentation with market growth forecasts for the years from 2016 to 2024. 2015 has been considered the base year and 2016 the estimated year, while all forecasts have been given for the period from 2016 to 2024. Market data for all the segments has been provided at the regional and country-specific levels from 2016 to 2024. The report provides a broad competitive analysis of companies engaged in the development of algae cultivation technologies. The report also includes key market dynamics such as the drivers, restraints, and opportunities affecting the global algae market. These are analyzed in detail and illustrated in the report with supporting graphs and tables. The report also provides a comprehensive analysis of the market with the help of the Porter's Five Forces Analysis model, which helps in understanding the factors that affect the structure and profitability of the global Algae market. These are the bargaining power of buyers, the bargaining power of suppliers, the threat of new entrants, the threat of substitutes, and the degree of competition.
The high-level analysis in the report provides detailed insights into the algae business globally. There are currently numerous drivers for the market. The most prominent drivers include renewable energy growth, energy scarcity, and stringent government regulations to minimize carbon emissions. Market attractiveness analysis was carried out for the algae market on the basis of application, cultivation technology, region, and country. Market attractiveness was estimated on the basis of common parameters that directly impact the market.
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The algae cultivation process focuses on carbon capturing. These innovations have helped several companies involved in algae cultivation and production to generate funds from government and private investors. The governments of several countries are setting targets to minimize their carbon emissions leading to increased demand for algae-based products. Volatility in the supply and prices of crude resulting from geopolitical differences and varying demand from consumers further strengthens the possibility of using algae-based products. Blends of fossil fuels and algae-based biofuels are being utilized in the transportation sector to check the commercial viability of biofuels produced from algae. Full-scale biofuel commercialization requires robust investments on technological developments and more than ten times the expansion of existing production facilities. Minimizing the cost of end products such as jet fuel, kerosene, ethanol, and methanol manufactured from algal biomass is the primary concern. High growth of the algae-to-biofuel market is anticipated by 2035.
The global algae market has been segmented into two categories: by application and by cultivation technology. In terms of application, the algae market has been classified into marine sector, aviation sector, road transport, DHA production (protein sales), DHA production (pharmaceutical applications), bio-plastics, and others. In terms of cultivation technology, the algae market has been classified into open ponds cultivation technology, raceway ponds cultivation technology, closed Photo bioreactors, and closed fermenter systems cultivation technology.
In terms of geography, the market has been segmented into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. The U.S. is expected to remain the dominant market for algae, with demand reaching 7,246.67 tons by 2024. The U.S., Canada, and Mexico have stringent environmental regulations. These regulation would result in wide scale adoption of green-energy based products and services.
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India is one of the fastest-growing economies in the world. Favorable government regulations and the emergence of medium and small enterprises in India have contributed significantly to the algae market.
Major players in the algae market are Algae Tec, Pond Biofuels Incorporated, LiveFuels, Inc., Algae Systems LLC, Sapphire Energy, Inc., Solazyme, Inc., Diversified Energy Corporation, Algenol, Kai BioEnergy Corp., Algix, DSM Nutritional Products, Dao Energy, LLC, Phycal LLC, and Kent BioEnergy Corporation.
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