Key HighlightsTMR foresees the global algae market to expand at a 7.42% CAGR during the forecast tenure 2019-2027 to earn around US$ 1.37 bn by the end of 2027.
In 2018, the U.S. accounted for around 87% share of the regional market by value.Alarming Increase in Carbon Emission Helps Algae Biomass Take Center StageAs pointed out by a TMR analyst, there has been a tremendous rise of the world algae market in the recent years.
Of late, the need to shift from fossil fuel resources to renewable energy sources has become prominent.
This could be due to the worrying increase in carbon emission from scores of industries.
As a result, demand for algae biomass is projected to increase at a telling rate since it is an important ingredient used to produce biofuel.Vendors operating in the world algae market could expect lucrative growth opportunities birthing on the back of high focus on the use of renewable energy sources in both developing and developed countries.
Furthermore, increasing demand for biofuel because of the implementation of tight emission standards and policies is forecasted to set the tone for valuable growth in the market.Expensive Research for Advancement of Algae Production Techniques Dents MarketIn the foreseeable future, growth of the international algae market is foretold to slow down due to the negative impact of reduction in crude oil prices.
Key HighlightsTMR foresees the global algae market to expand at a 7.42% CAGR during the forecast tenure 2019-2027 to earn around US$ 1.37 bn by the end of 2027.
In 2018, the U.S. accounted for around 87% share of the regional market by value.Alarming Increase in Carbon Emission Helps Algae Biomass Take Center StageAs pointed out by a TMR analyst, there has been a tremendous rise of the world algae market in the recent years.
Of late, the need to shift from fossil fuel resources to renewable energy sources has become prominent.
This could be due to the worrying increase in carbon emission from scores of industries.
As a result, demand for algae biomass is projected to increase at a telling rate since it is an important ingredient used to produce biofuel.Vendors operating in the world algae market could expect lucrative growth opportunities birthing on the back of high focus on the use of renewable energy sources in both developing and developed countries.
Furthermore, increasing demand for biofuel because of the implementation of tight emission standards and policies is forecasted to set the tone for valuable growth in the market.Expensive Research for Advancement of Algae Production Techniques Dents MarketIn the foreseeable future, growth of the international algae market is foretold to slow down due to the negative impact of reduction in crude oil prices.