« BackNews: Global Algae Biofuel Market Tipped For Big Growth
Global Algae Biofuel Market Tipped For Big Growth
The global market for biofuel drawn from algae has been tipped for major expansion in the next five years.
According to Research and Markets.com, the value of this market will increase from $5.02 billion in 2020 to $9.03 billion in 2027. This will represent a compound annual growth rate of 8.75 per cent a year.
The key factor cited as pushing the growth in demand is the need for it as a fuel at a time when petrol and diesel prices are rising, while the more eco-friendly nature of biofuel as an alternative to fossil fuels is another important factor in the equation.
Moreover, the report noted, algae “has various other qualities over other biofuels, such as high energy content, high biodegradability and faster microorganism growth.” Another benefit of algae biofuel is that its potential output is as much as 20 times that of sorghum, beet or corn.
A further finding was that the range of applications for algae biofuel looks set to widen significantly as research takes place into ways of using it. This is likely to have the effect of making production cheaper as it becomes a mass-use fuel rather than a niche one.
The point at which algae may find itself in a tank with attachments such as breather valves will come towards the end of the process. For the most part what will be needed to farm and harvest the algae is light and water, with the report suggesting countries with large bodies of water will be best equipped to produce it.
Only lack of knowledge and some nutrient sourcing and utilisation issues remain as challenges.
Algae are classed as plants because they photosynthesise, but feature a number of characteristics most other plants have, such as lacking multi-cellular reproductive structures.
They also don’t have roots, stems or leaves, although this is something they have in common with plants like mosses and liverworts.