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

  • Date Submitted: 09/28/2016 12:09 AM
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Transparency Market
Algae Market - Global Industry Analysis, Size, Share,
Growth, Trends, And Forecast 2016 - 2024

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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

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...


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