Global algae biofuels tech market to reach USD 1.62bn by 2015
Jul 18, 2012 - The global market volume for algae biofuels technologies is expected to grow at an average rate of 43.1% a year to USD 1.62 billion (EUR 1.32bn) in 2015 from USD 271 million in 2010, according to a report by market research publisher SBI.
The report, Algae Biofuels Technologies - Global Market and Product Trends 2010-2015, released at the end of June, sees a double-digit potential for the market in the near-term on the back of the current technology pricing and industry trends.
The main factors that influence the algae biofuels technology markets are industry factors related with investment, technological advancement and business development or market factors that stimulate demand for algae biofuels, according to the report. These are supported by other factors such as research and development, industry investment, fossil fuel prices, and regulatory support for biofuels.