July 6, 2018 - 8:30 AM EDT
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Global Algae Market projected to reach a valuation of US$1.1 Bn by 2024; An Increase in the Use of Algal Biofuels Stokes Growth in Market – Transparency Market Research

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.

Albany, New York, July 06, 2018 (GLOBE NEWSWIRE) -- The global algae market showcases the presence of a highly consolidated business landscape, says Transparency Market Research, as per a newly published report. Solazyme Inc., Algenol, and Sapphire Energy Inc., are three companies who owned maximum shares in recent past, thus giving rise to a consolidated scenario. Achieving widespread innovations, carrying out extensive research and development regarding use of algal species in different industries, and achieving geographical expansion are key strategies implemented by most businesses working in the global algae market. Participating in valuable mergers & acquisitions, partnerships, and collaborations also are other chief schemes implemented by most companies working in the global algae market.

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DSM Nutritional Products, Pond Biofuels Incorporated, Dao Energy, LLC, Algae Tec, LiveFuels, Inc., Solazyme, Inc., Algix, Diversified Energy Corporation, Algae Systems LLC, Algenol, Sapphire Energy, Inc., Phycal LLC, Kai BioEnergy Corp., and Kent BioEnergy Corporation, are key players operating in the global algae market. The competitive intensity is projected to rapidly increase in the next few years owing to numerous new players making their foray in the global algae market on a regular basis.

This market had registered revenue valued at US$0.60 bn in 2015, which is further projected to reach a valuation of US$1.1 bn by 2024. This growth is expected to occur at an impressive CAGR of 5.32% during the forecast period from 2016 to 2024.

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A rising demand for biofuel in different sectors such as automation, automotive, industrial machinery, chemical plants, and others, is primarily driving the global algae market. This is mainly because of algal extracts which can be used to produce highly efficient biofuel varieties. Increasing concerns about a surge in carbon-based emissions is causing a rise in use of biofuels derived from algal sources, consequently propelling growth in the global algae market. Many governments across the globe are encouraging production of biofuels derived from algae, as the fuels are a source of clean energy production. Thus, the associated policies put forth by such bodies are causing the global algal market to grow at a substantial pace. In the next few years, this market is expected to witness a highly strong expansion, thanks to a rising awareness among the masses to use biofuels derived from algae.

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High Costs of Production and Research Stunt Market’s Expansion

However, high costs and capital investments are required by companies to carry out extensive research and mass scale production activities. This factor may discourage small companies having less capital margin to not invest in biofuel production, consequently hindering the global algae market. Moreover, a reduction in the prices of crude oil is also expected to hinder the market substantially. Nevertheless, algal varieties are increasingly being used in wastewater treatment plants. Many companies are also expected to achieve low-cost biofuel production form algal sources. Thus, these factors are expected to offset most restraints affecting the global algae market.

The review is based on a report by Transparency Market Research, titled, “Algae Market ( Application - Marine Sector, Aviation Sector, Road Transport, DHA Production (Protein Sales), DHA Production (Pharmaceutical Applications), Bioplastics; Cultivation Technology - Open Ponds Cultivation, Raceway Ponds Cultivation, Closed Photo bioreactor Cultivation, Closed Fermenter Systems Cultivation) - Global Industry Analysis, Size, Share, Growth, Trends, And Forecast 2016–2024.

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Key Takeaways

  • Achieving widespread innovations, carrying out extensive research and development regarding use of algal species in different industries, and achieving geographical expansion are key strategies implemented by most businesses working in the global algae market.
  • A rising demand for biofuel in different sectors such as automation, automotive, industrial machinery, chemical plants, and others, is primarily driving the global algae market.

The global algae market has been segmented as follows:

By Application

  • Marine Sector
  • Aviation Sector
  • Road Transport
  • DHA Production (Protein Sales)
  • DHA Production (Pharmaceutical Applications)
  • Bioplastics
  • Others

By Cultivation Technology

  • Open Ponds Cultivation Technology
  • Raceway Ponds Cultivation Technology
  • Closed Photo bioreactor Cultivation Technology
  • Closed Fermenter Systems Cultivation Technology

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Source: GlobeNewswire (July 6, 2018 - 8:30 AM EDT)

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