Algae Market (Cultivation Technology: Open Ponds Cultivation Technology, Raceway Ponds Cultivation Technology, Closed Photo bioreactor Cultivation Technology, and Closed Fermenter Systems Cultivation Technology; Application: Marine Sector, Aviation Sector, Road Transport, DHA Production (Protein Sales), DHA Production (Pharmaceutical Applications), Bioplastics, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Global 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$ 717.14 Mn in 2018 and is projected to reach US$ 1,365.8 Mn by 2027, at a CAGR of 7.42% therein. In terms of volume, the market is poised to expand at a 5.35% CAGR between 2019 and 2027.
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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.
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However, in recent years, established players such as Algae Tec and Solazyme, Inc. have been investing more on emerging cultivation technologies such as closed photo bioreactors and fermenter systems for better productivity under the close monitoring of automated systems.
Closed photo bio-reactors are an emerging technology used to promote biological growth by controlling environmental parameters such as light. The only disadvantages presented by this technology are high capital costs and long payback periods.
Surge in Algae Cultivation in North America a Key Contributing Factor
In terms of geography, the global algae market comprises North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. In 2018, North America led the global algae market. Countries such as the U.S., Canada, and Mexico house more than 135 companies engaged in algae cultivation and this is a key factor driving the algae market in the region. The North America algae market is single-handedly driven by the U.S., constituting around 86.4% of the market by volume and around 87.6% by value in 2018. The U.S. is anticipated to dominate the algae market through 2027 thanks to the expansion of production facilities and efforts to overcome the demand-supply gap. The North America algae market is considerably more mature than other regional markets such as Europe, Asia Pacific, Latin America, and MEA.
Countries in Asia Pacific are focusing on algal biotechnology in wastewater bioremediation and CO2 capture and utilization. Asia Pacific hosts five of the top 10 carbon emitters in the world –India, China, Japan, Indonesia, and Iran – who contribute to more than 40% of the global emissions. Strong movements are under way to fully commercialize the production of biofuels from algae. Currently, more than 50% of the algae produced through various cultivation technologies are utilized in DHA production to manufacture chemical components for medicines, health foods, cosmetics, and food additives.
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Key Players in the Global Algae Market
Key players in the global algae market include
- Algae Tec
- Pond Biofuels Incorporated
- LiveFuels, Inc
- Algae Systems LLC
- Sapphire Energy, Inc.
- Solazyme, Inc.
- Diversified Energy Corporation
- Kai BioEnergy Corp.
- DSM Nutritional Products
- Dao Energy, LLC
- Phycal LLC
- Kent BioEnergy Corporation.
Algae Market – Scope of the Report
Transparency Market Research’s recent report on the global algae market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the global algae market analyzes the market scenario for the period from 2018 to 2027, wherein 2018 is the base year. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the global algae market also provides data on developments made by important players and stakeholders operating in the market, along with competition analysis. The report also provides an understanding of strengths, weaknesses, threats, and opportunities, along with market trends and restraints in the competition landscape section.
This study also discusses the underlying trends and the impact of various factors on the global algae market along with their influence on evolution of the market
This study also offers Porter’s five forces analysis, value chain analysis, and regulatory scenario of the global algae market, in order to elaborate crucial growth strategies of and opportunities for players operating in the market
Key Questions Answered in Global Algae Market Report
- How much value does the global algae market is expected to reach by the end of the forecast period?
- Which segment currently account for the maximum share of the global algae market?
- What are the key factors expected to drive the global algae market?
- Which region is likely to be a lucrative market for algae during the forecast period?
- What are the essential strategies adopted by key players operating in the global algae market to expand their geographical presence?
- What are major advancements in the global algae market?
This report answers these questions about the global algae market, aiding major stakeholders and key players in making the right decisions and strategizing for growth of their business
Global Algae Market: Research Methodology
This TMR report on the global algae market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. The competition scenario of the global algae market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and the current trends, researchers of the global algae market arrived at predictions and estimations, and calculated the market forecast.
This report uses an analytical triangulation method to estimate the numbers of the global algae market, by using both bottom-up and top-down approaches
This detailed assessment of the global algae market, along with an overview of the market, is provided based on a careful examination of avenues related to the market. Analysts’ conclusions on how the global algae market is set to expand are based on carefully vetted primary and secondary sources.
Global Algae Market: Segmentation
This report on the global algae market provides segmentation of the market based on cultivation technology, application, and region