Press release
Algae Market to Rise at 7.39% CAGR as Biofuel Gains Demand with Increasing Use
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 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.
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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 2015, 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.
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