Owing to the fact that algae oil production units have still not been completely commercialized, the worldwide market for algae is slated to expand at a gradual rate. With the implementation of strict environmental laws, the adoption of renewable energy sources across the globe has gained impetus. A report added to the vast repository of Market Research Reports Search Engine (MRRSE) finds that algae-based biofuels are one such source of alternative energy and algae cultivation technology has been gaining prominence. This is likely to offer lucrative opportunities to players. Published by Transparency Market Research, the 238-page research publication is titled “Algae Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024”.

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High Capital Investment Deterring Widespread Adoption

One of the most important factors boosting the global algae market is its rising application in the treatment of wastewater. As industrial activities rise across emerging countries and the global population continues to increase, the shortage of freshwater resources has been a major cause for concern. This has also resulted in a growing burden on available groundwater resources. Algae is used in the treatment of wastewater as it consumes the excess nutrients and minimizes the cost of the treatment procedure. This treated water can later be used for several purposes, including drinking water in many regions that report a scarcity of potable water.

On the down side, however, the global market for algae is faced with the challenge of high capital investment. The production, cultivation, and utilization of algae requires aggressive research and development and this, in turn, needs significant amounts of capital. This acts as a major deterrent on the growth of the algae market. The falling prices of crude oil have also negatively influenced the market since the usage of crude oil is likely to gain momentum once again. End users are likely to switch from renewable to non-renewable sources of energy, thereby deterring the use of algae.

U.S. Dominates North America Algae Market by Value and Volume

The value of the global algae market was pegged at US$608.0 mn in 2015 and this is anticipated to grow to US$1.1 bn by 2024, registering a 7.39% CAGR therein. By volume, the market is slated to report a modest 5.32% CAGR during the forecast period.

Geographically, the global algae market is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America dominates the overall market, powered by Canada, the U.S., and Mexico. Several companies in these countries have been investing in algae cultivation and the rapid expansion of production units has enabled the region to lead the global algae market. The U.S. accounts for a massive 87.6% share in 2016 in terms of value and also held the dominant share by volume.

Phycal LLC, Algae Tec, Kent BioEnergy Corporation, Diversified Energy Corporation, Dao Energy, LLC, DSM Nutritional Products, Kai BioEnergy Corp., Sapphire Energy, Inc., LiveFuels, Inc., Algenol, Solazyme, Inc., Algae Systems LLC, Algix, and Pond Biofuels Incorporated are some of the dominant players in the global algae market. The report offers a detailed outlook on the vendor landscape and highlights the strengths and weaknesses of each company. Their recent developments and business strategies have also been discussed in this section.

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