PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1480954
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1480954
Global Algae Biofuels Market to Reach $15 Billion by 2030
The global market for Algae Biofuels estimated at US$8.9 Billion in the year 2023, is expected to reach US$15 Billion by 2030, growing at a CAGR of 7.7% over the period 2023-2030. Transportation Application, one of the segments analyzed in the report, is expected to record 8% CAGR and reach US$10.8 Billion by the end of the analysis period. Growth in the Other Applications segment is estimated at 7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $2.3 Billion, While China is Forecast to Grow at 11.5% CAGR
The Algae Biofuels market in the U.S. is estimated at US$2.3 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$3.7 Billion by the year 2030 trailing a CAGR of 11.5% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 7% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR.
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