New report by Grand View Research, Inc., estimates a global algae biofuel market worth $10.73 Billion by 2025. Environmental awareness and depleting fossil fuels will be the main factors for this growth. Algae has 2-20 times more yield than present biofuels, including corn, beet and sorghum.
Currently, the algae biofuel industry is facing three challenges including consistency in algae biomass cultivation in different regions and climates, high water requirement for production and insufficient technology for commercial production. Due to these factors, the market will make regional partnerships and collaborations for large scale productions.