Algae biofuels technologies are ripe for double-digit growth potential over the short term, claims a new study.
According to energy research firm SBI, algae biofuels will post a compound annual growth rate of 43.1% that will lead the market to $1.6 billion in 2015
"Investment into algae biofuels is shifting as government grants, which were a major funding source in 2009 when over $100 million in funding from the US Department of Energy was distributed, is being replaced by strategic partnerships and slowly growing internal company revenues," it says.
The firm's latest report, SBI Bulletin: Algae Biofuels Technologies – Global Market and Product Trends 2010-2015, notes the high yield per acre and minimum environmental impact of algae biofuels makes it one of the most viable and attractive biofuels.
Strategic partnerships include a range of industry sectors such as oil & gas, biofuels & agricultural processing, chemicals & plastics, biotechnology, power utility and wastewater management.
"Strategic partnerships from ExxonMobil, Chevron, BP, Dow Chemical, Desmet Ballestra and many others will drive the investment needed to successfully commercialise algae biofuels," said Shelley Carr, publisher of SBI. "Private investment and venture capital will also provide funding through 2015."
