Algae are photosynthetic eukaryotic organisms that thrive in watery environments and generate biomass by using light and carbon dioxide (CO2). The market demand for macroalgae and microalgae meals is always increasing, owing to the functional benefits that go beyond the standard health and nutrition concerns. Furthermore, algae have the potential to provide a better oil production than biofuel feedstock comprising sorghum, maize Stover, beet, and corn. As a result, there are enormous prospects for expansion in the worldwide algae market.
Manufacturers' increased R&D activities are projected to drive market expansion. Increasing need for dependable, sustainable, and low-cost energy sources to alleviate the petroleum supply chain and fulfill rising demand from the aviation and automotive sectors are likely to drive expansion in the worldwide algae market during the forecast period.
Extraction and manufacturing of algae necessitate the use of costly equipment and processes. The government's and firms' high investments in R&D for enhancing manufacturing procedures to cut costs are projected to serve as a big opportunity for the market.
The United States Department of Energy (DOE) promotes the development of fuels that use biomass-derived stocks. This feedstock is used in basic research to increase biomass conversion, production, and sustainability. The National Renewable Energy Laboratory (NREL), for example, studies the economic generation of these fuels using technologies such as algal biomass systems and terrestrial biomass.