Algae Market
during the forecast period . In terms of percentage share , North America dominates the algae market and is expected to generate US $ 344.49 mn by 2024 .
Rising Application of Algae in Wastewater Treatment
An alarming rise in carbon emissions from various industries has resulted in a prominent shift from the use of fossil fuel energy resources to renewable sources of energy . This has , in turn , fueled the demand for algae , which is a key ingredient in the production of biofuel . “ Many developed as well as developing nations have been focusing on the utilization of renewable energy sources so as to be in line with strict emission norms and standards ,” the author of the study notes .
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In addition , the rising use of algae in wastewater treatment acts as a key growth driver . The surge in population and industrial activities has caused the depletion of freshwater resources , which in turn , calls for the large-scale treatment of waste water .
In contrast , high capital investments in the research and development of algae production and utilization act as a major deterrent to the growth of the algae market . The declining prices of crude oil in recent times have also negatively impacted the market as the use of crude oil-based fractions has increased .
This review is based on the findings of a TMR report titled “ Algae Market ( By Application , By Cultivation Technology , And Geography ) - Global Industry Analysis , Size , Share , Growth , Trends , And Forecast 2016 - 2024 .”
Algae Market : By Application -Marine Sector -Aviation Sector -Road Transport -DHA Production ( Protein Sales ) -DHA Production ( Pharmaceutical Applications ) -Bioplastics -Others
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