|
Algae-based biofuels continue to gain attention in the renewable energy market. According to a new report from Pike Research, the attention won't be going away anytime soon as production of the biofuel is expected to increase rapidly throughout the next decade. The report states that by 2020, algae-based biofuels production will reach 61 million gallons per year, and a market value of $1.3 billion. According to RenewableEnergyWorld.com, this represents a compound annual growth rate of 72%, which is "roughly on par" with early biodiesel production.
This growth is not without hurdles, which in the case of algae-based biofuels include high production costs and access to nutrients, water and necessary capital. Do you think these hurdles will be cleared in time to reach the estimates for 2020?
Source: RenewableEnergyWorld.com
|