GCC Algae Biofuel Prospects Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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GCC Algae Biofuel Prospects Market Analysis
The GCC algae biofuel prospects market is expected to rise at a CAGR of more than 1% during the forecast period of 2020-2025. Factors such as concerns about peak oil, energy security, fuel diversity, and sustainability, and there is considerable interest around the GCC in renewable sources of biofuels, are likely to drive the algae biofuel market. However, the cost of providing energy through algae biofuel is much higher than fossil fuels, which may act as a restraint on the market.
- Oil is the most used fossil fuel in the region, with all the countries in the Gulf Cooperation Council producing it. However, sustainability and energy security concerns of the environment and maturing of oil fields may provide algae biofuels as a feasible alternative.
- In 2019, a team of chemical engineers had developed a new jet mixer technology that precludes the need for energy-intensive drying processes. The new mixing reactor shoots jets of solvent into jets of algae in liquid suspension, creating the turbulence needed to prompt the lipids to transfer into the solvent stream. Further research in the arena for large scale usage is being developed and may provide an opportunity for the market players.
- Qatar is expected to be the largest market for the algae biofuel market as it has been investing in the research and development of biofuel in collaboration with different organizations, which may lead to extensive scale cultivation and production of algae biofuel.
GCC Algae Biofuel Prospects Market Trends
This section covers the major market trends shaping the GCC Algae Biofuel Prospects Market according to our research experts:
Fuel Diversification to Drive the Market
- Although the region has vast reserves of oil and gas, depending on one source for energy may become a cause of concern, if any crisis such as oil prices below the cost of production or maturing of fields may hit the industry. Therefore, the diversification of fuel for energy security and sustainability becomes the optimal choice and is expected to drive the algae biofuel market.
- Microalgae are great candidates for the sustainable production of biofuels and associated bioproducts due to the natural forming oils that have good biodiesel potential. Algae also produce other lipids that have the potential for aviation fuel, and microalgal biomass itself can be converted to or used directly as fuel, and high biomass cultivation of microalgae could mitigate carbon dioxide and other greenhouse gases as the microalgae photosynthesize and grow. These qualities make the algae biofuel a great alternative to fossil fuels.
- Oman has a great potential to provide algae for the synthesis of biofuel. With its lakes and seas, the country is an excellent source of algae that can be cultivated for lipids or fats from which biofuel can then be derived. Oman has large scale algae formation in the country, with even the color of water turning red due to their presence. The government is looking for ways to turn them into useful biofuels to be used in transportation and power generation.
- The region consumed around 506.3 million tonnes of oil equivalent, in 2018, which is approximately 0.12% higher than in 2017. The region requires a high amount of energy, which is significantly provided by the use of oil. Due to concerns of global warming and fuel diversification, more sustainable and efficient mechanisms of production of energy are required to be discovered. Algae biofuel may provide that alternative to the fossil fuel industry.
- Hence, the prospect of algae biofuel in the region is quite favorable as the region already contains the algae sources, a feasible proposition in the algae biofuel production may quickly change the energy mix landscape in the region.
Qatar to Dominate the Market
- Qatar is a significant oil and gas producer in the world with producing 1879 thousand barrels of oil per day in 2018. However, the country is investing in the algae biofuels industry as it may provide for as a better alternative for fossil fuels in the future.
- As algae biofuel is, in 2020, not economically viable, studies are being conducted in the country to find a natural source of algae, making algae production commercially sustainable and conversion of the algae to biofuel with low unused by-products.
- In 2019, Total and Qatar University's Center for Sustainable Development initiated two research projects to investigate microalgae from Qatar to produce biofuels. Algae are sustainable sources of biomass, which can be used for a multitude of applications, including biofuels production and CO2 sequestration using non-arable lands. The research project is trying to reduce the production cost and increase the utilization of algae biofuel, thereby aiding the growth of the market.
- Qatar is the largest user of biomass for electricity generation in the region. Techniques used for biomass may be used for the algae-based biofuel processes. In 2018, the country had a biomass installed capacity of 38 Megawatt. The installed capacity is likely to increase in the forecast period as the technology becomes more viable.
- Hence, the prospect of algae biofuel, in Qatar, largely depends upon the creation of an economically sustainable supply chain. Moreover, the government's focus on research and development of algae biofuels is expected to yield positive results for the market.
GCC Algae Biofuel Prospects Industry Overview
The GCC algae biofuel prospects market is consolidated. Some of the key players in this market include Total SA, Royal Dutch Shell PLC, Chevron Corporation, Exxon Mobil Corporation, Qeshm Microalgae Biorefinery Co.
GCC Algae Biofuel Prospects Market Leaders
Qeshm Microalgae Biorefinery Co.
Total SA
Exxon Mobil Corporation
Royal Dutch Shell PLC
Chevron Corporation
*Disclaimer: Major Players sorted in no particular order
GCC Algae Biofuel Prospects Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Market Size and Demand Forecast
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
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4.7.1 Bargaining Power of Suppliers
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4.7.2 Bargaining Power of Consumers
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4.7.3 Threat of New Entrants
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4.7.4 Threat of Substitutes Products and Services
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4.7.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Geography
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5.1.1 Qatar
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5.1.2 Kuwait
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5.1.3 United Arab Emirate
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5.1.4 Saudi Arabia
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5.1.5 Rest of GCC
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 Total SA
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6.3.2 Royal Dutch Shell PLC
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6.3.3 Chevron Corporation
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6.3.4 Exxon Mobil Corporation
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6.3.5 Qeshm Microalgae Biorefinery Co.
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
GCC Algae Biofuel Prospects Industry Segmentation
The GCC algae biofuel prospects market report include:
| Geography | |
| Qatar | |
| Kuwait | |
| United Arab Emirate | |
| Saudi Arabia | |
| Rest of GCC |
GCC Algae Biofuel Prospects Market Research FAQs
What is the current GCC Algae Biofuel Prospects Market size?
The GCC Algae Biofuel Prospects Market is projected to register a CAGR of greater than 1% during the forecast period (2024-2029)
Who are the key players in GCC Algae Biofuel Prospects Market?
Qeshm Microalgae Biorefinery Co., Total SA, Exxon Mobil Corporation , Royal Dutch Shell PLC and Chevron Corporation are the major companies operating in the GCC Algae Biofuel Prospects Market.
What years does this GCC Algae Biofuel Prospects Market cover?
The report covers the GCC Algae Biofuel Prospects Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the GCC Algae Biofuel Prospects Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
GCC Algae Biofuel Prospects Industry Report
Statistics for the 2024 GCC Algae Biofuel Prospects market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. GCC Algae Biofuel Prospects analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
