Market Size of GCC Algae Biofuel Prospects Industry
| 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.
