Algae are organisms that grow in aquatic environments and use light and carbon dioxide (CO2) to create biomass. There are two classifications of algae: macro algae and microalgae. Macro algae, which are measured in inches, are the large, multi-cellular algae often seen growing in ponds. These larger algae can grow in a variety of ways. The largest multicellular algae are called seaweed; an example is the giant kelp plant, which can be more than 100 feet long. Microalgae, on the other hand, are measured in micrometers and are tiny, unicellular algae that normally grow in suspension within a body of water.
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Algae are photosynthetic organisms related to plants that grow in water and produce energy from carbon dioxide and sunlight. Single-celled microalgae can be used to produce large amounts of fat, which can be converted into biodiesel, the most common form of biofuel. There are many possible ingredients for making biofuels, from corn to used cooking oil. But algae are particularly interesting because they can be grown rapidly and produce large amounts of fuel relative to the resources used to grow them (high productivity).
Current Potential for Use as a Biofuel
Algal biomass contains three main components: carbohydrates, proteins, and lipids/natural oils. Because the bulk of the natural oil made by microalgae is in the form of triacylglycerol which is the right kind of oil for producing biodiesel, microalgae are the exclusive focus in the algae-to-biodiesel arena. In addition to biodiesel, microalgae can also be used to generate energy in several other ways. Some algal species can produce hydrogen gas under specialized growth conditions. The biomass from algae can also be burned similar to wood or anaerobically digested to produce methane biogas to generate heat and electricity. Algal biomass can also be treated by pyrolysis to generate crude bio-oil.
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Forecasted Growth of Algae Biofuel Market
The global algae biofuel market size is expected to reach USD 10.73 billion by 2025, according to a new report at a CAGR of 8.8% by Grand View Research, Inc. Depleting fossil fuel resources as well as rising awareness towards environment protection is expected to be the key factor for driving industry growth.
Algae has the ability to offer 2 to 20 times higher yield than existing biofuel feedstock including corn stover, corn, sorghum and beet which is likely to open new avenues for the industry growth over the projected period. Increasing R&D conducted by numerous startup companies as well as various oil & gas majors, and university-led research consortiums are expected to propel production of the over the projected period. However, technological challenges and high capital investment in algae biomass and fuel production are expected to limit the industry growth.
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Growing demand for low cost, reliable and sustainable energy sources to ease acute vulnerability to petroleum supply chain and meet the rising fuel demand by automotive and aviation sector is expected to have a positive impact on the industry growth over the forecast period. The industry is experiencing three major hurdles including maintaining algae biomass cultivation consistency across various regions and climates, high water demand for algae production and lack of technology innovation to commercial scale up.
Conclusion
The reports by Niir Project Consultancy Services (NPCS) broadly cover Indian markets, present analysis, outlook, and forecast for a period of five years. The report of NPCS helps you understand the viability of the project by disclosing details like machinery required, project costs, and a snapshot of other project financials. The report not only provides a glimpse of government regulations applicable to the industry but also provides forecasts of key parameters that helps to anticipate the industry performance and make sound business decisions.
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