Portland, OR, Aug. 16, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global next generation biofuels market was accounted for $6.0 billion in 2020, and is projected to garner $59.4 billion by 2030, registering a CAGR of 26.4% from 2021 to 2030.
Rise in concern toward reducing carbon emissions and increase in necessity to produce sustainable and clean energy with negligible environmental impact have boosted the growth of the global next generation biofuels market. However, high cost of production hinders the market. On the contrary, growing emphasis on biofuel blends and favorable government policies for cleaner and greener sources of energy are expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic hampered the development of the next-generation biofuel sector due to ban on import & export and manufacturing and processing activities across power generation and other industries.
- There has been a halt in building & construction of new electric utility infrastructure, grid network, and renewable power plants, due to lack of workforce and rise in the demand-supply gap. However, the market is expected to get back on track due to rise in Covid-19 vaccinations across several economies.
The report segments the global next generation biofuels market on the basis of biofuel type, process, raw material, application, and region.
Based on biofuel type, the biodiesels segment held the largest share in 2020, contributing to nearly one-third of the market. However, the biogas segment is estimated to register the highest CAGR of 27.7% from 2021 to 2030.
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On the basis of process, the thermochemical process segment dominated the market in 2020, accounting for nearly three-fifths of the market. However, the biochemicals process segment is projected to register the highest CAGR of 26.7% during the forecast period.
The global next generation biofuels market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for more than three-fourths of the market. Moreover, the market across LAMEA is anticipated to register the highest CAGR of 29.4% during the forecast period.
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The global next generation biofuels market includes an in-depth analysis of the prime market players such as Chemtex Group, Algenol Biofuels, Enerkem, Abengoa S.A., GranBio, Gevo, POET-DSM, Joule United, Inc., Solazyme, and Sundrop Fuels Inc.
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