Albany, NY -- (SBWIRE) -- 12/09/2016 -- As more and more consumers gain awareness about the various environmental issues that plague the planet, the need to reduce dependence on fossil fuels has gained momentum. Transparency Market Research identifies algae fuel as an alternative to crude oil and the immense scope that this new technology possess has been covered in a new report. The publication, titled "Algae Fuel Market - Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2015–2023", offers an in-depth evaluation of the emergence of this concept, its development in recent years, and its progress during the forecast period.

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The growing shift in consumer demand toward advanced and non-conventional fuels, the algae fuel market is likely to expand at a healthy pace. One of the leading factors driving the development and adoption of this fuel is rising policies centered on reducing greenhouse gas (GHG) emissions. The implementation of laws and standards such as the European Union Emissions Trading System (EU ETS), the Carbon Emissions Reduction Target (CERT), the Carbon Pollution Reduction Scheme (CPRS), and the Kyoto Protocol Target Achievement Plan (KPTAP) has upped international efforts to find renewable alternatives to crude oil as fuel, and this has significantly impacted the algae fuel market.

Based on geography, the global market for algae fuel is segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Rising R&D activities have rendered North America and Asia Pacific the prime producers of algae fuel. Governments of various countries in these regions have been teaming up with laboratories and universities to up their efforts into research and this is likely to open up new avenues for leading players. India, Brazil, the U.S., China, and Canada are some of the most lucrative markets for algae fuel. The commercialization of algae fuel is anticipated to augur well for oil importing countries in Asia Pacific since they are looking to reduce their reliance on crude oil.

Considering that the algae fuel market is still rather new, there are just a handful of companies dedicated toward this lucrative technology. Solazyme Inc., Sapphire Energy, Inc., Algenol Biofuels, Imperium Renewables, Inc., and Chevron Corporation are currently the leading players competing in the global algae fuel market. Most firms are involved in aggressive research and development activities as well as strategic collaborations in order to gain competitive advantage.

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The TMR report includes a detailed assessment of the competitive landscape of the algae fuel market. The companies making major contributions to the overall growth have been identified and profiled in the report, keeping in mind key parameters such as business overview, financial standing, recent developments, business strategies, and product portfolio. With the help of a SWOT analysis, the strengths and weaknesses of each player are thoroughly discussed to zero in on the opportunities and threats that lie ahead.

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