Forecast: Algae-Based Biofuels Production to Reach 61M Gallons per Year by 2020
Green Car Congress
OCTOBER 27, 2010
According to a new report from Pike Research, algae biofuels production will grow rapidly over the next decade, reaching 61 million gallons per year and a market value of $1.3 billion by 2020. While barely a drop in the bucket for biofuels, Pike says, this represents a compound annual growth rate (CAGR) of 72%, roughly on par with early development in the biodiesel industry.
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