Global Biofuel-Market Research Report-Sample Pages
Major driving factor for the growth of biofuels market is the environmental concerns that are causing the limitation over the use of non-renewable fuels such as petrol and diesel. According to Goldstein Research, Biofuel Industry is expected to reach more than USD 246.52 billion by 2024 from USD 168.18billion in 2016, growing at a compounded annual growth rate of 4.92% over the forecast period 2016-2024
Major driving factor for the growth of biofuels market is the environmental concerns that are causing the limitation over the use of non-renewable fuels such as petrol and diesel. According to Goldstein Research, Biofuel Industry is expected to reach more than USD 246.52 billion by 2024 from USD 168.18billion in 2016, growing at a compounded annual growth rate of 4.92% over the forecast period 2016-2024
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5.3.1. <strong>Market</strong> Restraints<br />
Complication in Adapting <strong>Biofuel</strong>s<br />
‣ Some government pose restrictions on biofuel production or import due to the type of raw<br />
material being used such as government of Poland announced a law against certain imported<br />
biofuels and raw materials for biofuel.<br />
XX<br />
XX<br />
XX<br />
Top 5 Countries Expenditure on <strong>Biofuel</strong> Production<br />
XX XX XX<br />
XX<br />
XX<br />
‣ There is strict parameters for using agricultural and forestry produce as this hampers the food<br />
security initiatives in a economy.<br />
‣ The commercial viability of the biofuels is very important in order to replace the existing fuels<br />
made from non-renewable sources<br />
XX<br />
XX<br />
XX<br />
XX<br />
XX%<br />
XX%<br />
XX%<br />
XX%<br />
Electricity Generation Through Various Sources<br />
XX%<br />
XX%<br />
Hydro<br />
Geothermal<br />
Solar PV<br />
Solar Thermal<br />
Wind<br />
Biomass<br />
XX<br />
USA Brazil China India France<br />
Source: National Center for Biotechnology Information<br />
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Impact Analysis:-<br />
• Recent concerns arise that biofuel production competes with<br />
food production. the demand for biomass increases, the<br />
production of biofuels will not only compete with the food<br />
sector, but also with chemical industries and regenerative raw<br />
materials.<br />
• The share of total road-transport fuel is not expected to<br />
surpass X% by 2030. Thus biofuels production costs still remain<br />
comparatively high and substantial cost reductions are<br />
required for cost types to become commercially competitive.<br />
Source: National Center for Biotechnology Information<br />
Impact on <strong>Biofuel</strong>s <strong>Market</strong><br />
High Medium Low