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Recent Report Puts Biofuel Industry at $168 Billion and Rising

BiofuelsAccording to a recent study released by Transparency Market Research, the global biofuels market has moved beyond the experimental stage and is now firmly entrenched for an innovative future with solid growth.  The research firm valued the global market at $168 billion this year, but anticipates steady growth in the years ahead at a Compound Annual Growth Rate (CAGR) of 4.9 percent to bring a valuation of $246 billion by 2024.

Biofuels are eco-conscious alternatives to oil and gas that are derived from a variety of organic matter and converted into liquids to be purposed for a diverse set of energy needs.  In fact, bioenergy is the only renewable that can be used across all three energy sectors (electricity, heat and transportation).  Many vehicles on the market today do not need additional modifications or equipment to take advantage of biofuel.  

Driven largely by the success of biodiesel, the biofuel market is poised to drive rural development and bring new opportunities for the agriculture industry in particular.  However, because of the varied uses of biofuels, there are implications that will impact end-users and other industries alike.

One challenge that has beset biofuel implementation has been the reality that biofuel and biogas production will require sizeable investments for start-up and installation.  However, the wild fluctuations of the crude oil market, coupled with research advances to cut costs, support the development of biofuels and the benefits they offer for the biofuels market.

Read the full story here.

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