The global marine biotechnology market to grow at a CAGR of 7.15% during the period 2018-2022.
Global Marine Biotechnology Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one driver in the market is increase in demand for biofuel. There has been a constant increase in demand for energy across the world. The major source of energy has been fossil fuels. The scarcity of fossil fuels, the need for energy protection, the rising prices of petroleum-based fuels, and global warming have increased the focus on renewable energy sources such as solar, wind, tidal, hydro, and biomass.
Different biomass from various sources such as forests, agricultural, and aquatic are being considered as feedstock to produce several biofuels such as biodiesel, bioethanol, biohydrogen, bio-oil, and biogas.
One trend in the market is increasing investments in R&D. the global expenditure in R&D has increased in the last 10 years. From $522 billion in 1996, it has increased to approximately $1.3 trillion by 2009. In 2013 the global spending in R&D was between $1.2 trillion and $1.5 trillion.
With the economies of developing countries growing faster than the economies of developed countries, the number of research facilities and industries that will be established in developing countries is expected to increase during the forecast period.
Increasing concern about climate change
Increasing investments in R&D
Increasing application of seaweeds in various products