In Ireland, Research and Markets reported that the global next-generation biofuels market is expected to exceed $9.8 billion in 2023.
“This growth trend is expected to continue through 2033, driven by various factors including increasing global energy demand, sustainability concerns, and government regulations aimed at reducing greenhouse gas emissions,” the report said.
“As the world faces rising energy demand and the need for energy security, the Next-Generation Biofuels market offers a sustainable solution. Traditional fossil fuels are becoming scarcer and more expensive, necessitating the adoption of renewable and sustainable fuel sources. Advanced biofuels and cellulosic ethanol are at the forefront, offering a viable alternative to fossil fuels while reducing dependence on them,” the report added.
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