In Delaware, a report by research firm Transparency Market Research stated that the global second-generation-biofuels market would reach a value of $ 314.5 billion by 2031, up from $ 30.2 billion in 2021.
The report noted that the market is forecast to expand at a CAGR of 26.4% during the 2022 -2031 period.
“Policies and regulations are expected to continue to support advanced biofuels development and deployment globally. A range of incentives, such as renewable fuel standards or carbon pricing, can help drive investments and market expansion,” the report said.
“In order for second-generation biofuel technologies to be made more widely available, demonstration and pilot projects must be successful. The transportation sector may adopt these technologies more widely, with increased production capacity and more commercialization,” it added.
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