The following critical components should be in place for the biofuel market to happen, says new market study Global Biofuel Production Forecast 2015-2020. Click on image for larger view
The report identifies the following critical components within market, technology and life science frameworks:
- Market framework: high oil prices, venture capital funding and government incentives;
- Technology framework: life science breakthroughs, critical mass of engineering solutions and drop-in infrastructure in place;
- Life Science framework (as a subset of Technology framework): breeding efficient biofuel sources, tweaking sources to produce more biofuel and tweaking efficient conversion from sources to biofuel.
With mounting US-Iran tensions and likelihood of war in more than ever volatile Middle East, it seems that we may see the first critical component (namely high oil prices) in the very near future.