Biofuels industry to triple in size by 2020
The biofuels market will reach $247 billion in sales by 2020 according to a report from clean technology consultancy firm Pike Research.
"The economics of ethanol and biodiesel are not yet competitive with petro fuels, and although governments have pulled back some of their support, in the 10 to 15 year timeframe, the outlook remains very positive," says Clint Wheelock, managing director of Pike Research.
The report predicts the combined biodiesel and ethanol markets will more than triple in sales by 2020, up from just $76 billion in 2010 driven by three key waves of next generation biodiesel. Fuels based on waste greases will
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