World Ready to Guzzle Biofuel for Power

Rising energy consumption and environmental concerns have impelled the world to now focus on renewables, particularly biofuels whose market is growing day by day despite some apprehensions by the critics.

The leading market research consulting services company RNCOS has recently released an exhaustive report "Biofuel Market Worldwide (2007-2010)" to present a rational analysis of the global Biofuel market. The report expects the biofuel market to grow at a CAGR of 13% by the end of the year 2010.

According to the report, the primary reason for the increased global attention towards the renewable energy sources is the declining oil production from nearly all the oil reserves. Besides, environmental issues and increasing energy utilization has further raised the focus towards the utilization of biofuel.

The demand for biofuel is more in the countries that emits toxic gases in a much higher percentage, thus adding to global warming. For instance, in USA, the transportation sector is accountable for more than 70% of the petroleum consumed and one-third of carbon dioxide emissions, with similar statistics in Europe.

The study identifies other factors also that are stimulating the global biofuel market to grow. Biofuel offers security to ecosystem and soil, provides air benefits, reduces waste, aids in rural economic development, cuts down the greenhouse gas emissions and also helps in preserving the supply-security of energy consuming nations. All these factors have led to increased acceptance of biofuel worldwide.

However, the worldwide biofuel boom has been met with certain apprehensions by the critics who are expressing their concern regarding the environmental sustainability and commercial applicability of this technology. The concerns indicate towards the prospective environmental and social costs of biofuels and its effect on the increased food prices on the global poor. Though some of these fears might be mitigated by the development of cellulosic ethanol, but these have made further investment and research on biofuels obligatory.

"Biofuel Market Worldwide (2007-2010)" presents a comprehensive and updated overview of the global biofuel market. Apart from the growth promoters and roadblocks, the research evaluates other aspects of the industry, like latest developments and emerging trends, while tracking the expansion and decline in various product categories of the biofuel industry and their prospective markets.

As the report presents a worldwide perspective of the biofuel market, it analyzes the prospective markets in countries like Australia, India, Denmark, Germany, China, Canada, Czech Republic, and Denmark highlighting the factors critical to the success of the global biofuel market.

About RNCOS:

RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.

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