Foresight of Microalgae Usage for the Production of Third-Generation Biofuel

Abstract

Objectives: To study the capabilities and evaluate the potential of microalgae usage for the production of third-generation biofuel. Methods: During the research comparative analysis methods and studying and forecasting available statistics methods were used that are related to the production and marketing of algal biofuel worldwide. Findings: It was established that microalgae, on the potential energy yield per unit area, can surpass by far a number of oil-bearing plants. Yet, the production of third-generation fuel from microalgae biomasses currently wields a low economic efficiency, due to the high cost of its cultivation, and is substantially not developed despite the technical feasibility. It is shown that for the assessment of the current status of the production of biofuels from microalgae it is wise to use a promising fuel management readiness level methodology. Applications/Improvement: The possibility to overcome the existing barriers to economically efficient mass production of biofuels based on microalgae was established, and for that it is necessary to engage in reducing its cost. Keywords: Aviation Industry, Biofuel of Third Generation, Economic Profitability, Fuel Readiness Level, Innovative Development, Microalgae, Technological Roadmap