Worldwide production of biofuels is expanding more slowly
than expected, due to delays in the development of advanced biofuels, the boom
in fossil fuels production in key markets such as the United States, and a
decline in global biofuels investment in recent years. The next wave of advanced biofuels is nearing
commercialization, however, and conventional biofuels production is anticipated
to grow steadily between 2013 and 2023.
According to a recent report from Navigant Research, annual revenue from
biofuels production will reach $7.6 billion by 2023, with $69 billion invested
in new production capacity worldwide over the next 10 years.