Lab Evolved Enzymes Market Size

Lab Evolved Enzymes Market size is projected to grow at substantial growth rate during the forecast period i.e., between 2024-2036. The growth of the market can be attributed largely to the growing emphasis towards renewable energy, which in turn is evaluated to give rise to the production of bioethanol from enzymatic hydrolysis. According to the International Energy Agency (IEA), the usage of renewable energy increased by 3% in 2020, with the share of renewables in electricity generation reaching at 29% that same year, up from 27% in 2019.

Along with this, increasing demand for substitute for synthetic chemicals, and rising environmental concerns among people across the globe are also expected to drive market growth significantly in the upcoming years. Furthermore, upsurge in investments for conducting R&D activities in the chemicals sector globally is projected to offer profitable opportunities to the market in the near future.