Global biofuels market to hit $247 billion by 2020

The switch from traditional fossil fuels to greener biofuels is well underway and gathering steam, according to green and clean tech consultancy Pike Research. What's more, Pike anticipates that the global biofuels market will triple from $76 billion today to nearly a quarter trillion dollars in 2020.

That's an astonishing growth rate in a short time frame but Pike lays out in a report that a convergence of technology maturation and market demand that will take biofuels into the mainstream.