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Transportation Fuel Market set for rapid growth forecst 2019-2026 | Key Players: Total, PETRONAS, Gazprom, Centrica, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, and others.
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Asia Pacific Sees Maximum Growth Among Other Regions
The Asia Pacific is anticipated to expand at a higher rate in the global transportation fuel market during the forecast years. The market registers the maximum growth in the Asia Pacific owing to the rising population. This is further expected to fuel the demand for transportation fuels and will continue to increase in the forthcoming years. The number of vehicles in countries such as India, Indonesia, and China is increasing, primarily on account of rising per capita income among end-users. This is expected to enable growth in the transportation fuel market in Asia Pacific.
The growing aircraft traffic in countries such as France, Germany, the U.K., and the U.S. is expected to augment the demand for aviation fuel during the forecast period. Consequently, the transportation fuel market in North America and Europe is anticipated to rise between 2018 and 2026. Apart from these regions, the market is likely to grow in the Middle East and Africa owing to its improving economic rate.
Shift Towards Eco-friendly and Bio-based Fuels Spurs Growth of the Market
The rapid growth in industrialization and the increasing sales of passenger cars are likely to stimulate growth in the transportation fuel market. The majority of the vehicles are highly dependent on crude oils which include gasoline, fuel oil, diesel among others. “The growing carbon emissions from such vehicles is compelling organizations and governments to develop bio-based, clean and eco-friendly transportation fuels,” stated a lead analyst at Fortune Business Insights. Moreover, governments are planning to promote some of the low emission fuels which include hydrogen, electricity, natural gas, and biodiesel. Furthermore, the demand for the above-mentioned fuels is expected to increase across the world over the projected horizon. This, as a result, is anticipated to contribute to the growth of the transportation fuel market.
Rising disposable income among the population is resulting in an increasing number of vehicles. This is another factor driving the market and thus increasing transportation fuel consumption. Furthermore, the improved transportation infrastructure in developed and some developing countries act as a potential growth enabler in the market.
However, certain environmental issues associated with transportation fuel are likely to hamper the growth of the market. In addition to this, emission control norms have become strict in developed and developing nations, which can impede the growth of the market. Also, the population caused by transportation fuels is expected to restrict the growth in the next few years.
Top Players
• Total
• Hindustan Petroleum Corporation Limited
• PETRONAS
• Bharat Petroleum Corporation Limited
• Allied Aviation Services
• Royal Dutch Shell
• Gazprom
• Centrica
• Valero Marketing and Supply Company
• Siyanda Oil Holdings (Pty) Ltd.
• Rosneft Sinopec Group
• Exxon Mobil Corporation
• BP plc Chevron Corporation
Market Advances with a Multi-billion Euro Deal Between BASF and DEA
Georgia Power is planning to collaborate with Georgia Tech in March 2019. This collaboration is aimed at building a new 1.4 MW microgrid in Metro Atlanta. Some of the other companies functioning in the global microgrid market include ABB, Encorp, Schneider Electric, Schweitzer Engineering Laboratories, S&C Electric, Siemens, PowerSecure, Power One Solutions, Spirae, Emerson Automation Solutions, Honeywell, CleanSpark, Exelon Corporation, and Power Analytics. Companies are focusing on adopting new technologies for the development of scalable and flexible microgrids. For instance, ABB Ltd. has plans to adopt a new microgrid enabled with battery storage in January 2019. The company signed an agreement with IIT Roorkee in July 2018 to develop a smart campus for IIT Roorkee.
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