Alternative Fuels Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020

The alternative fuels market has not only revolutionized transportation industry, but it has also created new boundaries for the expansion of emerging energy players. Increasing environmental awareness and strict implication of regulations for the use of alternative fuels is leading to the upsurge demand of alternative fuels. Governments across the world are investing in the development of alternative fuels that are cost effective and efficient to meet the growing fuel demands. The growth of alternative fuels market is not restricted to any one region, but the increasing demand for energy is encouraging the development of this market in all the regions of the world. The transportation industry and chemical industry are the major consumers of fuel derived from crude oil. With the adoption of alternative fuels, emissions from these industries will decrease substantially. The market for alternative fuels is anticipated to grow at a substantial rate owing to increasing investment by major energy companies in this market.

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The decreasing crude oil reserves and the need to reduce import dependency is encouraging national governments and energy companies to invest in alternative fuels market. The major consuming centers of the world are dependent on imported oil from foreign nations. The urge to reduce this dependency on foreign oil is attracting investment in alternative fuels market. Recent price fluctuations in the oil market have affected the domestic economy of many nations. National governments are thus investing in alternative fuel technologies to reduce this impact on oil economy and to establish a self sufficient energy economy. State governments have enforced many regulations for adoption of vehicles which run on alternative fuels. Transport authorities are thus the major consumers of alternative fuel which are heavily investing in the development of the alternative fuel market. High maintenance and operational costs of appliances which run on alternative fuels are the major restraints impacting the further growth of the market. Limited availability of alternative fuels in major consumption centers is another major restraint which affects the growth of the market.

The market for alternative fuels market can be segmented based on the category of fuels produced in this market. Biodiesel, ethanol, methanol, natural gas, liquefied petroleum gas (LPG) and coal derived liquid fuels are some of major fuels available in the market. The market for alternative fuels can also be categorized based on the end-user industries utilizing this technology. Transportation, chemical, agricultural and industrial segments are the major end-users utilizing this technology. The transportation sector accounts for a major share of the revenue in the alternative fuels market.

At present North America is the leading region which is investing in developing alternative fuels market. The U.S. is the major consumer of energy in this region which is heavily investing in developing technologies which utilize alternative fuels as a source of energy. The government support in the form of rebates and tax concessions encourages investment in this market. The growing energy requirements of Asia Pacific have urged this region to adopt alternative fuels as a source of energy. Major energy consuming countries such as India, Japan and China has intensively invested in this market. Stringent environmental regulations in Europe have also forced many countries to invest in alternative fuels market.

Some of the major global players investing in the alternative fuels market are Exxon Mobil Corporation, EI DuPont, BP plc, General Electric Company and Sasol Ltd

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