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Sustainable Aviation Fuel Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends
Sustainable Aviation Fuel Market Forecast
Sustainable Aviation Fuel Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $3.92 Bn In 2028 At A CAGR Of 49.1% :
The sustainable aviation fuel (SAF) market size has grown exponentially in recent years. It will grow from $0.52 billion in 2023 to $0.79 billion in 2024 at a compound annual growth rate (CAGR) of 53.8%. The growth in the historic period can be attributed to rise in concerns regarding climate change propelling demand for sustainable aviation fuel, increasing need for reduction in ghg emissions, growing focus on reducing carbon emissions, growing global initiatives to reduce carbon emissions.
The sustainable aviation fuel (SAF) market size is expected to see exponential growth in the next few years. It will grow to $3.92 billion in 2028 at a compound annual growth rate (CAGR) of 49.1%. The growth in the forecast period can be attributed to increase in deployment of sustainable aviation fuel, rising demand for SAF by airlines across the globe, growing initiatives to increase supply chain process to foster market growth, presence of stringent environmental regulations. Major trends in the forecast period include technological advancements with stringent government laws, advancements in saf production technologies and feedstock diversification, technological advancements, collaborative initiatives, carbon offsetting schemes.
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Sustainable Aviation Fuel Market Major Segments
The sustainable aviation fuel market covered in this report is segmented -
1) By Fuel Type: Biofuel, Power-to-Liquid, Gas-to-Liquid
2) By Blending Capacity: Below 30%, 30% To 50%, Above 50%
3) By Platform: Commercial Aviation, Military Aviation, Business And General Aviation, Unmanned Aerial Vehicles
Key Driver - Growth Of The Sustainable Aviation Fuel Market Fueled By Adoption Of Biofuels.
The surge in the adoption of biofuels is expected to propel the growth of the sustainable aviation fuel market going forward. Biofuels refer to renewable energy sources derived from plant, algal, or animal biomass. This adoption is driven by a global push for sustainable practices and the aviation industry's commitment to reducing greenhouse gas emissions. With the use of biofuels in aviation, airlines can reduce their carbon footprint and environmental impact. For instance, in December 2023, according to the Eurostat, a Luxembourg-based organization, in 2022, renewable energy comprised 23.0% of the total energy consumption within the European Union (EU), marking an increase from a share of 21.9% recorded during the previous year, 2021. And the share of renewable energy utilized in transport increased to 9.6% in 2022, up from 9.1% in 2021. Therefore, the surge in the adoption of biofuels is driving the growth of the sustainable aviation fuel market.
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Prominent Trend - Lummus Technology's Ethanol-based Sustainable Aviation Fuel Technology
Major companies operating in the sustainable aviation fuel market are developing innovative technologies, such as fuel process technology to reduce the environmental impact of aviation. Fuel processing technology refers to the scientific and technological aspects of processing and utilizing clean fuels, fuel-related chemicals, and advanced carbon materials and by-products. For instance, in September 2023, Lummus Technology, a US-based provider of process technologies and value-driven energy solutions, launched ethanol-based sustainable aviation fuel technology. The technology provides operators with a large-scale, commercially demonstrated solution to reduce the aviation industry's greenhouse gas emissions. Lummus' ethanol to SAF technology offers a safe and reliable solution by integrating ethanol to ethylene (EtE), olefin oligomerization, and hydrogenation technologies in a process configuration that maximizes the final yield to SAF while minimizing capital costs (CAPEX), CO2-specific operational costs (OPEX), and carbon emissions.
Sustainable Aviation Fuel Market Players
Major companies operating in the sustainable aviation fuel market are Shell plc, TotalEnergies SE, BP plc, Eni S.p.A., OMV Group, Neste Oyj, Preem AB, Sustainable Aviation, Aemetis Inc., REG Synthetic Fuels LLC, Ballard Power Systems, ZeroAvia Inc., AvFuel Corporation, LanzaTech Inc., Sundrop Fuels Inc., LanzaJet Inc., Fulcrum BioEnergy Inc., SkyNRG BV, Alder Fuels, Red Rock Biofuels, SG Preston Company, Velocys Plc, WasteFuel, World Energy, SAF+ International Group, Gevo Inc., Northwest Advanced Bio-Fuels LLC., AltAir Fuels, REG Geismar LLC
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Largest And Fastest Growing Region In The Market
North America was the largest region in the sustainable aviation fuel market in 2023. Middle East is expected to be the fastest-growing region in the forecast period. The regions covered in the sustainable aviation fuel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Sustainable Aviation Fuel Market Report Structure
3. Sustainable Aviation Fuel Market Trends And Strategies
4. Sustainable Aviation Fuel Market - Macro Economic Scenario
5. Sustainable Aviation Fuel Market Size And Growth
…..
27. Sustainable Aviation Fuel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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