Sustainable Aviation Fuel Market Size, Growth and Forecast 2030
The latest market report published by Credence Research, Inc. “Global Sustainable Aviation Fuel Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global Sustainable Aviation Fuel Market generated revenue of around USD 204.9 million in 2022 and is anticipated to grow a CAGR of over 60.2% during the forecast period from 2023 to 2030 to reach around USD 5548.6 million in 2030.
Increasing air travel, higher discretionary income, increased usage of synthetic lubricants, and increased airline passengers all contribute to expanding the global market for sustainable aviation fuel. However, the factors anticipated to restrain the market growth during the forecast period include changes in the price of crude oil and contamination of lubricants. The development of environmentally friendly and secure aviation lubricants and an increase in demand for low-density lubricants to reduce weight are other reasons that are anticipated to open up a wide range of potential prospects for the market over the course of the forecast period.
The global sustainable aviation fuel market is bifurcated into Fuel Type, Biofuel Manufacturing Technology, Biofuel Blending Capacity, Platforms and Geography. Based on fuel type, the market is categorized into biofuel, hydrogen fuel, power-to-liquid fuel and gas-to-liquid. Based on biofuel manufacturing technology, the global market is segmented into hydro-processed fatty acid esters and fatty acids- synthetic paraffinic, kerosene (HEFA-SPK), Fischer tropsch synthetic paraffinic kerosene (FT-SPK), synthetic iso-paraffin from fermented hydro processed sugar (HFS-SIP), alcohol to jet SPK (AT J-SPK) and catalytic hydrothermolysis jet (CHJ). Based on platforms, the market is categorized into commercial, military, business & general aviation and unmanned aerial vehicle. Based on biofuel blending capacity, the market is categorized below 30%, 30 to 50% and above 50%. The market is segmented based on geography: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2022, Europe had a sizable 56.2% of the global market. Throughout the anticipated time, the market in the area will experience significant growth. The use of stricter energy requirements encourages the European aviation industry to switch to sustainable fuels. Expanding the usage of green aviation fuel in Europe is expected to encounter several challenges in the next years that must be overcome. In contrast to other transportation sectors, the aviation industry enjoys strong government support, which is likely to make this feasible.
The commercial aviation sector is one of the major consumers of SAF, accounting for over 50% of the total demand in 2019. The civil aviation sector is under pressure to reduce its carbon footprint and meet ambitious carbon reduction goals set by various international organizations such as ICAO and FAA. SAFs offer a cleaner and more environmentally friendly alternative to traditional jet fuels, which helps airlines meet their sustainability targets. The military aviation sector is also a major consumer of SAFs, as it looks to reduce its dependence on fossil fuels and reduce its carbon footprint.
Why Buy This Report-
· The report provides a qualitative and quantitative analysis of the global sustainable aviation fuel market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2017-2021, base year- 2022, and forecast period 2023-2030.
· The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
· In-depth analysis of the global sustainable aviation fuel market segmentation based on fuel type, manufacturing technology, biofuel blending capacity and platforms.
· Major countries in each region with their import/export statistics
· The sustainable aviation fuel market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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