Sustainable Aviation Fuel Market to Grow at an Astounding CAGR of 60% during 2022-2032; fuelled by New Market Opportunities – Future Market Insights, Inc.
North America is expected to grow at the highest during the forecast period. Aviation industry are adopting sustainable aviation fuel, hybrid-electric and all-electric aircraft, and renewable jet fuels
NEWARK, Del, July 25, 2022 (GLOBE NEWSWIRE) — The global sustainable aviation fuel market will reach an estimated value of US$ 15 Bn in 2030, scaling up from a value of US$ 220 Mn in 2021. The market is expected to exhibit a tremendous CAGR of 60% over the forecast period of 2022-2032. In use since 2008, sustainable aviation fuel (SAF) is obtained from biomass and organic waste resources. Advances in technologies have enabled SAF to be used in all kinds of petroleum-based fuel engines. This will bode well for the sustainable aviation fuel market by opening up new market opportunities.
Owing to its production from renewable sources as well as enhancements in aero-engine efficiency by design modification, SAF is projected to gain traction as a sustainable alternative fuel in the upcoming years. Increasing focus on carbon footprint reduction to secure a sustainable environment coupled with the implementation of stringent rules and regulations by governments all over the world aids the market growth of sustainable aviation fuel.
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Increasing disposable incomes, rise in the number of airline passengers, growing air travel, and a rise in the use of synthetic lubricants are factors that contribute to the sustainable aviation fuel market growth. The use of sustainable aviation fuel is widely accepted as the most feasible and reliable alternative fuel solution in terms of socio-economic benefits. Sustainable aviation fuel also mitigates the aviation industry’s present and future impact on the environment. All these factors are expected to boost the market for sustainable aviation fuel.
“Rising adoption of low carbon technologies in the aviation industry along with the absence of a suitable alternative propeller technology will likely augment the sales of sustainable aviation fuel in the market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Drive for carbon footprint reduction will fuel market growth over the forecast period.
- Elevated efficiency of sustainable aviation fuel will supplement market growth over the assessment period.
- Market strategies like agreements and contracts to offer lucrative opportunities.
- North America market will present fastest CAGR during 2022-2032.
- Sustainable aviation fuel projects and initiatives undertaken by Canada and the U.S. will contribute to market growth.
- Biofuel segment of sustainable aviation fuel will lead the market over the forecast period.
- 30%-50% biofuel blending capacity segment is expected to perform better than others over the forecast period.
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Competitive Landscape
Neste (Finland), Fulcrum BioEnergy (US), LanzaTech (US), World Energy (US), and TotalEnergy (US)., among others are the some of the key organizations operating in the sustainable aviation fuel market. Apart from these key organizations, some of the start-up companies profiled in the full version of the report are Preem (Sweden), OMV (Austria), Atmosfair (Germany), Wastefuel (US), Prometheus Fuels (US), Red Rocks Biofuel (US), Northwest Advanced Biofuels (US).
Key players in the sustainable aviation fuel market are engaged in enhancing their products and services as well as expanding their product portfolio to include biofuel, synthetic fuel, efuels, green fuel, and hydrogen fuel. These organizations also employ market expansion tactics like mergers and acquisitions to gain a competitive edge.
More Insights into the Sustainable Aviation Fuel Market Report
In its latest report, FMI offers an unbiased analysis of the global sustainable aviation fuel market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented based on platform (commercial aviation, military aviation, business & general aviation, unmanned aerial vehicle), biofuel blending capacity (below 30%, 30% to 50%, above 50%), type (total stations, global navigation satellite systems(GNSS), laser scanners, sensors, others), biofuel manufacturing technology (hydroprocessed fatty acids esters and fatty acids- synthetic paraffinic kerosene (HEFA-SPK), fischer tropsch synthetic paraffinic kerosene (FT- SPK), synthetic iso-paraffin from fermented hydroprocessed sugar (HFS-SIP), alcohol to jet SPK (ATJ-SPK), catalytic hydrothermolysis jet (CHJ)), fuel type (biofuel, hydrogen fuel, power to liquid fuel, gas-to-liquid fuel) and region.
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Sustainable Aviation Fuel Market Regional Analysis
According to the latest report by FMI, North America is expected to lead the global sustainable aviation fuel market in terms of growth and expansion. North America sustainable aviation fuel market is projected to grow at the fastest CAGR. The United States and Canada are undertaking various sustainable aviation fuel projects and initiatives like Commercial Aviation Alternative Fuel Initiative (CAAFI), Midwest Aviation Sustainable Biofuels Initiative (MASBI), and Canada’s Biojet Supply Chain Initiative. These countries are using renewable aviation fuel programs and initiatives to meet the requirement for reduced carbon footprints arising due to increased air traffic.
Furthermore, supportive legislations and mass measures adopted to reduce aviation measures in the U.S. create the most viable market environment for sustainable aviation fuels.
Due to its application in the commercial and technological pathways as an alternative to jet fuel, the biofuel segment is the largest sustainable aviation fuel market based on fuel type. The Netherlands, Norway, and the U.K. are some of the biggest investors in this segment.
By biofuel blending capacity, the 30% to 50% category performs better than any other category in this segment. Moderate blend capacity, drop-in-facility in existing fuel systems and supply logistics infrastructures promote the growth of this market segment.
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Key Segments
By Platform:
- Commercial Aviation
- Military Aviation
- Business & General Aviation
- Unmanned Aerial Vehicle
By Biofuel Blending Capacity:
- Below 30%
- 30% to 50%
- Above 50%
By Type:
- Total Stations
- Global Navigation Satellite Systems (GNSS)
- Laser Scanners
- Sensors
- Others
By Biofuel Manufacturing Technology:
- Hydroprocessed Fatty Acid Esters and Fatty Acids – Synthetic Paraffinic Kerosene (HEFA-
- Fischer Tropsch Synthetic Paraffinic Kerosene (FT-SPK)
- Synthetic Iso-paraffin from Fermented Hydroprocessed Sugar (HFS-SIP)
- Alcohol to Jet SPK (ATJ-SPK)
- Catalytic Hydrothermolysis Jet (CHJ)
By Fuel Type:
- Biofuel
- Hydrogen Fuel
- Power to Liquid Fuel
- Gas-to-Liquid
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About FMI – Oil and Gas
The Oil and Gas team of FMI offers a specific, dedicated, and factual analysis of the global oil and gas industry. This exhaustive research ranges from the commodity, bulk, specialty, retailing, and distribution channels to advanced materials, composites, with special emphasis on ‘green alternatives, recycling and renewable technology developments, supply-demand-trade assessment, and relevant advancements occurring in the industry. Our research studies serve as referencing market guidelines for oil and gas manufacturers, channel partners, and government bodies for developing – ‘The Way Forward’.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Coverage
2.2. Market Definition
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Sustainable Aviation Fuel
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
4. Market Background
4.1. Sustainable Aviation Fuel Market, by Key Countries
4.2. Sustainable Aviation Fuel Market Opportunity Assessment (US$ Mn)
4.2.1. Total Available Market
4.2.2. Serviceable Addressable Market
4.2.3. Serviceable Obtainable Market
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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Website: https://www.futuremarketinsights.com
Report: https://www.futuremarketinsights.com/reports/sustainable-aviation-fuel-market
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