[240 Pages Research] Sustainable Aviation Fuel Market to Reach $ 6,261.9 Million by 2030, at a CAGR of 56.4% | Horsepower at the liquid fuel type will increase to 59.2% CAGR.
PORTLAND, ORAGON, USA, October 22, 2021 /EINPresswire.com/ – According to a recent report published by Allied Market Research, titled “Sustainable Aviation Fuel Market by Fuel Type, Aircraft Type and Platform : Global Opportunity Analysis and Industry Forecast, 2021-2030 â, the global sustainable aviation fuel market was valued at $ 72.10 million in 2020 and is expected to reach $ 6,261.93 million by 2030, registering a CAGR of 56.4% from 2021 to 2030.
North America dominates the market in terms of revenue, followed by Europe, Asia-Pacific and LAMEA. The United States dominated the global sustainable aviation fuel market share in 2020. Mexico is expected to grow at a significant rate during the forecast period, owing to the increased demand for aviation fuel. sustainable across the country.
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Sustainable aviation fuel is a type of petroleum-based fuel used to power an aircraft. It is of better quality than other fuels used in any other means of transport. Additives used in aviation fuel reduce the risk of icing or explosion due to high temperature. Aviation fuel is primarily used by most military aircraft and commercial airlines to maximize fuel efficiency and reduce operating costs.
Numerous developments by leading manufacturers such as Aemetis, Inc., Avfuel Corporation and Fulcrum Bioenergy with a view to offering sustainable aviation fuel systems, which creates a wider space for the growth of the aviation fuel market. sustainable aviation. For example, in August 2021, Aemetis announced that it was developing Carbon Zero Sustainable Aviation Fuel (SAF) and renewable diesel fuel biorefineries in California from renewable oils and orchard and forest waste. Likewise, in July 2021, Avfuel Corporation worked with Million Air Burbank to provide its customers with a constant supply of Neste MY Sustainable Aviation Fuel (SAF). Similar developments made by other companies complement the market growth across the globe.
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The global sustainable aviation fuel market has been segmented into fuel type, aircraft type, platform, and region. On the basis of fuel type, the global market has been segmented into biofuel, hydrogen fuel, and liquid fuel power. Based on the type of aircraft, it is segmented into fixed wing, rotorcraft and others. By platform, it is segmented into commercial aviation, military aviation, business and general aviation, and unmanned aerial vehicle. By region, the global market was studied in North America, Europe, Asia-Pacific and LAMEA.
Factors such as increase in the number of air passengers, coupled with an increase in disposable income, increase in air transportation, and increase in consumption of synthetic lubricants complement the growth of the global aviation fuel market. sustainable. However, fluctuations in crude oil prices and lubricant contamination are the factors which are expected to hamper the market growth during the forecast period. Moreover, the development of environmentally friendly and safe aviation lubricants and the increasing demand for low density lubricants for low weight are the factors which are expected to create many market growth opportunities over the course of the period. the forecast period.
Main conclusions of the study
By fuel type, the liquid fuel supply segment is expected to register significant growth during the forecast period.
Depending on the type of aircraft, the other segment is expected to show significant growth in the near future.
According to the platform, the unmanned aerial vehicle segment is expected to show significant growth in the near future.
Asia-Pacific is expected to register the highest CAGR.
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Covid-19 impact assessment
The COVID-19 virus has spread around the world without recognizing borders. It has impacted all industries, sectors and all aspects of life with devastating economic and financial losses with significant uncertainties.
The global aviation industry is engaged in the manufacture and operation of all types of airplanes and related services during transport.
Governments around the world are canceling visas for foreign residents and locking down affected areas, which is also a major reason for the downturn in the aviation industry.
Aircraft manufacturing and other related service provider industries are also affected by the COVID situation. Major aircraft manufacturers such as Airbus and Boeing have seen recent aircraft order cancellations.
From August 2020, in line with the easing of lockdown restrictions, domestic and international travel, and government guidelines, flight operations have gradually resumed around the world.
Major players featured in the global sustainable aviation fuel market include Aemetis, Inc., Avfuel Corporation, Fulcrum Bioenergy, Gevo, Lanzatech, Neste, Preem AB, Sasol, SkyNRG and World Energy.
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