Sustainable Aviation Fuel Market Set to Soar, Predicted to Reach $3.92 Billion by 2028
Sustainable Aviation Fuel Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Sustainable Aviation Fuel Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, June 20, 2024 /EINPresswire.com/ -- The sustainable aviation fuel (SAF) market, driven by its environmental benefits and regulatory support, has witnessed substantial growth recently. Starting at $0.52 billion in 2023, the market is poised to reach $0.79 billion in 2024, growing at a remarkable CAGR of 53.8%. It will grow to $3.92 billion in 2028 at a compound annual growth rate (CAGR) of 49.1%. This surge is fueled by increasing global initiatives to combat climate change and reduce greenhouse gas (GHG) emissions, coupled with a growing focus on sustainable aviation practices.
Rising Adoption of Biofuels Spurs Market Growth
A significant factor propelling the sustainable aviation fuel market is the widespread adoption of biofuels. Biofuels, derived from renewable sources like plant biomass, offer airlines a viable means to lower their carbon footprint. This adoption aligns with global sustainability goals and stringent environmental regulations, further bolstering market expansion. For instance, in 2022, renewable energy accounted for 23.0% of the EU's total energy consumption, with the transport sector contributing 9.6%, highlighting a steady shift towards sustainable practices.
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Key Players and Technological Advancements
Leading companies such as Shell plc, TotalEnergies SE, and BP plc are at the forefront of the sustainable aviation fuel market, driving innovation in fuel processing technologies. For instance, Lummus Technology introduced ethanol-based SAF technology in 2023, enhancing efficiency in greenhouse gas emissions reduction through advanced processing techniques.
Market Segments
The sustainable aviation fuel market is segmented based on:
• Fuel Type: Biofuel, Power-to-Liquid, Gas-to-Liquid
• Blending Capacity: Below 30%, 30% To 50%, Above 50%
• Platform: Commercial Aviation, Military Aviation, Business And General Aviation, Unmanned Aerial Vehicles
Regional Insights: North America Leads, Middle East to Grow Fastest
North America dominated the sustainable aviation fuel market in 2023, driven by stringent environmental regulations and technological advancements. Meanwhile, the Middle East is projected to be the fastest-growing region, supported by increasing investments in sustainable aviation solutions.
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Sustainable Aviation Fuel Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Sustainable Aviation Fuel Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on sustainable aviation fuel market size, sustainable aviation fuel market drivers and trends, sustainable aviation fuel market major players, competitors' revenues, market positioning, and market growth across geographies. The sustainable aviation fuel market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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