New York, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The global sustainable aviation fuel market size is projected to grow at a CAGR of over ~42% from 2023 to 2035. The market is expected to garner a revenue of USD 15 billion by the end of 2035, up from a revenue of ~USD 435 million in the year 2022.This growth of the market is set to be dominated by the increase in the number of people traveling by plane. Initial traffic data from international airports which make up ACI World reveals that there were approximately about 6 billion passengers on planes last year, an over 52% increase over 2021. As a result, with the surge in air transport the demand for aviation fuel is also growing.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4881
However, with its growth in the last few decades outpacing that of rail, road, or shipping, aviation contributed to approximately 3% of the world's energy-related CO2 emissions in 2022. Hence, the preference for sustainable aviation fuel is growing. When contrasted with traditional jet fuel, SAF may significantly lower life cycle greenhouse gas emissions, contingent upon the feedstock and production processes.
Surge in International Tourist to Boost the Growth of Global Sustainable Aviation Fuel Market
In the first three months of 2023, there were predicted over 234 million foreign tourists, over two times as many as in the same period in 2022. This could be mainly influenced by the growth in a number of middle-class populations. Therefore, the need for sustainable aviation fuel is also surging. Further, tourists have been seen as greatly attracted towards the sustainable approach of the company. As a result, the market is predicted to have noteworthy growth.
Sustainable Aviation Fuel Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Production of Aircraft to Drive the Market Expansion in North America
The North America market for sustainable aviation fuel is expected to capture the largest market share of about 35% over the forecast period. This growth is set to be influenced by rising production of aircraft. According to estimates, there were over 204,404 general aviation aircraft in the United States in 2021, a rise over previous years.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-4881
Growing Initiatives by Organization to Adopt Sustainable Aviation Fuel to Influence the Market Growth in Asia Pacific
The sustainable aviation fuel market in Asia Pacific is also projected to have significant share of about 28% over the coming years. This market in this region is set to be dominated by growing initiatives by various organizations in this region. For instance, in an effort to cut carbon emissions while also conveying a message to fuel providers, the Association of Asia-Pacific Airlines (AAPA) has established a target for its members to consume about 6% sustainable aviation fuel (SAF) by 2030.
Sustainable Aviation Fuel, Segmentation by Fuel Type
- BioFuel
- Power to Liquid Fuel
- Hydrogen Fuel
- Gas to Liquid Fuel
The biofuel segment sis projected to capture the highest market share of ~40% over the projected period. This growth of the segment is set to be dominated by rising production of bio fuel. The amount of biofuel produced worldwide in 2022 amounted to over 1,913,000 barrels of oil equivalent per day, a substantial decrease from the over 179 thousand barrels produced per day in 2000.
Sustainable Aviation Fuel, Segmentation by Aircraft Type
- Commercial
- Regional Transport Aircraft
- Military Aviation
- Business General Aviation
The military aviation segment is estimated to gather the largest market share of ~39% over the coming years. This growth of the market is poised to grow on account of growing investment in military sector. Global military spending has been escalating over the past few years, and in 2022 it was expected to reach approximately 3 trillion dollars.
Request for Customization of this Report @ https://www.researchnester.com/customized-reports-4881
A few of the well-known industry leaders in the sustainable aviation fuel market that are profiled by Research Nester are Northwest Advanced Biofuels, LLC., Red Rock Biofuels, Fulcrum BioEnergy, Inc., Aemetis, Inc., TotalEnergies SE, OMV Aktiengesellschaft AG, Neste MY, SkyNRG B.V., Gevolnc., and CESPA,
Recent Development in the Market
- In an effort to significantly lower carbon emissions in air travel, CESPA partnered with Iberia Group Seal. Using waste, recovered used oil, and other sustainable plant-based feedstocks, they seek to produce and generate significant amounts of sustainable aviation biofuels (SAF).
- The announcement was made by Neste Corporation and DHL Express of a strategic partnership to close the biggest contract in the history of sustainable aviation fuels. Over the course of the following five years, Neste will provide DHL with about 320,000 tonnes (400 million litres) of Neste MY Sustainable Aviation FuelTM.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
