Decarbonised fuel Market to Reach $24.2 Billion, Globally, by 2032 at 11.2% CAGR: Allied Market Research

The growth of the global decarbonised fuel is driven by factors such as the escalating need for substantial and eco-friendly energy sources, surge in awareness regarding environment, government policies, technological advancements, and increasing demand for alternative fuels for transportation, industrial applications, and power generation.


Portland, OR, May 08, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled,Decarbonised Fuel Market by Type (Organic-Based, Green Hydrogen and Derivatives, Others), by Form (Liquid, Gaseous), by End-Use (Transportation, Power Generation, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 ". According to the report, the global decarbonised fuel industry generated $8.4 billion in 2022, and is anticipated to generate $24.2 billion by 2032, witnessing a CAGR of 11.2% from 2023 to 2032.

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Prime determinants of growth

The global decarbonised fuel market is driven by factors such as surge in demand for sustainable and low-carbon energy solutions, government policies and incentives, increasing demand for alternative fuels, and technological advancements. However, competition from the electric cars market and health concerns are some of the factors expected to restrain the market growth. On the other hand, development of infrastructure, smart cities, and means of transport is expected to offer better growth prospects for the growth of the decarbonised fuel market in the future.

Report coverage & details:

Report CoverageDetails
Forecast Period2023–2032
Base Year2022
Market Size in 2022$8.4 billion
Market Size in 2032$24.2 billion
CAGR11.2%
No. of Pages in Report315
Segments coveredType, Form, End-Use and Region
DriversSurge in demand for sustainable and low-carbon energy solutions

Government Policies and Incentives

Technological advancements
OpportunitiesDevelopment of infrastructure, smart cities, and means of transport
RestraintsCompetition from the electric cars market

Health concerns

Impact of Russia and Ukraine War on Global Decarbonised Fuel Market

  • The ongoing conflict between Russia and Ukraine has had significant impacts on the decarbonised fuel market. The region's geopolitical tensions and military hostilities have resulted in heightened uncertainty, increased risk perception, and disrupted supply chains, which have all affected the market for decarbonised fuels.
  • One of the major impacts of the Russia-Ukraine conflict on the decarbonised fuels market is the disruption of the natural gas supply, as Ukraine serves as a key transit route for Russian gas to Europe. This has raised concerns about the reliability and security of the natural gas supply, which has implications for the transition to decarbonised fuels.
  • The conflict has also affected the region's investment and financing for decarbonised fuel projects. Heightened geopolitical tensions have created uncertainty for investors, leading to a decrease in investment in decarbonization initiatives in Russia and Ukraine.
  • Businesses and governments may be hesitant to commit to long-term investments in decarbonised fuel projects due to the geopolitical risks and uncertainties associated with the conflict.
  • In addition, the conflict has highlighted the geopolitical dimension of energy security and the need for diversification of energy sources and supply routes. This could potentially impact the demand for decarbonised fuel as countries seek to reduce their dependence on fossil fuels from regions affected by geopolitical tensions.

The organic-based segment to maintain its leadership status throughout the forecast period

Based on type, the organic-based segment held the highest market share in 2022, accounting for more than three-fifths of the global decarbonised fuel market revenue and is estimated to maintain its leadership status throughout the forecast period. The market for organic-based decarbonised fuels is experiencing significant growth as countries and regions worldwide prioritize renewable energy to reduce carbon emissions and combat climate change. However, others segment is expected to witness the fastest CAGR of 11.8% from 2023 to 2032. The growth of the segment is attributed to the increase in global focus on reducing greenhouse gas emissions and addressing climate change.

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The gaseous segment to maintain its leadership status throughout the forecast period

Based on form, the gaseous segment held the highest market share in 2022, accounting for more than half of the global decarbonised fuel market revenue, and is estimated to maintain its leadership status throughout the forecast period owing to the increase in global focus on mitigating climate change by reducing greenhouse gas emissions, which has led to a growing demand for low-carbon and renewable energy solutions. However, the liquid segment is expected to witness the fastest CAGR of 11.4% from 2023 to 2032 owing to the increase in global focus on reducing greenhouse gas emissions and addressing climate change. Governments, businesses, and consumers are increasingly recognizing the need to transition to low-carbon energy sources, including liquid decarbonised fuels, to meet climate goals and mitigate the impacts of climate change.

The power generation segment to maintain its leadership status throughout the forecast period

Based on end-use, the power generation segment held the highest market share in 2022, accounting for more than four-fifths of the global decarbonised fuel market revenue, and is estimated to maintain its leadership status throughout the forecast period owing to increasing global focus on reducing greenhouse gas emissions and transitioning to a low-carbon economy to mitigate climate change. However, others segment is expected to witness the fastest CAGR of 12.7% from 2023 to 2032. The growth is attributed to the increase in focus on sustainability and climate change mitigation, with governments and industries.

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North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global decarbonised fuel market revenue, and is likely to dominate the market during the forecast period. One major trend is the growing adoption of renewable hydrogen as a decarbonised fuel. Several states in the U.S., such as California and Texas, are investing in renewable hydrogen production using their abundant renewable energy resources and existing hydrogen infrastructure. However, the Asia-Pacific region is expected to witness the fastest CAGR of 12.0% from 2023 to 2032 owing to increase in focus on renewable hydrogen as a decarbonised fuel in countries such as Japan, South Korea, and Australia. These countries have set ambitious targets for renewable hydrogen production and are investing in research, development, and deployment of hydrogen technologies.

Leading Market Players: -

  • L'Air Liquide S.A.
  • Plug Power Inc.
  • Shell plc
  • Neste oyj
  • Total Energies SE
  • Iberdrola S.A.
  • Siemens Energy
  • BP plc.
  • Linde plc
  • ExxonMobil Corporation

The report provides a detailed analysis of these key players in the global decarbonised fuel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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