Portland, OR, Nov. 29, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global renewable fuel market garnered $1.0 trillion in 2021, and is estimated to generate $2.0 trillion by 2031, manifesting a CAGR of 7.9% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.0 billion |
| Market Size in 2031 | $2.0 billion |
| CAGR | 7.9% |
| No. of Pages in Report | 249 |
| Segments covered | Source, Application, and Region. |
| Drivers | Surge in demand for renewable fuel as biomass-based diesel combustion is less harmful than crude oil-based diesel combustion |
| Opportunities | Rising awareness amongst people for reducing individual carbon footprint |
| Restraints | Fluctuating prices of feedstock |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global renewable fuel market, owing to implementation of global lockdown which resulted to travel restrictions.
- The pandemic and associated social distancing guidelines have reduced overall energy consumption, resulting in a decline in demand for energy, including biomass-powered electricity.
- However, there was sharp increase registered in energy demand worldwide according to the International Energy Agency (IEA). After a 0.3% decline due to the COVID-19 pandemic in 2020, global power generation rebounded by 5.5% in 2021, above its 2010-2019 average growth (2.5%/year) and exceeding its 2019 level by 5.2%.
The research provides detailed segmentation of the global renewable fuel market based on source, application, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on source, the hydropower segment held the highest share in 2021, accounting for more than two-fifths of the global renewable fuel market, and is expected to continue its leadership status during the forecast period. However, the wind segment is expected to register the highest CAGR of 8.3% from 2022 to 2031.
Based on application, the power sector segment accounted for the highest share in 2021, contributing to nearly four-fifths of the global renewable fuel market, and is expected to maintain its lead in terms of revenue during the forecast period. Moreover, the same segment is expected to manifest the highest CAGR of 8.0% from 2022 to 2031. The report also mentions the segments including cooling & heating sector, transportation sector, and others.
Based on region, Asia-Pacific held the largest share in 2021, contributing to more than two-fifths of the global renewable fuel market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 9.1% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
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Leading market players of the global renewable fuel market analyzed in the research include Neste Corporation (Finland), My Eco Energy, Renewable Energy Group, Total Energies, Shell Plc., Exxon Mobil Corporation, Clean Energy Fuels Corp., Suncor Energy Inc., Cosan S.A., Valero Energy Corp.
The report provides a detailed analysis of these key players of the global renewable 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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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