Covina, July 10, 2024 (GLOBE NEWSWIRE) -- The study concludes that the global sustainable aviation fuel market size and share is expected to grow at a CAGR of 11.6% between 2024 and 2034. The market revenue of US$ 1.1 Billion in 2024 is expected to grow to US$ 3.0 Billion by 2034.
Sustainable Aviation Fuel Market Report Overview
Sustainable aviation fuel reduces emissions from aviation, and it is also an alternative fuel produced from non-petroleum feedstocks. A wide array of sustainable sources, which sometimes are called feedstocks, might be used in reducing order to create SAF. This may entail but is not limited to waste from agriculture and forestry, used cooking oil, green hydrogen, and carbon captured from the atmosphere. Quickly, SAF is a low-carbon emission Biofuel similar in property to traditional fossil jet fuel that powers aircraft. Compared with traditional jet fuel, SAF may significantly reduce life-cycle GHG, depending on the feedstock and selected production techniques.
It can bring to the aviation industry an alternate source of energy, which is sustainable fuel, hence bringing down its reliance on fossil fuels and thereby its carbon footprint. SAF is virtually chemically identical to conventional jet fuel; hence it becomes quite a secure alternative. Currently, HEFA is the most applied process format for the production of SAF. Vegetable oils, animal fats, tallow or used cooking oil are refined to provide a hydrocarbon mix that can be combined with conventional jet fuel. The biodiesel and HEFA processes are pretty much the same.
Restoration of waste oils, fats, greases, algae, and other non-food feedstock through industrial processes into fuel for the production of sustainable aviation fuels will ensure that the aeronautics sector stays within emission constraints and keeps its carbon fingerprint as low as possible. Some alternates include fuel efficiency in aero-engines, all-electric and hybrid aircraft, and renewable jet fuels. In return, green aircraft fuels which include hydrogen fuels, e-fuels, synthetic fuels, and green jet fuels contribute towards socio-economic advantage and mitigate the environmental impact of aviation. More advanced processing technologies should be developed in order to expand the types of feedstock used.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Sustainable Aviation Fuel Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Neste
- Gevo
- World Energy
- Eni
- Fulcrum BioEnergy
- SkyNRG
- Velocys
- Red Rock Biofuels
- S.G. Preston Company
- HyPoint Inc.
- ZeroAvia, Inc.
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Analyst View:
Sustainable aviation fuel is a low-carbon-emitting biofuel produced from non-petroleum feedstocks such as atmospheric carbon, spent cooking oil, agricultural waste, and green hydrogen. It reduces greenhouse gas emissions tremendously during its lifecycle relative to traditional jet fuel. Used cooking oil, animal fats, and vegetable oils used in production have to be refined to form a hydrocarbon mix. This need, with respect to cleaner air transport, has been driving the development of SAF as technological and feedstock improvements continue. The development of SAF is gaining momentum within the Asia-Pacific region.
Market Dynamics:
Drivers:
Growing demand for passenger class
- Passenger demand for green air travel has risen, and this factor is necessitating the invention of sustainable aviation fuel. This has happened because of "flight shaming" initiatives and heightened public awareness of climate change impacts. This demand will also be driven by the corporate sector as businesses seek to lower their carbon emissions by decarbonizing their activities and through the use of SAF. Passengers represent one of the most potent advocacy forces for a greener flying future because it aligns with their personal environmental values.
Awareness of environmental sustainability
- Climate awareness is forcing passenger demand for environmentally friendly air travel solutions. Hence, in the case of Sustainable Aviation Fuel, one sees faster uptake within the aviation sector. Airlines are setting worldwide standards of sustainability so as to set ambitious targets and work together with fuel and technology companies. This transformation has backing from governments and has been further yielded by programs such as the ICAO's CORSIA program.
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Market Trends:
Advancement in technological aspects
- Combining with this, some other developments of technology are such that to increase Sustainable Aviation Fuel's popularity, the approved pathways that will allow airlines to blend the best quality fossil fuel with renewable energy sources will include Fischer-Tropsch, Alcohol-to-Jet, and Hydroprocessed Esters and Fatty Acids. New conversion technologies further increasing SAF output come from Johnson Matthey, with its BioForming S2A technology, Twelve and Dioxycle, methanol-to-jet, modular reactors, and alternate alcohol-to-jet production. The list of feedstocks deemed acceptable for manufacturing SAF has also lengthened and already includes biomass, recovered CO2, renewable hydrogen, waste fats, oils, and greases. The airlines are also coming into partnership with technological firms or fuel manufacturers for the sale of SAF and the increase in its output. Many developments will play an indispensable role in aviation if the set decarbonization targets are to be met.
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Segmentation:
Sustainable Aviation Fuel Market is segmented based on Product, Form, Distribution Channel, and Region.
Fuel Type Insights
- Biofuels are one solution to the energy crisis since they are derived from renewable material sources such as plants and algae, which can be directly transformed into liquid fuels for transport; ethanol and biodiesel are examples. All possible sources, such as natural gas, atomic power, biomass, and renewable sources like solar and wind, should be used to produce hydrogen—the clean fuel. The power-to-liquid pathway is fully integrated with industrial processes in the production chain for generating sustainable jet fuel from renewable sources with a certified production synthesis of Fischer-Tropsch Synthesis by the civil aviation industry.
Biofuel Blending Capacity Insights
- Biofuel blending capacity identifies the percentage that SAF can mix with traditional jet fuel. It is considered that blending capacity between 30% and 50% is within the range to work for practical and cost-effective purposes needed to significantly lower emissions by airlines. It is expected that this range of 30% to 50% will be the fastest-growing in the coming years because of a cost-effective solution in terms of the reduction of emissions with existing aircraft and infrastructure. As SAF is scaled up and its costs come down, airlines will more and more be able to reach higher blending levels above 50% to maximize emissions reductions. In summary, blends below 30% are easily available, and higher blends above 50% will be more viable if the SAF market continues to develop.
Platform Insights
- Commercial aviation refers to the use of aircraft for employment or compensation, examples of which include scheduled airline flights and charter operations. Military aviation makes reference to the employment of aircraft for military objectives, usually in support of an assault by ground troops. Business aviation refers to the use of aircraft in furthering business or corporate objectives, often through the transportation of personnel or goods. In essence, general aviation includes every aspect of civil aviation, from business to recreation and private flying, excluding the scheduled commercial carriers. Drones are the more recent common terms for unmanned aerial vehicles or UAVs. An aircraft is described as one that flies by itself or without a human pilot. Strike a difference between them, and one will understand the various ways of aviation and its uses.
Recent Development:
- In June 2024, Air New Zealand receives a 500,000-liter delivery of Sustainable Aviation Fuel. Air New Zealand has received a Sustainable Aviation Fuel (SAF) shipment in Wellington, marking its first delivery to the capital city. This 500,000-litre shipment, produced by EcoCeres in China from 100% used cooking oil and supplied by Exxon Mobil, represents a step toward the airline’s goal of net zero carbon emissions by 2050.
- In April 2024, Honeywell announces technology for producing low-cost sustainable aviation fuel. The new technology will expand the feedstock options available in the industry to sources that are more plentiful, says Ken West, president and CEO of the firm.
Browse Detail Report on "Sustainable Aviation Fuel Market, By Fuel Type (Biofuel, Hydrogen Fuel, and Power to Liquid Fuel), By Biofuel Manufacturing Technology (Hydroprocessed Fatty Acid Esters and Fatty Acids - Synthetic Paraffinic Kerosene (HEFA-SPK), Fischer Tropsch Synthetic Paraffinic Kerosene (FT-SPK), and Synthetic Iso-paraffin from Fermented Hydroprocessed Sugar (HFS-SIP)), By Biofuel Blending Capacity (Below 30%, 30% to 50%, and Above 50%), By Platform (Commercial Aviation, Military Aviation, Business & General Aviation, and Unmanned Aerial Vehicle), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/global-sustainable-aviation-fuel-market-4626
Regional Insights
- North America: Governments in North America, such as the United States and Canada, are currently focused on a number of programs intended to realize the use of renewable aviation fuel in order to meet the growing demand for reduced carbon footprints resulting from increased air travel and traffic. Encouraging policies and efforts to decarbonize aviation emissions create the perception that North America will be one of the major demand centers for sustainable aviation fuel. For example, some sustainable aviation fuel projects have already been executed by the United States and Canada, such as the Commercial Aviation Alternative Fuel Initiative, the Midwest Aviation Sustainable Biofuels Initiative, and the Biojet Supply Chain Initiative in Canada.
- Asia Pacific: The Asia-Pacific region is gaining momentum for sustainable aviation fuel (SAF) development and adoption, with significant investments, collaborations, and policy support driving growth in five countries: Australia, Singapore, Japan, Malaysia, and Thailand, making the region a key hub for SAF adoption.
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