Dublin, May 27, 2024 (GLOBE NEWSWIRE) -- The "Sustainable Aviation Fuel Market Report 2024-2024" report has been added to ResearchAndMarkets.com's offering.
World revenue for the Sustainable Aviation Fuel Market is forecast to surpass US$ 1.46 billion in 2024.
Government Initiatives Are Pushing the Adoption of Sustainable Aviation Fuel (SAF)
Stringent environmental regulations and policies worldwide are driving the sustainable aviation fuel (SAF) market's growth. Governments are enacting measures like blending mandates and incentives to boost SAF adoption, with some countries emphasizing hydrogen solutions. Initiatives like the US Inflation Reduction Act and the UK's Jet Zero strategy are driving the hydrogen economy, with the aviation industry focusing on hydrogen-powered electricity by 2023. Also, carbon pricing mechanisms and emissions trading schemes incentivize investment in SAF production and use. As governments continue to tighten environmental regulations and set ambitious emissions reduction targets, the demand for SAF is expected to expand, creating favourable market conditions for industry players.
Challenges Associated with Sustainable Aviation Fuel (SAF) Industry
A key challenge impeding the Sustainable Aviation Fuel (SAF) market growth is the limited availability and high cost of sustainable feedstocks. For example, according to the International Council on Clean Transportation (ICCT), the production cost of Sustainable Aviation Fuel varies significantly, ranging from €0.88 per litter or US$1.0 per litter (for lipid-based feedstock using the hydro processed esters and fatty acids (HEFA) process) to €3.44 per litter or US$3.9 per litter (via hydro processing of fermented sugars). This cost range is about 2 to 8 times higher than the price of conventional jet fuel.
Also, the UK-based trade group Energy Industries Council (EIC) report from March 2024, underscores the primary obstacles hindering the global expansion of sustainable aviation fuel (SAF) production: high costs and limited feedstock availability. Despite SAF's significant environmental advantages, such as an up to 80% reduction in lifecycle carbon emissions compared to traditional jet fuel, its current market share remains below 1%. To achieve the aviation industry's goal of net-zero carbon dioxide emissions by 2050, addressing challenges like access to feedstocks, attracting investment, and implementing supportive government policies for SAF production and adoption is imperative.
Key Market Dynamics
Driving Factors
- Government Initiatives Driving Sustainable Aviation Fuel Adoption
- Technological Advancements and Innovation in SAF Processes
- Driving Forces Behind Aviation's Shift to Sustainable Aviation Fuel (SAF) for Environmental Sustainability and Decarbonization Initiatives
Market Restraining Factors
- Limited Sustainable Feedstock Availability and High Costs Hinder Sustainable Aviation Fuel (SAF) Market Expansion
- Infrastructure and Distribution Challenges for SAF Production
Market Opportunities
- Increasing Investment Opportunities for Sustainable Aviation Fuel (SAF)
- Market Expansion and Collaboration on Sustainable Aviation Fuel (SAF) Supply
Key Questions Answered
- How is the sustainable aviation fuel market evolving?
- What is driving and restraining the sustainable aviation fuel market?
- How will each sustainable aviation fuel submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2034?
- How will the market shares for each sustainable aviation fuel submarket develop from 2024 to 2034?
- What will be the main driver for the overall market from 2024 to 2034?
- Will leading sustainable aviation fuel markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
- How will the market shares of the national markets change by 2034 and which geographical region will lead the market in 2034?
- Who are the leading players and what are their prospects over the forecast period?
- What are the sustainable aviation fuel projects for these leading companies?
- How will the industry evolve during the period between 2024 and 2034? What are the implications of sustainable aviation fuel projects taking place now and over the next 10 years?
- Is there a greater need for product commercialisation to further scale the sustainable aviation fuel market?
- Where is the sustainable aviation fuel market heading and how can you ensure you are at the forefront of the market?
- What are the best investment options for new product and service lines?
- What are the key prospects for moving companies into a new growth path and C-suite?
Forecasts to 2034 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising sustainable aviation fuel prices and recent developments.
Segments Covered in the Report
Fuel Type
- Hydrogen Fuel Cell
- Biofuel
- Power to Liquid
- Gas to Liquid
Blending Capacity
- Below 30%
- 30% to 50%
- Above 50%
Biofuel Manufacturing Technology
- HFS-SIP
- ATJ-SPK
- FT-SPK
- HEFA-SPK
Platform
- Commercial Aviation
- Military Aviation
- Business & General Aviation
- Unmanned Aerial Vehicle
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 16 leading national markets.
The report also includes profiles and for some of the leading companies in the Sustainable Aviation Fuel Market, 2024 to 2034, with a focus on this segment of these companies' operations.
Leading companies profiled in the report
- Aemetis
- Avfuel Corporation
- Ballard Power Systems
- Eni SPA
- Fulcrum BioEnergy
- Gevo Inc.
- LanzaTech
- Neste
- Northwest Advanced Biofuels
- OMV Aktiengesellschaft
- Red Rock Biofuels
- SKYNRG
- TotalEnergies
- Velocys
For more information about this report visit https://www.researchandmarkets.com/r/e6oah8
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