Westford, USA, Nov. 15, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Sustainable Aviation Fuel Market will reach a value of USD 18.5 Billion by 2031, with a CAGR of 44.9% during the forecast period (2024-2031). It is expected that in the next few years, the market will grow as a result of increased environmental awareness, support from the government, and the increasing requirement for clean and renewable fuels in the civil and military aviation industries. There is also an anticipated growth in the Sustainable Aviation Fuel (SAF) market in the United States, due to the consumer preferences for green products, regulatory interventions, technology developments, and the growing concern for environmental matters.
Browse in-depth TOC on the " Sustainable Aviation Fuel Market"
Pages – 178
Tables – 90
Figures – 78
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Sustainable Aviation Fuel Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 951.94 Million |
| Estimated Value by 2031 | USD 18499.26 Million |
| Growth Rate | Poised to grow at a CAGR of 44.9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Platform, Manufacturing Technology and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Government initiatives and sustainable fuel alternatives |
| Key Market Opportunities | Rising demand for SAF by airlines across the globe |
| Key Market Drivers | Reduce GHG emissions to bring lucrative growth |
Commercial Aviation to Hold Significant Growth due to need for SAF to meet Sustainability Goals Rapidly
The commercial aviation sector is the key driver of the global sustainable aviation fuel market owing to increasing air travel demand. This coupled with stringent emission norms and policies as well as the endeavor of the airlines to lessen their carbon footprints. These factors encourage the use of SAF to achieve the sustainability objectives resulting in a reduction in the use of conventional jet fuels and promoting the energy transition in the aviation sector.
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FT-SPK Technology to Lead the Market due to Drop-In Fuels Compatible with Existing Aircraft Engines
FT-SPK technology dominates the global sustainable aviation fuel market due to its ability to produce high-quality, drop-in fuels compatible with existing aircraft engines. Its adaptability to different feedstocks, including biomass and waste, allows for scaling up, whereas regulatory permissions and clean energy investments facilitate its acceptance and growth in the market.
North America to Dominate the Market due to Region's Advanced Aviation Sector
North America leads the global sustainable aviation fuel market due to strong government incentives, stringent emission regulations, and investments in SAF infrastructure. The region's advanced aviation sector and collaborations between airlines and fuel producers accelerate SAF adoption, while initiatives like the U.S. Renewable Fuel Standard (RFS) promote sustainable fuel development, driving market dominance.
Sustainable Aviation Fuel Market Insight
Drivers:
- National Carbon Reduction Initiatives Push for Sustainable Fuels
- Airlines’ Increasing Pledge to Achieve Net-Zero Carbon Emissions by 2050
- Growing Public and Corporate Awareness of Climate Change
Restraints:
- SAF Production Costs Being Significantly Higher than Conventional Jet Fuel
- Limited Production Capacity by SAF
- Limited Availability and Competition for Sustainable Feedstocks
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Prominent Players in Sustainable Aviation Fuel Market
- Air BP Limited (UK)
- Amyris Inc. (USA)
- Avfuel Corporation (USA)
- Cielo Waste Solutions Corp. (Canada)
- Eni S.p.A. (Italy)
- Gevo Inc. (USA)
- Honeywell International Inc. (USA)
- KLM Royal Dutch Airlines (Netherlands)
- LanzaTech Inc. (USA)
- Neste Corporation (Finland)
- Neutral Fuels LLC (UAE)
- Nippon Airways Co. Ltd. (Japan)
- Northwest Terminal Ltd. (Canada)
- Red Rock Biofuels LLC (USA)
- SkyNRG B.V. (Netherlands)
- Solena Fuels Corporation (USA)
- Sundrop Fuels Inc. (USA)
- Total SE (France)
- Velocys plc (UK)
- World Energy LLC (USA)
- Zhejiang Satellite Petrochemical Co. Ltd. (China)
Key Questions Answered in Global Sustainable Aviation Fuel Market Report
- What are the key factors driving the growth of the global sustainable aviation fuel market according to SkyQuest's projection?
- Why does FT-SPK technology lead the global sustainable aviation fuel market?
- What factors contribute to North America's dominance in the global sustainable aviation fuel market?
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This report provides the following insights:
Analysis of key drivers (Rapid growth in global air travel, demand for cleaner alternatives to traditional jet fuel, Collaborations between airlines & fuel producers), restraints (Passengers not choosing airlines using SAF due to higher price, gaining certification for new SAF, Competing with solar & wind energy investments), opportunities (Utilizing waste-to-fuel processes, airlines aiming for carbon-neutral growth, collaborations between governments & private aviation companies), and challenges (Sustainability concerns over feedstock sourcing, meeting the growing demand for SAF from commercial airlines) influencing the growth of sustainable aviation fuel market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the sustainable aviation fuel market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the sustainable aviation fuel market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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