According to Market Research Future (MRFR), the global aviation alternative fuel market 2020 is expected to acquire significant market value, expanding at a notable CAGR during the forecast period from 2020-2023.
The rise in demand for bio-jet fuels in the defense and military sector due to the prevailing environmental crisis, such as; global warming and air pollution, can augment the aviation alternative fuel industry during the review period. The introduction of policies, such as; Renewable Aviation Fuel (RAF) is anticipated to increase the prominence of alternative fuels, and that can propel the market. The growing urbanization and increase in disposable income are likely to surge the demand for flight services, which is predicted to drive the aviation alternative fuel industry. Furthermore, the rising adoption of biofuels by established airline services is anticipated to grow demand for alternative fuels, which can strengthen the market in the forecast period.
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On the contrary, the concerns associated with the storage of biodiesel and expenses related to R&D might impede the market. However, an increase in investment in airport infrastructure can underpin the market expansion during the assessment period.
Key players of the Global Aviation Alternative Fuel Market are World Energy (US), Air BP Limited (UK), Chevron Corporation (US), Total (France), Honeywell International Inc. (US), Shell International BV (Netherlands), Renewable Energy Group, Inc. (US), SKYNRG (Netherlands), and TERRAVIA (US).
The segmental analysis of the global aviation alternative fuel market is done by fuel, process, and application.
The fuel-based segments of the global aviation alternative fuel market are CNG, biofuel, LPG, and others. The biofuel segment is further segmented into hydrogenated pyrolysis oils (HPO), hydro-processed esters and fatty acids (HEFA), Fischer-Tropsch (FT), and synthesized iso-paraffinic (SIP). Among all segments, the biofuel segment is expected to grow at the highest CAGR during the assessment period from 2019-2025.
The process-based segments of the Global Aviation Alternative Fuel Market are coal liquefaction and gas liquefaction. Between the two segments, the coal liquefaction segment is anticipated to dominate the market. On the other hand, the gas liquefaction segment is expected to witness higher growth during the forecast period from 2019 -2025.
The application-based segments of the global aviation alternative fuel market are commercial and military. Between the two segments, the commercial segment is anticipated to dominate the market during the review period from 2019-2025.
Based on the region, the global market for alternative fuel market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
As per the analysis, the global market is expected to be dominated by North America owing to the expansion of the aviation industry. The region is believed to be the largest market for the aviation industry and renewable aviation fuel. Furthermore, the favorable policies to regulate aviation emission is projected to be another factor developing the regional market.
APAC is anticipated to be the most lucrative market, expanding at the highest CAGR during the evaluation period. The growth in air passenger traffic in emerging countries like India and China is likely to grow the market in the coming period further.
Europe is likely to amass significant market value, expanding at a considerable CAGR during the review period. The participation of established key players is expected to be one of the salient causes of market expansion.
The MEA region is projected to grow steadily during the review period. The growing awareness about the latest technologies can grow the regional market.
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