Published Date : 09 May 2023
The global sustainable aviation fuel industry revenue will reach to USD 14,842.13 million by 2032 from USD 433.26 million in 2022 and is growing at a remarkable CAGR of 42.39% from 2023 to 2032. The growing use of sustainable fuel, particularly in the aviation industry, is anticipated to be a key factor in the industry's growth during the next years. Utilizing sustainable aviation fuel (SAF) helps cut CO2 emissions.
SAF derived from renewable biomass and waste materials has the potential to match the performance of petroleum-based jet fuel while emitting a fraction of the carbon dioxide (GHG) emissions. This would give airlines a strong starting point for decoupling GHG emissions from flying. SAF, a biofuel having qualities similar to those of regular jet fuel but a lower carbon footprint, is used to power airplanes. In comparison to traditional jet fuel, SAF can significantly lower life cycle GHG emissions depending on the feedstock and methods utilized to create it. Even have a net-negative GHG impact, according to specific proposed SAF routes. As investment prospects in sustainable energy rise and rigorous energy rules are put in place, new opportunities in the global business are anticipated to expand. Leading SAF manufacturers are switching from producing crude oil to creating renewable fuels in order to increase their profitability. To increase their industry share, businesses also invest in carbon jet fuels.
The industry for sustainable aviation fuel is anticipated to grow at the quickest CAGR in North America from 2023 to 2032. As a result of rising air traffic and passenger numbers, North American nations including the United States and Canada are concentrating on a number of initiatives to use renewable aviation fuel. Due to favorable regulations and initiatives to minimize aviation emissions, the North American sustainable aviation fuel industry is regarded as one of the most important demand regions for sustainable airplane fuel.
Due to increasing biomass production that is useful for manufacturing sustainable aviation fuel, laws and regulations governing its usage, and rising GHG emissions in this region, Europe is predicted to have a considerable rise in the global sustainable aviation fuel industry. For instance, the Journal of Climate and Atmospheric Science estimates that by 2030, there will be 756 Mt of biomass waste from cereal and oil crops, including straw. In Europe, each person uses 32 gallons of jet fuel per year, which significantly increases GHG emissions.
Sustainable Aviation Fuel Industry Report Scope:
|Market Revenue in 2023||USD 616.91 Million|
|Projected Forecast Revenue in 2032||USD 14,842.13 Million|
|Growth Rate from 2023 to 2032||CAGR of 42.39%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Drivers: Additional farmer income and enhanced aircraft performance
Growing, obtaining, and making SAF from waste and renewable materials can raise aircraft performance, open up new economic possibilities in rural communities, and help the environment.
American farmers may increase their income during the off-seasons by producing biomass crops for SAF production while also gaining advantages for their farms, including lowering nutrient losses and enhancing soil quality. Since many SAFs have fewer aromatic components, they burn more efficiently in airplane engines. As a result, there are fewer toxic chemical emissions in the immediate area of airports during takeoff and landing. Additionally, aromatic substances are precursors of contrails, which can amplify the effects of climate change.
Sustainable Aviation Fuels (SAF) deployment on a large scale is, however, a significant challenge because it calls for significant investments in new production facilities, significant cost reductions (across the entire value chain, including feedstock production, collection, and delivery), and significant investments in ASTM certification. The current study briefly covers the perspectives of aviation fuel in terms of trends in demand and greenhouse gas emissions, potential production routes, and the current state of ASTM-certified pathways to jet fuel.
The global aviation industry is expanding steadily, as is the European Union. (EU). Since 1990, EU transportation has generally risen its GreenHouse Gas (GHG) Emissions, whereas the other energy sectors have been able to reduce them steadily. Given the limited number of choices that may be put into practice, such as flight route optimization, a rise in jet engine energy efficiency, and a select few others, air transportation is the most important sector to decarbonize in this context. Thus, the primary opportunity for aviation is the transition to renewable or low-carbon fuels.
Fuel Type Insights:
The biofuel sector accounted for the largest portion of the global industry in terms of fuel type in 2022, and it is anticipated that it will continue to dominate for the whole anticipated time period. One-fifth of this demand surge is due to a return to pre-Covid-19 consumption levels. Government policies are mostly responsible for the remaining increase, although other elements like the general demand for transportation fuels, prices, and the design of particular programs affect where development happens and which fuels expand the fastest. All of the variables affecting the demand for biofuel are unclear. For instance, several governments have loosened or postponed their mandates for the blending of biofuels in response to the present high price of feedstock, which has the impact of decreasing demand.
In 2022, the Fischer Tropsch Synthetic Paraffinic Kerosene (FT-SPK) sector dominated the industry with the greatest industry revenue and the biggest industry share. Fully formulated synthetic jet fuel is an aircraft turbine fuel made out of the hydrocarbon chemical classes n-alkanes, isoalkanes, cycloalkanes, and aromatics and free of kerosene, which is sourced from petroleum. When producing sustainable aviation fuel, indirect liquefaction using Fischer-Tropsch synthesis is one possible production approach. The completely formed product Fischer-Tropsch Synthesized Paraffinic Kerosene with Aromatics (FT SPK/A) can theoretically be classified as Jet A-1.
Aircraft Type Insights:
The aircraft type sectors include business and general aviation, military aviation, unmanned aerial vehicles, and commercial aviation. In 2022, military aviation dominated the industry. Military aviation includes fixed-wing aircraft, rotary-wing aircraft (RWA), and unmanned aerial vehicles, as well as both transport and combat aircraft. (UAV). This increase is the result of several government initiatives to use sustainable aviation fuel as well as an increase in the defense budget. Furthermore, the commercial aviation sector is anticipated to dominate the industry by 2030 as a result of the growing number of people using commercial flights. Commercial aircraft are a crucial part of the world aviation system that helps to enhance the economic, social, and environmental circumstances over the long run.
Major Key Players:
By Fuel Type
By Aircraft Type
By Biofuel Blending Capacity
By Aircraft Type
Buy this Research Report@ https://www.precedenceresearch.com/checkout/2622
You can place an order or ask any questions, please feel free to contact at firstname.lastname@example.org | +1 9197 992 333