Global Aviation Alternative Fuel Market – Overview
The global market for aviation alternative fuel is increasing at a rapid pace. According to a recent study report published by the Market Research Future, The global market of aviation test equipment will grow at a rapid pace over the forecast period. The market is forecasted to witness a slow but steady growth by 2023, which will be a surplus growth at a moderate CAGR during the projected period (2018 -2023).
Increasing concerns about environmental protection, climate changes, and global warming is driving the aviation alternative fuels market. Number of companies, organizations, and governments are investing in research & development, and commercialization of alternative fuels for aviation. New technologies has significantly reduced the cost of manufacturing these fuels, resulting in economical substitutes for fossil fuels. Moreover, rapid growth in the aviation industry is likely to boost the demand for aviation alternative fuels during the forecast period.
In fuel type segmentation, the aviation alternative fuels market can be divided into biofuels, CNG, LNG, and others. Further biofuels can be bifurcated into Hydrogenated Easters & Fatty Acids (HEFA), Hydrogenated Pyrolysis Oil (HPO), Fischer-Tropsch (FT) based on biomass, and renewable Synthesized Iso-paraffin fuels (SIP), etc. Among these, the biofuels sub-segment is anticipated to expand significantly, as it is in a rapid development stage. Biofuels are primarily made from vegetable oils such as camellia and jatropha, sugar crops, cereals, and algae. Thus, at present, the inventory is available in abundance.
At present, regions such as North America and Europe are the key markets for aviation alternative fuels. Execution of strict government regulations, robust technological developments, increase in awareness regarding environmental protection, and finances investments are some of the factors pushing the growth of alternative fuels for aviation in these region. Asia Pacific is also estimated to be a significant market for aviation alternative fuels, China, India, are expected to witness substantial increase in number of passengers traveling by air transport per annum during the forecast period. The market in Latin America, especially in Brazil, is also expected to expand considerably in the near future.
Solazyme (U.S.), Honeywell UOP (U.S.), Imperium Renewables Inc. (U.S.), Renewable Energy Group Inc. (U.S.), Aquaflow Bionomic Corporation (New Zealand), Swedish Biofuels AB (Sweden), Altair Fuel (U.S.), Fulcrum BioEnergy Inc. (U.S.), SkyNRG (Netherlands), Total S.A (France), and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global aviation alternative fuel market.