PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1497423
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1497423
The global sustainable fuel market is estimated to grow from USD 193.8 billion in 2024 to USD 299.9 billion by 2029; it is expected to record a CAGR of 9.1% during the forecast period. Governments are enacting strict regulations and providing incentives to encourage the use of sustainable fuels. Additionally, the increasing global awareness of the necessity to combat climate change is propelling the sustainable fuel market. Furthermore, Sustainable fuels such as biofuels and green hydrogen contribute to diversifying energy sources and decreasing dependence on imported oil, thereby enhancing national energy security.
Scope of the Report | |
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Years Considered for the Study | 2019-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million/Billion) |
Segments | Sustainable Fuel Market by Fuel Type, state, type, end user, and Region. |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and South America. |
"Biofuels: The largest segment of the sustainable fuel market, by fuel type. "
Based on fuel type, the sustainable fuel market has been segmented into Biofuels, E-fuels, Hydrogen, Biomethane, and Compressed Natural Gas. The Biofuels segment is expected to be the largest segment during the forecast period. According to National Renewable Energy Laboratory (NREL), biofuels have the potential to reduce greenhouse gas emissions by 68% to 73% if equal volume of biofuel is substituted with petroleum-based fuels; therefore the need to reduce greenhouse gas emissions to boost the growth of the biofuels during the forecast period.
"Renewable fuels are expected to be the largest segment during the forecast period based on type."
By type, the sustainable fuel market has been split into two types: renewable fuels and low carbon fossil fuels. The renewable fuels segment is expected to hold the largest market share during the forecast period. The goal of global economies to minimize their carbon footprint and greenhouse gas emissions has driven the adoption of clean and green energy alternatives. The rising energy demand, propelled by rapid industrialization and urbanization, has further hastened the shift towards renewable energy. Consequently, economies are increasingly utilizing renewable energy sources such as biomass, hydroelectric, and geothermal power.
"By state, liquid segment is expected to be the largest segment during the forecast period."
Based on the State, the sustainable fuel market is segmented into liquid, and gas. The liquid segment is expected to be the largest growing segment of the sustainable fuel market during the forecast period. Liquid fuels have higher energy density compared to gases such as CNG, biomethane and hydrogen. Higher energy density refers to high amounts of energy per unit of volume. The higher density of liquid fuels is expected to drive the growth of the liquid segment during the forecast period.
"North America is expected to be the largest region in the sustainable fuel market."
North America is expected to be the largest region in the sustainable fuel market during the forecast period. The growth is attributed to the enforcement of strict pollution control regulations, GHG emissions reduction efforts, and rising preference for low carbon and renewable energy alternatives. Reflecting the global trend towards sustainable fuels, investments in North America are increasing. These increasing investments in sustainable fuels boost the market growth during forecast period in the region.
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
By Region: North America- 25%, Europe- 25%, Asia Pacific- 30%, Middle East & Africa- 10%, South America-10%
Note: Others include sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2023. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The sustainable fuel market is dominated by a few major players that have a wide regional presence. The leading players in the sustainable fuel market are ADM (US), Shell plc (UK), Saudi Arabian Oil Co. (Saudi Arabia), Siemens Energy (Germany) and Chevron Corporation (US). The major strategy adopted by the players includes new product launches, partnerships, collaboration, mergers, and investments & expansions.
The report defines, describes, and forecasts the global sustainable fuel market by fuel type, state, type, end user and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the sustainable fuel market.
Key Benefits of Buying the Report
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, like ADM (US), Shell plc (UK), Saudi Arabian Oil Co. (Saudi Arabia), Siemens Energy (Germany) and Chevron Corporation (US) among others in the sustainable fuel market.
(Business overview, Products/Services/Solutions offered, Recent Developments, MNM view)**