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NEWARK, N.J , July 11, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global sustainable aviation fuel market is expected to grow from USD 216 million in 2021 to USD 14768.43 million by 2030, at a CAGR of 59.91% during the forecast period 2022-2030.
The increased number of aircraft and air passengers is anticipated to expand demand for the sustainable aviation fuel market during the projection period. Further, the rising production of sustainable aviation fuel from wet waste due to inexpensive & widely available food waste, animal manure, and other waste with high water content are the driving factors of the market growth. Moreover, the fluctuations in crude oil costs & contamination of lubricants are the restraining factors of the market growth. Furthermore, developing eco-friendly & safe aviation lubricants & increase in demand for low-density oils for less weight are opportunities for market growth.
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To enhance their market position in the global sustainable aviation fuel market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
The growth of the sustainable aviation fuel market is driven by the increasing support from the governments of different nations and the rising efficiency of sustainable aviation fuel. Moreover, the increase in air transportation & consumption of synthetic lubricants is the market growth trend. Thus, the growing number of passengers traveling through air transportation supported the market's growth. Further, air travel is essential in achieving economic growth & development. It donates to the growth of trade, tourism, and job possibilities. The aviation method is growing and will continue to grow, which will act as an essential market growth determinant. Risen expenditure by private & public participants on aviation infrastructure development will also stimulate market growth. Additionally, the continuous R&D in deploying progressive technologies will yet again broaden the scope of change.
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The technology segment is divided into Fischer Tropsch Synthetic Paraffinic Kerosene (FT-SPK), Hydroprocessed Fatty Acid Esters and Fatty Acids - Synthetic Paraffinic Kerosene (HEFA-SPK), Alcohol To Jet SPK (ATJ-SPK), Synthetic Iso-Paraffin From Fermented Hydroprocessed Sugar (HFS-SIP), and Catalytic Hydrothermolysis Jet (CHJ). In 2021, the Fischer Tropsch Synthetic Paraffinic Kerosene (FT-SPK) segment dominated the market with the largest market share of 27.13% and a market revenue of 58.60 million. Further, by 2030, the hydroprocessed fatty acid esters and fatty acids - synthetic paraffinic kerosene (HEFA-SPK) segment will likely dominate the market as most commercially available biofuels produced are from this technology.
The platform segment is divided into business & general aviation, commercial aviation, military aviation, and unmanned aerial vehicle. In 2021, the military aviation segment dominated the market with the largest market share of 30.34% and market revenue of 65.53 million. This growth is attributed to the increase in the defence budget and various government initiatives to use sustainable aviation fuel. Further, by 2030, the commercial aviation segment will likely dominate the market due to the increased number of passengers traveling by commercial & aircraft flights.
The fuel type segment is divided into power to liquid fuel, biofuel, gas-to-liquid, and hydrogen fuel. In 2021, the biofuel segment dominated the market with the largest market share of 32.14% and market revenue of 69.42 million. This growth is attributed to the growing focus of governments of different countries worldwide on addressing the alarming levels of carbon emissions caused by the aviation sector.
The biofuel blending capacity segment is divided into above 50%, 30% to 50%, and below 30%. In 2021, the 30% to 50% segment dominated the market with the largest market share of 41.16% and market revenue of 88.90 million. This growth is attributed to the moderate blend capacity and the drop-in facility in existing fuel methods.
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Regional Segment Analysis of the Sustainable Aviation Fuel Market:
North America region occurred as the largest market for the global sustainable aviation fuel market with a market share of 47.22% and around 101.99 million in 2021. North America dominates the sustainable aviation fuel market due to increasing air traffic and passengers. Moreover, the rapid adoption of advanced technologies and supportive government initiatives to encourage sustainable aviation fuel adoption also helps drive the region's market growth. Furthermore, the Asia Pacific region is expected to show the fastest CAGR of 63.04% over the projection period. This growth is attributed to the proliferating low-cost airlines and rapid development of infrastructural installations in emerging economies. Moreover, rising public & private expenditure on developing aviation industry infrastructure in the developing economies will probably help the market's growth during the projection period.
Key players operating in the global sustainable aviation fuel market are:
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global sustainable aviation fuel market based on below-mentioned segments:
Global Sustainable Aviation Fuel Market by Technology:
Global Sustainable Aviation Fuel Market by Platform:
Global Sustainable Aviation Fuel Market by Fuel Type:
Global Sustainable Aviation Fuel Market by Biofuel Blending Capacity:
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The global sustainable aviation fuel market is analysed based on value (USD Million). All the segments have been analysed on a global, regional, and country-level. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key market insights. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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