PUBLISHER: BIS Research | PRODUCT CODE: 1385525
PUBLISHER: BIS Research | PRODUCT CODE: 1385525
“Global Marine Biofuel Market Sets Sail Towards Sustainable Future.”
The maritime sector is a significant contributor to greenhouse gas emissions, and there is growing pressure to reduce its environmental impact.
KEY MARKET STATISTICS | |
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Forecast Period | 2023 - 2033 |
2023 Evaluation | More than $3 Billion in 2023 |
2033 Forecast | More than $7 Billion by 2033 |
CAGR | More than 7% |
Marine biofuels, derived from renewable sources offer a more sustainable alternative to traditional fossil fuels. As countries and international organizations set ambitious targets to reduce carbon emissions, the maritime industry is turning to biofuels as a viable solution to meet these goals and achieve a more sustainable and eco-friendly shipping sector. International regulations, such as the International Maritime Organization's (IMO) targets for reducing greenhouse gas emissions, are pushing the maritime sector to explore cleaner alternatives, and biofuels are emerging as a viable option to meet these stringent requirements.
Additionally, the global focus on energy security and the volatility of oil prices have encouraged the exploration of alternative and renewable sources of energy, including marine biofuels. Biofuels helps in diversifying the energy mix for the maritime industry, providing a more stable and potentially cost-effective solution over the long term. As technological advancements and research initiatives continue to improve the efficiency and scalability of marine biofuel production, their adoption is expected to increase, signaling a shift towards a more sustainable and resilient future for maritime transportation.
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
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