PUBLISHER: SkyQuest | PRODUCT CODE: 1455133
PUBLISHER: SkyQuest | PRODUCT CODE: 1455133
Global Sustainable Aviation Fuel Market size was valued at USD 344.29 billion in 2022 and is poised to grow from USD 557.82 billion in 2023 to USD 26487.57 billion by 2031, growing at a CAGR of 62.02% during the forecast period (2024-2031).
Compared to conventional jet fuel, sustainable aviation fuel (SAF) offers a significant reduction in carbon emissions, potentially up to 80%, throughout its lifecycle, depending on factors like the sustainable feedstock, production method, and supply chain logistics. Aircraft eligible for standard jet fuel can utilize SAF, thereby contributing to sustainability efforts by eliminating 100% of waste and residues and reducing emissions by up to 80%. SAF not only enhances aircraft performance but also reduces aviation emissions compared to fossil jet fuel, thanks to its higher energy content and improved aromatic and oxygen levels. The aviation sector's ability to achieve carbon reduction targets largely hinges on the widespread adoption of SAF, which is further facilitated by the positive impact of alternative solutions such as hybrid-electric and all-electric aircraft, advancements in aero-engine efficiency, and increasing demand driven by fuel efficiency concerns.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Sustainable Aviation Fuel Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Sustainable Aviation Fuel Market Segmental Analysis
Global Sustainable Aviation Fuel Market is segmented on the basis of type, aircraft type, platform and region. By type, the market is segmented into biofuel, hydrogen fuel, power to liquid fuel. By aircraft type, market is segmented into fixed wings, rotorcraft, others. By platform, the market is segmented into commercial aviation, military aviation, business & general aviation, and unmanned aerial vehicle. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Drivers of the Global Sustainable Aviation Fuel Market
Human-induced greenhouse gas emissions are driving climate change, predominantly fueled by the combustion of fossil fuels such as natural gas, coal, and oil. Notably, Russia and China stand as significant contributors to global pollution levels. The primary culprits behind this environmental degradation are the gas, coal, and oil corporations affiliated with OPEC, whose activities are further facilitated by market expansion.
Restraints in the Global Sustainable Aviation Fuel Market
The essential components crucial for producing alternative aviation fuels, encompassing e-fuels, bio jet fuels, and synthetic fuels, comprise both non-biological and biological resources such as waste oil, sugar and oil crops, and algae. However, the scarcity of these raw materials poses a significant obstacle to the expansion of the sustainable aviation fuel market, leading to a lack of demand. Consequently, the limited availability of these resources hampers the entire production chain, hindering market growth.
Market Trends of the Global Sustainable Aviation Fuel Market
With a shift away from developing fuel alternatives such as sustainable aviation fuels, farmers are increasingly opting to cultivate biomass crops during the off-season to bolster their income and provide feedstock for various industries. This pivot not only benefits farmers economically but also aids in mitigating nutrient loss and improving soil health, thus contributing positively to the environment. Looking ahead, the industry's leading players stand to gain significant opportunities through the acquisition, expansion, and production of sustainable aviation fuels in the coming years.