The Alternative Fuels Market size is expected to reach USD 12.9 billion
and is projected to reach a CAGR of 12.3% from 2023-2030.
The fulfilment of the "zero emission" and "zero
waste" ideals will be facilitated by the generation of alternative fuels.
Alternative fuels will reduce pollution from automobiles and make cities carbon
neutral. Moreover, food and agricultural waste may be converted into
alternative fuel, helping to reduce the amount of trash dumped in landfills.
The need for alternative fuels is also increasing due to the importance
of environmental protection.
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Fundamentally, alternative fuels
are utilized to replace fossil fuels. They produce fewer hazardous
pollutants as compared to conventional fuels like gasoline and diesel.
Moreover, two important benefits associated with alternative fuels are their
local availability and the development of jobs. These elements suggest that the
market for alternative fuels is growing as a result.
Recent Developments
In one of the biggest partnerships in the sector, Shell
Aviation and World Energy supplied Amazon Air with up to six billion gallons of
SAF. IATA claims that compared to jet fuel, unblended SAF (sustainable aviation
fuel), which is produced from waste and renewable feedstocks, has the potential
to cut lifecycle emissions from aviation by up to 80%.
Prominent Players
·
Guangzhou Devotion Thermal Technology
·
Fujian Zhongde Energy
·
Archer Daniel Midland
·
Neste
·
Renewable Energy Group
·
Cosan
·
Gushan Environmental Energy
·
Henan Tianguan Enterprise
·
Jiangsu Hengshunda Bio-Energy
·
Jilin Fuel Ethanol
·
INEOS Enterprises
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Asia-Pacific to Dominate the Market
·
The Asia-Pacific region is expected to be the
largest region in the Global Alternative Fuels market during the forecast
period.
·
As a result of the high demand for alternative
fuels in these countries as a result of growing awareness of climate change,
Europe and North America also account for a sizeable portion of the market's
revenue, and it is anticipated that this share will climb quickly during the
analysis period.
The Alternative Fuels Market Segmentation:
On the basis of fuel type
·
Natural Gas
·
Biodiesel
·
Ethanol
·
Hydrogen
·
Others
On the basis of end-user type
·
Automobile industry
·
Chemical Industry
·
Defence
·
Aviation
Based on region:
·
Asia Pacific
·
North America
·
Europe
·
South America
·
Middle East & Africa
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Frequently Asked Questions
·
What are the years considered to study Global
Alternative Fuels Market?
·
What is the compound annual growth rate (CAGR)
of the Global Alternative Fuels Market?
·
Which region holds the largest market share in
Global Alternative Fuels Market?
·
Which region is the fastest growing region in
the Global Alternative Fuels Market?
·
Who are the major players in Global Alternative
Fuels Market?
In addition to the market data for Alternative Fuels Market, Delvens offers
client-centric reports customized according to the company’s specific demand
and requirements.
More Related Reports:
Battery
Energy Storage System (BESS) Market
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Duration Energy Storage (LDES) Market
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