The Global Sustainable Aviation Fuel Market is projected to grow at a CAGR of 56.32% in the forecast period of 2023-28, reveals MarkNtel Advisors in their recent research report. The growth of the market is driven by the rapidly increasing focus of the aviation industry on reducing carbon emissions it generates, coupled with the active participation of numerous airlines through massive investments in bringing sustainability to the aviation sector.
It, in turn, is anticipated to encourage airlines to expand their renewable fuel commitments with biofuels and soar the demand for sustainable aviation fuel during the forecast period. Consequently, with an increasing adoption & utilization of these fuels, market players are anticipated to observe improvements in the cost of sustainable fuels & their availability worldwide.
Additionally, the rising adoption of sustainable aviation fuel on a global scale is projected to instigate numerous investments for innovations & improvements in fuel quality & drive the global market in the coming years. Among end-users, the defense sector is expected to significantly benefit the market growth in the coming years due to an increasing government focus on encouraging sustainable fuels & reducing carbon emissions, coupled with massive defense budgets to strengthen military capabilities, further states the research report, “Global Sustainable Aviation Fuel Market Analysis, 2023.”
30% to 50% Blending Capacity to Demonstrate the Fastest Market Growth during 2023-28
Of all blending capacities, 30% to 50% is anticipated to display the fastest growth of the Global Sustainable Aviation Fuel Market over the forecast years. It owes principally to the growing need to reduce the overall cost of sustainable aviation fuels by adopting a moderate blend capacity of 30% to 50%, along with improving supply chain infrastructure & drop-in facilities in current fuel systems across both commercial & military aviation industries.
Moreover, increasing investments by the governments & several prominent players of different countries worldwide entwined with rising research & development activities to enhance blending capacities of these aviation fuels shall further propel the demand for sustainable aviation fuels with 30-50% blending capacity in the coming years.
With Various Government Initiatives by the US & Canada for the Adoption of Sustainable Aviation Fuels, North America to Display the Fastest Market Growth through 2028
North America has the largest aircraft fleet with an increasing number of travelers every year, resulting in a substantial rise in carbon emissions. Due to these emissions, the governments of countries like the US & Canada are actively taking initiatives & inclining toward the adoption & utilization of sustainable aviation fuels.
Additionally, these countries are laying out favorable policies, programs, & initiatives like Canada’s Biojet Supply Chain Initiative, Midwest Aviation Sustainable Biofuels Initiative (MASBI), & Commercial Aviation Alternative Fuel Initiative (CAAFI) for strategic utilization of sustainable fuels in the aviation industry. Hence, based on these aspects, North America is expecting the fastest market growth during 2023-28, reveals MarkNtel Advisors in their research report, "Global Sustainable Aviation Fuel Market Analysis, 2023."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Global Sustainable Aviation Fuel Market are Gevo Inc., Eni SPA, Neste Oyj, Fulcrum Bioenergy, SKYNRG, Avfuel Corporation, Velocys, SG Preston Company, Red Rock Biofuels, Aemetis, Inc, Sundrop Fuels Inc., ZeroAvia, Inc., Aemetis, Inc., Ballard Power Systems, SG Preston Company.
Key Questions Answered in the Study