WASHINGTON, July 13, 2023 (GLOBE NEWSWIRE) -- The Global Renewable Fuel Market is valued at USD 925.1 Billion in 2022 and is expected to reach a value of USD 1713.4 Billion by 2030 at a CAGR of 8.01% over the forecast period of 2023-2030.
One of the most dominant economic areas is the Renewable Fuel business; consistent expansion is expected going forward. Regardless of the industry's difficulties, a variety of factors could influence its growth or destruction. This report evaluates current trends and forecasts future developments to provide a comprehensive view of the industry. It also includes information on the major industry players and their expansion initiatives.
The research examines worldwide producers and suppliers in-depth, as well as their recent state and future possibilities. It also discusses the global drivers of demand for online grocery delivery services in-depth, such as increased investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors are anticipated to accelerate the Renewable Fuel market growth over the forecast period. One of the vital factors affecting the demand for Renewable Fuel is the increasing environmental concerns such as global warming and air pollution. As Renewable Fuels have significantly lower emissions than fossil fuels, the demand for Renewable Fuels is rising. Another significant factor propelling the market's growth is the transition to environmentally friendly and sustainable energy sources.
We forecast that the biofuel category in Renewable Fuel market sales will account for more than 38% of total sales by 2030 because Biofuels are Renewable Fuels made from animals, plants, and garbage. The feed substance used in biofuels can be regenerated more quickly than traditional fossil fuels, and hydropower plants can convert up to 91% of the energy of flowing water into electricity, making it one of the most efficient renewable energy sources.
The Asia Pacific region has the largest market share for Renewable Fuels. This can be imputable to the growing demand for power in a number of populated economies, which has increased the demand for Renewable Fuel in this region.
Market Dynamics
Rising Demand for Electricity to Drive the Market
Population growth has greatly increased the demand for electricity worldwide. The rise in electricity demand is being driven by the advancement of living standards and infrastructure. According to the data, China's electricity demand increased by 4.7% in 2022 compared to the previous year. Many countries are building new solar power plants or increasing the capacity of existing ones to meet the growing demand. This results in the increase in demand for electricity which leads to the growth of the global Renewable Fuel market.
Increased Demand for Natural Gas to Promote Market Growth
Global demand for coal and natural gas leads to growth in the market for Renewable Fuels. Furthermore, people prefer technology that uses ever-increasing amounts of electrical energy as a result of rising commercialization and industrialization. As a result, the market for Renewable Fuels is opening promising possibilities due to the rising demand for natural gas.
Top Players in the Global Renewable Fuel Market
- Archer Daniels Midland Company
- Neste Oyj
- Renewable Energy Group Inc.
- Valero Energy Corporation
- DowDuPont Inc.
- TotalEnergies SE
- Wilmar International Ltd.
- Royal Dutch Shell PLC
- Phillips 66 Company
- POET, LLC
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Top Trends in the Global Renewable Fuel Market
- One trend that Vantage Market Research (VMR) expects to see in the Renewable Fuel market is the demand for electric vehicles. As more electric vehicles will hit the road, so does the demand for renewable energy will increase, as it is the driving force behind those vehicles. This trend will offer opportunities in the Renewable Fuel market to generate the energy needed for electric vehicles.
- Another trend that VMR predicts will continue in the Renewable Fuel market is the development of new technologies and innovations in the Renewable Fuel industry. Advances in the production of biofuels from non-food sources such as agricultural and forest waste, algae, and others are expected to increase the efficiency and sustainability of the industry.
Top Report Findings
- Based on Type, in 2022, the biofuel sector dominated the market for Renewable Fuels. The expansion of the market is because of factors such as the less availability of resources acquired from fossil fuels and rising awareness in people of the need to reduce carbon emissions. Furthermore, the availability of several supportive regulatory frameworks and financial incentives, particularly in the transportation sector, is expected to grow the market for biofuels.
- Based on Application, the transportation industry was the market's largest income source. The dominance of transportation fuels in Renewable Fuels is due to the significant demand for cleaner and more sustainable transportation options.
- Based on End Users, in 2022, the industrial sector dominated the market for Renewable Fuels. As demand for clean energy rises, the market for Renewable Fuel in the industrial sector is likely to expand. Expanding industrial initiatives are also fueling the growth of the industrial category.
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Renewable Fuel Policies and Promoting the Use of Sustainable Alternatives Initiatives Among Players Aids in Market Growth
Leading players in the Renewable Fuel market play a pivotal role in advocating for Renewable Fuel policies and promoting the use of sustainable alternatives. These players, such as major biofuel producers and renewable energy companies, have the resources and influence to drive the transition to Renewable Fuels. One of the keyways leading players promote Renewable Fuels is by actively engaging in policy advocacy. They work closely with government bodies and regulatory agencies to shape favorable policies and regulations that support the adoption and usage of Renewable Fuels. This advocacy includes pushing for incentives, subsidies, and mandates that encourage the use of sustainable alternatives. By playing an active role in policy discussions, leading players can help to create a supportive environment for Renewable Fuels to thrive. Furthermore, leading players also play an important role in promoting the use of Renewable Fuels through marketing and education initiatives. They invest in advertising campaigns, sponsor events, and participate in educational programs to raise awareness about the benefits of Renewable Fuels. These efforts aim to change consumer perceptions and encourage the adoption of clean, sustainable alternatives. The most significant players operating in the Renewable Fuel market are Archer Daniels Midland Company, Neste Oyj, Renewable Energy Group Inc., Valero Energy Corporation, DowDuPont Inc., TotalEnergies SE, Wilmar International Ltd., Royal Dutch Shell PLC, Phillips 66 Company, POET, LLC.
Biofuel Category in the Renewable Fuel Market to Generate a Considerable Amount of Revenue
Vantage Market Research analyzed the market for Renewable Fuel to understand its current state and potential future growth factors. For better understanding, based on type, the Renewable Fuel Market is categorized into: Biofuel, Hydroelectric Power, Wind Power, Geothermal Energy, Solar Energy, and Biomass Energy.
We predict that by 2030, the market for Renewable Fuel will account for more than 38% of total sales in the category of Biofuel as awareness about global warming and the need to cut carbon emissions grow. Biofuels also cut greenhouse gas emissions because they are derived from renewable sources and emit less pollution than fossil fuels. The growing demand for transportation fuel is propelling the biofuel industry forward. Biofuels are viewed as a feasible and long-term replacement for fossil fuels.
On the other hand, in 2022, the hydropower category from the type of segment had major sales. Plants can convert up to 91% of the energy of flowing water into electricity, making it one of the vital renewable energy sources.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Renewable Fuel Market Forecast Report (2023-2030).
Global Renewable Fuel Market Segmentation
By Type
- Hydroelectric Power
- Wind Power
- Biofuel
- Solar Energy
- Geothermal Energy
- Biomass Energy
By Application
- Cooling and Heating Sector
- Power Sector
- Transportation Sector
- Other Applications
By End User
- Residential
- Commercial
- Industrial
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 925.1 Billion |
| Revenue Forecast by 2030 | USD 1713.4 Billion |
| CAGR | 8.01% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Archer Daniels Midland Company, Neste Oyj, Renewable Energy Group Inc., Valero Energy Corporation, DowDuPont Inc., TotalEnergies SE, Wilmar International Ltd., Royal Dutch Shell PLC, Phillips 66 Company, POET, LLC |
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