Newark, Feb. 19, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 6.9 billion E-fuel market will reach USD 104.2 billion by 2033. Electrofuel, or e-fuel, is a synthetic fuel made using a process known as power-to-liquid (PtL) from renewable energy sources such as solar or wind power. With this cutting-edge technology, renewable electricity is electrolyzed to produce hydrogen and carbon dioxide to create liquid fuel. With e-fuel emerging as a crucial route to achieving net-zero emissions, the global energy landscape is undergoing a revolutionary transition that is predicted to promote the expansion of the e-fuel business. Many major factors are propelling the e-fuels market's expansion. First, the rise of e-fuels as a workable alternative result from the global upsurge in sustainability initiatives that strongly emphasise reducing carbon emissions. The e-fuel market is being driven by the simultaneous transformation of e-fuel production, improvement of efficiency, and reduction of prices due to technological improvements, particularly in power-to-liquid processes. The main factors influencing the market acceptance of e-fuels are their compatibility with current infrastructure and capacity to meet long-haul transportation demands.
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Europe will account for the largest market size during the forecast period.
The Renewable Energy Directive (RED II), which required the use of e-fuels, such as e-diesel and e-kerosene, in the transportation sector, is one of the supportive government policies driving this market expansion in the region. Germany is actively promoting the growth of e-fuel production and consumption by investing in the research and development of renewable fuels. For example, as part of the Joint Declaration of Intent (JDI) on the Green and Sustainable Development Partnership, the German government declared in May 2022 that it would invest USD 12.5 billion to encourage renewable energies in India.
The ethanol segment dominated the market with the most significant revenue of USD 1.58 billion.
The ethanol segment dominated the market with the most significant revenue of USD 1.58 billion. Numerous international government programmes and laws have been implemented to boost ethanol production. For instance, the US encourages the use and production of renewable ethanol through the fuel blending regulations of the Renewable Fuel Standard Programme.
The liquid segment dominated the market with the most significant revenue of USD 3.93 billion.
The liquid segment dominated the market with the most significant revenue of USD 3.93 billion. The extensive usage of liquid e-fuels, which don't necessitate major changes to existing configurations, to power vehicles, generators, and industrial operations is expected to drive the segment's growth.
The hydrogen technology (electrolysis) segment dominated the market with the most significant revenue of USD 3.10 billion.
The hydrogen technology (electrolysis) segment dominated the market with the most significant revenue of USD 3.10 billion. This fast-advancing technology produces hydrogen without releasing carbon dioxide using nuclear and renewable energy sources. Two examples of hydrogen electrolysis technologies used to create sustainable fuels are alkaline electrolyzers and polymer electrolyte membranes (PEM).
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Market Dynamics:
Drivers: Increasing demand for cleaner fuels
The need for cleaner fuel substitutes is rising because governments worldwide enforce more stringent laws to cut carbon emissions. For example, by 2030, the European Union wants to cut its greenhouse gas emissions by 55% from 1990 levels. As a result, there has been a major push towards e-fuels and renewable energy as alternatives to conventional fossil fuels.
Restraint: High cost of production
The cost of producing e-fuels is higher than conventional fossil fuels, which may limit the market's expansion. However, production costs are anticipated to drop as technology develops and manufacturing techniques become more effective. For instance, the International Renewable Energy Agency estimates that the cost of generating e-fuels will drop by as much as 90% by 2050.
Opportunity: Advancement in technologies
New technologies are always being developed to lower prices and increase the efficiency of e-fuel production, which is why the e-fuel sector is always changing. For instance, Audi has created a method that uses renewable energy sources to create e-fuels from carbon dioxide and water. This technique, known as e-diesel, might greatly reduce the transportation sector's carbon emissions.
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Some of the major players operating in the E-fuel market are:
● Ballard Power Systems, Inc.
● Clean Fuels Alliance America
● E-Fuel Corporation
● Hexagon Agility
● Norsk e-Fuel AS
● Archer Daniels Midland Co.
● Ceres Power Holding Plc
● Climeworks AG
● eFuel Pacific Limited
● Neste
Key Segments cover in the market:
By Product:
● E-Gasoline
● Hydrogen
● E-Methane
● E-Diesel
● Ethanol
● E-Kerosene
● E-Methanol
● Others
By State:
● Gas
● Liquid
By Technology:
● Reverse-Water-Gas-Shift (RWGS)
● Fischer-Tropsch
● Hydrogen Technology (Electrolysis)
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About the report:
The global E-fuel market is analysed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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