Selbyville, Delaware , Feb. 20, 2024 (GLOBE NEWSWIRE) -- Global Sustainable Aviation Fuel Market could reach USD 32.9 billion by 2032, as per a recent study by Global Market Insights Inc.
As per the report, escalating investments in research and development and launches in production technologies will catalyze the industry growth of sustainable aviation fuel over 2023–2032. This commitment reflects a growing recognition of the imperative to reduce aviation's carbon footprint. Advanced technologies are fostering innovation in SAF production, improving efficiency, and driving down costs. These investments propel the industry towards sustainable practices and position it for sustained growth.
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For instance, in 2023, Lummus introduced a technology for sustainable aviation fuel based on ethanol. This technology offers operators a commercially proven, large-scale solution to mitigate greenhouse gas emissions in the aviation industry. This launch bolsters the market by providing a scalable and proven solution to reduce greenhouse gas emissions in the aviation sector.
HEFA-SPK to technology to gain traction
Sustainable Aviation Fuel Market size from the HEFA-SPK (Hydroprocessed Esters and Fatty Acids–Synthetic Paraffinic Kerosene) segment will exhibit significant CAGR by 2032, owing to the segment's remarkable potential in producing high-quality bio-based aviation fuels. With its ability to seamlessly integrate into existing infrastructure and meet stringent industry specifications, HEFA-SPK will stand out as a key player in the sustainable aviation fuel industry. As demand for eco-friendly alternatives soars, the HEFA-SPK segment will emerge as a pivotal driver, driving the market towards a greener aviation future.
Military Aviation to retain its prominence
The military aviation segment will achieve a remarkable Sustainable Aviation Fuel market share between 2024 and 2032, attributed to a heightened global emphasis on military organizations adopting environmentally responsible practices. With governments worldwide pushing for greener defense operations, the military aviation sector is prioritizing the integration of sustainable fuels. This commitment aligns with eco-conscious objectives and will position the military aviation segment as a major contributor to the market expansion.
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Asia Pacific to lead the sustainable aviation fuel market
Asia Pacific Sustainable Aviation Fuel Industry will register significant expansion from 2024 to 2032 due to escalating environmental concerns and an increasing focus on sustainable aviation practices. Countries in the region are actively investing in renewable energy sources, aligning with global efforts to reduce carbon emissions in the aviation sector. As a major contributor to the aviation industry's green transition, the APAC's commitment to adopting and producing sustainable aviation fuels is pivotal in shaping the future of eco-friendly air travel.
Sustainable Aviation Fuel Market Players
Companies including Neste, Preem AB, World Energy, Gevo Inc., Aemetis Inc., Alder Fuels, Lanza Jet, Northwest Advanced Biofuels, Red Rock Biofuels, Shell Plc, SkyNRG BV, World Energy, and Fulcrum BioEnergy are operating in the sustainable aviation fuel industry.
These players are investing in research and development, optimizing production processes, and fostering partnerships with key stakeholders. Additionally, regulatory support and incentive programs are encouraging businesses to prioritize sustainable practices, facilitating their growth in the SAF sector. With a collective commitment to reducing carbon footprints and meeting environmental targets, these companies are actively contributing to market expansion, ensuring a more sustainable trajectory for the aviation industry.
For instance, in 2024, the CSIR-Indian Institute of Petroleum (CSIR-IIP) and Airbus entered a Memorandum of Understanding to explore novel technology routes and assess locally produced Sustainable Aviation Fuel (SAF) in India.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
