Covina, Aug. 25, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global (SAF) sustainable aviation fuel market size and share value is projected to grow from USD 1.1 Billion in 2024 and is forecasted to reach USD 3.0 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 11.6% during the forecast period (2024 - 2034).
Sustainable Aviation Fuel Market Report Overview
Sustainable Aviation Fuel is an advanced biofuel designed to replace conventional jet fuel with a more environmentally friendly alternative. SAF is produced from sustainable feedstock and aims to reduce the carbon footprint of aviation, which is one of the key sectors contributing to global greenhouse gas emissions.
Aircraft Sustainability One of fuel's key benefits is that it works with modern jet engines and aviation equipment. SAF may be used in current aircraft by mixing it with standard jet fuel, no modifications are needed.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Sustainable Aviation Fuel Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Neste
- Gevo
- World Energy
- Eni
- Fulcrum BioEnergy
- SkyNRG
- Velocys
- Red Rock Biofuels
- S.G. Preston Company
- HyPoint Inc.
- ZeroAvia Inc.
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Analyst View:
The global aviation industry and governments' commitment to cutting greenhouse gas emissions and promoting sustainability is driving the market for sustainable aviation fuel or SAF. Regulatory frameworks and international agreements, such as the Paris Agreement and the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), are pivotal in driving the SAF market.
Market Dynamics:
Drivers:
Industry Initiatives and Investments
- Large airlines, aircraft manufacturers, and fuel suppliers are making significant investments in SAF to meet environmental standards and sustainability goals. To increase the production and distribution of SAF, businesses are developing joint ventures and partnerships.
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Market Trends:
Increasing SAF Blending Mandates
- Mandates for the mix ratio of SAF to aviation fuel are being implemented by several countries and regions. These regulations give SAF a steady market and motivate fuel producers to increase output. The European Union, for instance, has set high goals for the aviation industry's implementation of SAF.
Segmentation:
Sustainable Aviation Fuel Market is segmented based on Fuel Type, Manufacturing Technology, Bio-Fuel Blending Capacity, Platform, and Region.
Fuel Type Insights
- This sector includes Biofuel, Hydrogen Fuel, and Power to Liquid Fuel. The biofuel segment is expected to dominate the target market growth as biofuels offer significant environmental benefits by reducing greenhouse gas emissions compared to conventional fossil fuels. They are considered a key solution for achieving the aviation industry's sustainability goals and meeting regulatory requirements related to carbon reduction.
Manufacturing Technology Insights
- This sector includes Hydroprocessed Fatty Acid Esters and Fatty Acids - Synthetic Paraffinic Kerosene (HEFA-SPK), Fischer Tropsch Synthetic Paraffinic Kerosene (FT-SPK), and Synthetic Iso-paraffin from Fermented Hydroprocessed Sugar (HFS-SIP). The HEFA-SPK segment is expected to dominate the target market growth as this technology is well-established and has been in use for several years, providing a proven track record in the aviation industry. The technology involves the hydroprocessing of fatty acids and esters derived from various feedstock, such as vegetable oils and animal fats.
Bio-fuels Blended Capacity Insights
- This sector includes below 30%, 30% to 50%, and above 50%. The above 50% segment is expected to dominate the target market growth as above 50% SAF represents a significant portion of the aviation fuel composition, reflecting a higher level of integration of sustainable fuels into the aviation sector.
Platform Insights
- This sector includes Commercial Aviation, Military Aviation, Business & General Aviation, and Unmanned Aerial Vehicles. Commercial Aviation segment is expected to dominate the target market growth as commercial aviation accounts for the majority of global aviation fuel consumption. With airlines operating extensive fleets and performing a high volume of flights, the demand for aviation fuel in this sector is substantial.
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Recent Development:
- In February 2024, Aerospace giant Airbus and energy company TotalEnergies announced the launch of a new strategic partnership, aimed at advancing the development of sustainable aviation fuel (SAF), and supporting the decarbonization of aviation to achieve net carbon neutrality for the sector by 2050. Fuel accounts for the vast majority of the aviation sector’s emissions. Generally produced from sustainable resources, like waste oils and agricultural residues, SAF is seen as one of the key tools to help decarbonize the aviation industry, with lifecycle GHG emissions substantially lower than conventional fuels.
Regional Insights
- North America: Prominent North American airlines have committed in large amounts to integrating SAF into their operations. Airlines that have partnered with SAF producers and invested in SAF projects include United Airlines, American Airlines, and Delta Air Lines. These promises promote market expansion and increase demand for SAF.
- Asia Pacific: There is growing investment in SAF infrastructure within this region, including the development of SAF production facilities and refueling infrastructure at major airports.
Browse Detail Report on "Sustainable Aviation Fuel Market Size, Share, By Fuel Type (Biofuel, Hydrogen Fuel, and Power to Liquid Fuel), By Biofuel Manufacturing Technology (Hydroprocessed Fatty Acid Esters and Fatty Acids - Synthetic Paraffinic Kerosene (HEFA-SPK), Fischer Tropsch Synthetic Paraffinic Kerosene (FT-SPK), and Synthetic Iso-paraffin from Fermented Hydroprocessed Sugar (HFS-SIP)), By Biofuel Blending Capacity (Below 30%, 30% to 50%, and Above 50%), By Platform (Commercial Aviation, Military Aviation, Business & General Aviation, and Unmanned Aerial Vehicle), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/global-sustainable-aviation-fuel-market-4626
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