Subject: MRR
E-Fuel Market Poised to Reach $13.6 Trillion by 2050, Fueled by Growing Demand for Sustainable Alternatives in Aviation and Automotive Industries
DUBLIN, Oct. 31, 2023 /PRNewswire/ -- The "E-fuel Market Size, Share & Trends Analysis Report By Product, By State (Liquid, Gas), By Production Method, By Technology, By End-use, By Carbon Source, By Carbon Capture Type, By Region, And Segment Forecasts, 2023 - 2050" report has been added to ResearchAndMarkets.com's offering.
The global e-fuel market size is expected to reach USD 13, 633.9 billion by 2050., expanding at a CAGR of 19.0% over the forecast period 2023-2050. This market growth is owing to increasing demand for e-fuels such as e-kerosene, e-diesel, ethanol, e-methane, and others from various end-use industries such as aviation, automobiles, and others.
Sustainable aviation fuels (SAF) act as an excellent alternatives to fossil jet fuels. SAFs are derived from sources such as biomass or power-to-liquid (PtL) methods, the latter of which produces e-kerosene. The American Society for Testing and Materials (ASTM) has sanctioned seven SAF routes, including liquid FT fuels, allowing for blending of up to 50% with traditional kerosene (ASTM International, 2022a). The use of conventional turbines and the compatibility of onboard fuel and storage systems with e-kerosene can enhance its viability.
Furthermore, the demand for e-diesel is gaining significant momentum attributed to its capacity to cater to the energy requirements of both transportation and industrial sectors. E-diesel, a form of synthetic fuel derived from renewable sources, presents a versatile option that harmonizes with sustainability objectives. Additionally, the increasing emphasis on reducing carbon emissions within the transportation domain further propels the demand for e-diesel as a sustainable and eco-friendly alternative.
The industry players are adopting several strategies, including partnerships, expansions, mergers & acquisitions, joint ventures, new product launches, and partnership agreements to increase the customer base and individual market share. For instance, in May 2023, HIG Global announced an expansion in its global footprint by launching a new facility producing e-fuel in the Texas market
E-fuel Market Report Highlights
- The market for e-fuel is driven by several favorable government policies and initiatives taking place across the globe. For instance, In July 2021, the European Commission's proposal named ReFuel EU Aviation introduced an e-kerosene blending mandate of 28% by 2050 for SAFs. This has resulted in e-kerosene accounting for approx. 3.65% of the EU's jet fuel requirements
- The e-kerosene segment is anticipated to grow at the fastest CAGR over the forecast period. This is attributed to its formulation to resemble traditional kerosene, ensuring compatibility with current aircraft engines and infrastructure. This enables airplanes to use e-kerosene seamlessly, avoiding the need for extensive alterations or adjustments
- The power-to-liquid production method is expected to grow at a CAGR of 18.7% during the forecast period owing to several R&D taking place for producing e-fuels through this production method. For instance, In March 2023, Deutsches Zentrum fur Luft- und Raumfahrt e. V. (DLR), a German R&D center for aerospace, announced its plans to launch a new R&D facility for power-to-fuel liquid e-fuel for the aircraft industry
- The automotive industry is expected to grow at a CAGR of 18.4% during the forecast period owing to the application of e-fuels in automobiles contributing to environmental sustainability by reducing greenhouse gas emissions compared to traditional fuels
- Europe held the largest market share in the market for e-fuels in terms of revenue in 2022 owing to several favorable government initiatives, such as the member states of the EU having increased their renewable energy targets to 40% of primary energy by 2050
- Several key companies are collaborating to strengthen their market positions. For instance, in March 2023, Osaka Gas Co., Ltd.collaborated with Santos Ltd to produce e-methane derived from green hydrogen in the Australian market
Key Topics Covered:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 E-Fuels Market: Market Variables, Trends, & Scope
Chapter 4 E-Fuels Market: Product Estimates & Trend Analysis
Chapter 5 E-Fuels Market: State Estimates & Trend Analysis
Chapter 6 E-Fuels Market: Production Method Estimates & Trend Analysis
Chapter 7 E-Fuels Market: Technology Estimates & Trend Analysis
Chapter 8 E-Fuels Market: End-Use Estimates & Trend Analysis
Chapter 9 E-Fuels Market: Carbon Source Estimates & Trend Analysis
Chapter 10 E-Fuels Market: Carbon Capture Type Estimates & Trend Analysis
Chapter 11 E-Fuels Market: Regional Estimates & Trend Analysis
Chapter 12 E-Fuels Market: Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/ow7qlq
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