E-fuel Market Rising With Growth In New Technology Trends Research By 2050Posted by Mrudula Anil Karmarkar on March 26th, 2024 San Francisco, 26 March 2024: The ReportE-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 The global e-fuel market size is expected to reach USD 13,633.9 billion by 2050, according to a new report by Grand View Research, Inc., 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. This growth is attributed to the growing demand for clean and sustainable e-fuels to reduce the dependence of countries on fossil fuels, which are major contributors to climate change and air pollution. COVID-19 has had a mixed impact on the growth of the renewable fuel market across the world. The pandemic negatively affected the demand for e-fuels such as e-diesel, e-kerosene, e-methanol, and others as a result of the economic downturn and disruptions in supply chains. Several industries, such as automobile and aviation, witnessed a decline in demand for their offerings. This, in turn, decreased the global demand for e-fuels used in these industries. Request sample report of E-fuel Market@https://www.grandviewresearch.com/industry-analysis/e-fuel-market-report/request/rs1 The e-kerosene segment is expected to expand at the second fastest CAGR of 56.3% over the forecast period 2023-2050. This can be attributed to several initiatives undertaken in Europe to increase its production. For instance, starting in 2050, aircraft departing from European airports will need to use more sustainable aviation fuels (SAFs) such as e-kerosene for refueling. These regulations for increased blending have been given the green light by the European Commission (EC). The U.S. is among the early adopters of clean energy solutions in the world for sectors such as power generation and transportation. This can be attributed to the increased importance given to clean energy solutions as per the Energy Act introduced by the U.S. government in 2005. E-fuel Market Report Highlights
For instance, the Clean Fuels & Products Shot, an essential initiative undertaken by the U.S. Department of Energy's Energy Earthshots program, focuses on transforming the fuel and chemical industries. The primary goal of this initiative is to shift toward renewable fuels and its innovative technologies, aiming to significantly reduce industry-related greenhouse gas emissions by 85% by 2035. E-fuel Market Report Scope
List Of Key Players in The E-fuel Market
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