Renewable Fuel Market Size to Worth Around US$ 1,753.6 Bn by 2030

According to Precedence Research, the global renewable fuel market size is projected to be worth around US$ 1,753.6 billion by 2030 and poised to grow at a CAGR of 7.86% from 2022 to 2030.

/EIN News/ -- Tokyo, May 18, 2022 (GLOBE NEWSWIRE) -- The global renewable fuel market size was accounted at US$ 887.19 billion in 2021. Technological developments and the adoption of novel technologies are two significant drivers propelling the global renewable fuel market forward. The increase in electricity consumption is also strengthening the worldwide renewable fuel sector.

Furthermore, increased government measures to boost the power industry are adding to the worldwide renewable fuel market's growth. The government offers subsidies and incentives to market participants in the worldwide renewable energy industry. The leading market players are putting an even greater emphasis on long-term value, and several of the region's largest market participants have developed sustainable sourcing methodologies for evaluating long-term contracts.

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Regional Snapshot

Asia-Pacific is the largest segment for renewable fuel market in terms of region. China and India are dominating the renewable fuel market in the Asia-Pacific region. By 2021, China will have surpassed the United States as the global leader in renewable energy. The overall renewable energy capacity of the country was 894 GW in 2020, up 17.9% from the previous year. Solar, hydropower, and wind are the nation's primary renewable energy sources. Furthermore, the Asia-Pacific region's renewable fuel industry is being driven by increasing government initiatives.

North America region is the fastest growing region in the renewable fuel market. The U.S. hold the highest market share in the North America renewable fuel market. Because of the increased demand for biofuel in the region, the renewable fuel market in North America is expanding. In the North American region, biofuels like biodiesel and biogasoline produced 623 thousand barrels of oil equivalent per day in 2020. Ethanol contributed over 500 thousand barrels of oil equivalent per day, far more than biodiesel.

Scope of the Report

Report Attributes	Details
Market Size in 2021	USD 887.19 Billion
Revenue Forecast by 2030	USD 1753.6 Billion
CAGR	7.86% from 2022 to 2030
Base Year	2021
Forecast Data	2022 to 2030
Companies Covered	Ocean Power Technologies, NextEra Energy, Inc., Enel Group, ONPOWER Business Energy, Yingli Solar, Tocardo BV, SynTech Bioenergy, Siemens AG, Canadian Solar Inc., Invenergy LLC, Geronimo Energy Holdings LLC, Xcel Energy, TATA Power, ABB Product Group Solar

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Report Highlights

• On the basis of type, biofuel segment holds the largest market share in the global renewable fuel market. Because the feedstock utilized can be regenerated more quickly than typical fossil fuels, they are designated as renewable fuels. The finite availability of fossil fuel-based resources and greater awareness of the need to minimize carbon emissions are two factors that are expected to enhance the industry. Additionally, the availability of various supportive regulatory rules and financial incentives on the use of biofuels around the world is predicted to increase demand, notably in the transportation industry.
  
  
• On the basis of end use, industrial segment holds the largest market share in the global renewable fuel market. The growing demand for clean energy is expected to increase utility projects and the market for renewable fuel in the industrial sector. The expansion of industrial projects is also propelling the industrial category forward.
  
  

Market Dynamics

Drivers

Surge in demand for electricity

The population growth has increased worldwide electricity demand significantly. The growing demand for power is being driven by rising living standards and infrastructural development. According to Enerdata, China’s electricity demand climbed by 4.5% in 2019 over the previous year. Many of the nations are building new solar plants or increasing the capacity of existing ones to meet the rising demand. As a result, surge in demand for electricity is boosting the growth of global renewable fuel market.

Restraints

Threat of substitutes or alternatives

Despite the fact that alternative fuels have become increasingly common in global fuel markets, oil will continue to dominate the transportation industry, even as demand for biofuels develops. Despite a fall in market domination in the next year, oil’s global supremacy as a significant transportation fuel is not in risk. Thus, this factor is restricting expansion of worldwide renewable fuel market.

Opportunities

Growing demand for natural gas

Theglobal renewable fuel market is expanding in respect with the world’s demand for natural gas and coal. Furthermore, as a result of increased commercialization and industrialization, people are moving towards the technology that consumes ever increasing amounts of electrical energy. As a result, growing demand for natural gas is creating lucrative opportunities for growth of global renewable fuel market.

Challenges

High cost of deployment

The high cost of using renewable energy sources to create power is the main barrier. As a result, many people cannot afford it, which will have a detrimental impact on renewable fuel sources’ market domination in the near future. However, due to recent technological developments, it is expected that low-cost power generating technologies will become accessible over the forecast period.

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Recent Developments

• Walmart reported in April 2021 that the 6.5 MW solar energy systems designed by Sol Customer Solutions had been completed across seven California shops. The portfolio included roughly $10 million worth of solar energy systems built on parking lot rooftops and carports, with Bank of America as a tax equity partner.
• Volkswagen declared research and development for biofuel-based engines in emerging regions in July 2021. The majority of the research will likely to be done in Brazil, in collaboration with the government, agribusinesses, and universities. In addition, by 2035, the corporation intends to phase out the production of combustion vehicles.

Market Segmentation

By Type

• Hydroelectric Power
• Wind Power
• Biofuel
• Solar Energy
• Geothermal Energy
• Biomass Energy

By End Use

• Residential
• Commercial
• Industrial
• Others

By Application

• Cooling and Heating Sector
• Power Sector
• Transportation Sector
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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