NEW YORK, Jan. 22, 2024 /PRNewswire/ — The alternative fuels market size is expected to grow by USD 78.41 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 6.04% during the forecast period. APAC will account for 40% of the market growth. The Alternative Fuels Market is witnessing a significant uptrend driven by the escalating adoption of eco-friendly fuel sources in the transportation sector. With concerns over climate change, energy security, and reducing reliance on fossil fuels, alternative fuels like biodiesel, ethanol, Propane, Bioethanol, Renewable Diesel, Methanol, Biomethane, Biohydrogen, hydrogen fuel, and natural gas are gaining prominence. The shift towards electric vehicles, advancements in battery technology, and the exploration of sustainable aviation fuels reflect the industry’s commitment to mitigating environmental impact and reducing greenhouse gas emissions. This market trend aligns with global efforts to embrace renewable energy sources and achieve a more sustainable future. To find a preview of the market overviews, market drivers, opportunities, and potentials request a free sample report
Alternative Fuels Market 2023-2027: Company Analysis
The alternative fuels market is fragmented due to the presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified vendors. The global off-grid alternative fuels market is expected to grow rapidly during the forecast period due to the Increasing emissions of GHGs. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market’s competitive landscape and offers information on several market companies. Ballard Power Systems Inc., Blossman Propane Gas and Appliance Inc., BP Plc, Chevron Corp., China Petrochemical Corp., CNOOC Ltd., ENGIE SA, Equinor ASA, Exxon Mobil Corp., Gazprom International Ltd., Gevo Inc., Hindustan Petroleum Corp. Ltd., Honeywell International Inc., LanzaTech Global Inc., Neste Corp., Nuvera Fuel Cells LLC, OMV Aktiengesellschaft, Petroleo Brasileiro SA, PJSC LUKOIL, and UGI Corp.
Ballard Power Systems Inc.: The company offers alternative fuels for stacks and backup power systems. Also, the company offers the sale and service of PEM fuel cell products for the power product markets of heavy-duty motive consisting of bus, truck, rail, and marine applications, material handling, and backup power as well as the delivery of technology solutions.
By Application
- The automotive segment will be significant during the forecast period. The surge in global production of passenger cars, commercial vehicles, and two-wheelers has notably boosted the market share of this sector. For example, the World Bank reports a 5.9% growth in global GDP in 2021, surpassing the figures from 2020. This uptick in economic activity, coupled with an increase in disposable incomes, is anticipated to drive heightened demand for vehicles. As economic conditions improve, more individuals are inclined to invest in personal transportation, further fueling the market’s expansion.
- Type (passenger cars and commercial vehicles)
By Geography
- APAC will contribute 40% to the growth of the global market during the forecast period. Given that the APAC region, particularly China and India, plays a substantial role in global greenhouse gas (GHG) emissions, efforts are underway to address carbon emissions. Rigorous initiatives are being implemented to curb carbon footprints, driven by the significant contribution of these nations. Notably, major alternative fuel manufacturers like Royal Dutch Shell are actively exploring opportunities to establish low-carbon fuel stations in key APAC countries such as China, Indonesia, and India. These strategic investments are poised to propel the growth of the alternative fuels market in the APAC region throughout the forecast period.
- North America, Europe, South America, and Middle East and Africa
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Imperative Insights on the following aspects:
- What was the size of the global alternative fuels market by value?
- What will be the size of the global alternative fuels market in 2027?
- How has industry perform over last 5 years?
- What factor are affecting the strength of competition in the global alternative fuels market?
- What main segments make up the global alternative fuels market?
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
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Email: [email protected]
Website: www.technavio.com
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SOURCE Technavio
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