Renewable Fuel Market to Grow by USD 66.7 Million (2024-2028), Driven by Waste-to-Energy Tech Adoption, How AI is Transforming the Market – Technavio Report

NEW YORK, Aug. 30, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global renewable fuel market size is estimated to grow by USD 66.7 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.13%  during the forecast period. Rising adoption of waste-to-energy technologies is driving market growth, with a trend towards development of E-fuels. However, inconsistent availability and quality of feedstocks for renewable fuel  poses a challenge. Key market players include Aemetis Inc., ALTO INGREDIENTS Inc., Archer Daniels Midland Co., BP Plc, Bunge Ltd., Cargill Inc., Chevron Corp., Clariant AG, Cox Energy SAB de CV, Eni SpA, Enviva Inc., Green Plains Inc., INEOS AG, Louis Dreyfus Co. BV, Neste Corp., Novozymes AS, POET LLC, Shell plc, Suncor Energy Inc., TotalEnergies SE, and Valero Energy Corp..

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Market Driver

The renewable fuel market is experiencing significant growth due to increasing global awareness towards reducing carbon emissions. Key players in this industry include bioethanol, biodiesel, and biogas. Bioethanol is derived from corn, sugarcane, and other plant sources, while biodiesel is produced from vegetable oils and animal fats. Biogas is generated from organic waste. Governments worldwide are implementing policies to promote the use of renewable fuels, driving market expansion. Companies are investing in research and development to improve efficiency and reduce costs. The renewable fuel market is expected to continue growing steadily in the coming years.

The Renewable Fuel Market is experiencing significant growth due to increasing focus on energy security and reducing carbon footprint. Renewable fuels are becoming popular transport mediums, with biofuels like biodiesel and biogasoline gaining traction in the aviation, cooling & heating, and transportation sectors. Large corporations are investing in renewable fuels to transition from non-renewable sources like crude oil, gasoline, and fossil fuels. Biomass-based fuels from soybean, canola oil, animal fat, distillers corn, and other sources are driving the market. Geothermal, wind, solar, hydropower, and offshore wind energy are key sources of renewable fuel. The power, cooling & heating, and transportation sectors are major consumers. Biofuel production includes processes like pyrolysis and the production of bioethanol, biogasoline, and electricity. Renewable fuels offer a sustainable solution to reduce reliance on traditional fuels and decrease greenhouse gas emissions. The market is expected to continue growing as more industries adopt renewable fuels.

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Market Challenges

• The renewable fuel market is experiencing significant growth due to increasing global concerns over carbon emissions and non-renewable fuel depletion. Bioethanol and biodiesel are leading renewable fuels, derived from plant-based sources. Companies like Archer Daniels Midland and DuPont Danisco Cellulosic Ethanol are key players, investing heavily in research and production. Government incentives and regulations, such as the Renewable Fuel Standard in the US, further boost market expansion. Renewable fuel production capacity is expected to double by 2025.
• The renewable fuel market is experiencing significant growth as the world shifts towards sustainable energy sources. Solar, hydropower, windpower, and biomass are leading the charge, with biofuels like biodiesel, biogasoline, ethanol, and pyrolysis oil also gaining popularity. However, challenges persist. Fossil fuels remain dominant in automobile production, power generation, transportation, marine, aerospace, locomotive, and heat engines. Transitioning to renewable fuels requires investment in fuel cells, vehicles, power generators, and pipeline transport. Feedstock costs, including corn, soybeans, cassava, sugar beets, sugar cane, and cereal crops, can impact profitability. Labor and land costs, oil market fluctuations, agricultural subsidizations, and net-zero carbon emissions targets are other considerations. Greenhouse gas emissions from renewable fuel production must be minimized through efficient processes and the use of municipal waste and landfills as feedstocks. Hydrogen fuels offer a promising solution but face challenges in production and infrastructure development. Overall, the renewable fuel market presents opportunities for innovation and growth, but requires careful planning and collaboration to overcome challenges.

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Segment Overview 

This renewable fuel market report extensively covers market segmentation by

1. Type 
• 1.1 Biofuels
• 1.2 Hydrogen
• 1.3 Biomethane
• 1.4 Others
2. End-user 
• 2.1 Road transporation
• 2.2 Avaition
• 2.3 Marine
• 2.4 Residential
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Biofuels-  Biofuels, derived from renewable sources, offer significant benefits for reducing greenhouse gas emissions and improving air quality compared to fossil fuels. These alternatives to traditional fuels contribute to long-term sustainability by lessening reliance on finite resources. Biofuels also help manage organic waste and improve local economies by allowing for local production from regional feedstocks. Advanced production technologies, such as improved catalysts and more efficient processes, enhance the feasibility and efficiency of biofuel production. Innovative feedstock cultivation and processing methods, like the use of algae or cellulosic materials, expand the range of viable biofuels. Companies, such as INEOS Bio, transform waste into biofuel, reducing transportation costs and diverting waste from landfills. This process, utilizing gasification, fermentation, and distillation, produces a biofuel component for blending with gasoline. These factors will drive the growth of the biofuels segment in the global renewable fuel market.

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Research Analysis

The renewable fuel market is a rapidly growing sector in the global energy industry, driven by the need to reduce greenhouse gas emissions and achieve net-zero carbon emissions. Renewable fuels, including Solar, Hydropower, Windpower, Biofuel, Biodiesel, Biogasoline, Ethanol, Hydrogen Fuels, and Pyrolysis oil, are becoming increasingly important as alternatives to fossil fuels in various sectors such as power generation, transportation, marine, and automobile production. These fuels are derived from various feedstocks, including Biomass, Municipal waste from Landfills, and agricultural residues. The transition to renewable fuels is essential for energy security, reducing the carbon footprint of transportation and cooling & heating, and contributing to the global energy transition. Renewable fuels are also used as transport mediums and in power generation, providing a sustainable solution for meeting energy demands while reducing reliance on fossil fuels.

Market Research Overview

The renewable fuel market is a rapidly growing sector in the global energy industry, driven by the need to reduce greenhouse gas emissions and transition away from fossil fuels. Renewable fuels, including Solar, Hydropower, Windpower, Biofuel, Biodiesel, Biogasoline, Ethanol, and Hydrogen Fuels, are becoming increasingly important as alternatives to traditional fossil fuels. These renewable fuels are derived from various sources such as Solar energy, Hydropower, Wind power, Biomass, and Agricultural feedstocks like Corn, Soybeans, Cassava, Sugar beets, and Sugar cane. Renewable fuels are used in various sectors, including Automobile production, Power generation, Transportation (Marine, Aerospace, Locomotive), Heat Engines, Fuel Cells, and Vehicles. They are also used as Power Generators and transport mediums in industries such as Cooling & heating, Power industry, and Transportation sector. The renewable fuel market is influenced by various factors such as VOC content, CO2 marine carrier, Oil market, Agricultural subsidizations, Net-zero carbon emissions, and Energy security. The market is also impacted by the cost of feedstocks like Corn, Soybeans, and other agricultural crops, as well as labor and land costs. Geothermal, Wind, and Biomass-based fuels are also gaining popularity in the renewable fuel market. Capital investment in renewable fuel production is increasing, with large corporations shifting towards non-renewable sources. The renewable fuel market is expected to continue growing as the world moves towards a low-carbon economy and reduces its carbon footprint in sectors such as Transport, Aviation, and Power industry.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Type
• Biofuels
• Hydrogen
• Biomethane
• Others
• End-user
• Road Transporation
• Avaition
• Marine
• Residential
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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 across 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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