What is Renewable Fuel Market?
Renewable fuels are renewable resources which are consentingly generated and hence it can be depleted within foreseeable future. It consist of biodiesel, biogas and ethanol. This fuel is part of closed cycle and do not create carbon dioxide and other greenhouse gases. Hence it is more sustainable in nature and they can be used as potential source of heat for combustion and heat harnessing and power generation. Owing to such advantages, the demand for renewable fuel is continue to rise. Geographically, North America region is expected to grow with the highest market share over the forecast period followed by Europe and Asia Pacific. Presence of leading market players creating hub for Renewable Fuel providers and increasing government funding are further impacting on market profitability in better manner.
The market study is being classified by Type (Biofuel {Biomass Based Biofuel, Cellulosic Biofuel, Advanced Biofuel}, Hydrogen Fuel, Biodiesel, Biogas and Others), by Application (Transportation, Energy Generation, Heat Generation, Automobiles {Passenger Vehicle, Commercial Vehicle} and Others) and major geographies with country level break-up.
Bunge Limited (United States), Neste Corporation (Finland), TerraVia Holdings (United States), Wilmar International Limited (Singapore), Royal Dutch Shell PLC (Netherland), Renewable Energy Group Inc. (United States), Cargill (United States), Louis DreyfusBIOX Corporation (United States), Muenzer Bioindustrie GmbH (Netherland), Mitsui & Co. (Japan), Solvay SA (Belgium), Ineos Group (United Kingdom), Orsted A/S (Denmark), Suzlon (India), Iberdrola SA (Spain) and Brookfield Renewable Partners L.P. (Bermuda) are some of the key players profiled in the study.
Market players are focusing on providing Renewable Fuel with higher quality along with complying high end uses of renewables in number if industrial operations. They are also focusing on the introduction of numerous advanced production process to reach a newer consumer base. The market is fragmented owing to the presence of several international providers. Besides, the industry profitability has led the entry of new players, in turn, increasing the level of rivalry in the already competitive market.
Segment Analysis
Analyst at AMA have segmented the market study of Global Renewable Fuel market by Type, Application and Region.
On the basis of geography, the market of Renewable Fuel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Investments in Renewable Energy Production
- Growing Environmental Awareness regarding Sustainability of Renewables over Non Renewable Resources
Market Trend
- Up surging International Trading with Adopting Renewable Fuels
Restraints
- Higher Costing Involved in Renewable Fuel Production
- Stringent Regulatory Compliance
Opportunities
- Growing Government Funding’s for Renewable Fuel based Production has Created Growth Opportunities
- Rising Environmental Concern regarding Declining Non Renewable Resources
Challenges
- Expensive Energy Storage Cost and Requirement of Higher Capital Upfront
In November 2021, Booster, the tech-enabled energy delivery service, and Renewable Energy Group established partnership. It is mainly to provide mobile delivery of renewable diesel, biodiesel and blended fuels to fleets. This service has highest potential to grow nationally. Under the new partnership, REG UltraClean Blend and other renewable and biodiesel fuels will be delivered to customers via last-mile technology platform and certified drivers.
Key Target Audience
Renewable Fuel Providers, Government Associations (American Solar Energy Society), (American Council on Renewable Energy), (Environmental and Energy Study Institute), (International Renewable Energy Agency), Third Party Investors, Third Party Payable Providers, New Entrants/Investors and Industry Verticals