CHICAGO, Jan. 27, 2023 /PRNewswire/ — The global Aviation Fuel Market size is estimated to be USD 249.9 billion in 2022 and is projected to reach USD 696.2 billion by 2030, at a CAGR of 13.7% according to a new report by MarketsandMarkets™. Growing demand to reduce GHG emissions and better fuel efficiency of SAF compared to jet fuel are major factors driving this market.
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Based on aircraft type, the hybrid wing UAV segment is projected to grow at a higher CAGR during the forecast period.
Based on aircraft type, the hybrid wing UAV segment is projected to grow at a higher CAGR during the forecast period, from 2022 to 2030. Hybrid UAVs are widely used for long-range and heavy payload applications, such as SAR operations and crop management, and with some vehicles exceeding eight hours of flight time, they are often more practical and cost-efficient than traditional aircraft. The increasing number of long range applications of hybrid UAVs, is expected to lead to significant growth in this market in the coming years.
Based on fuel type, the Jet A-1 segment of the conventional fuel segment is expected to grow at the highest CAGR in the aviation fuel market during the forecast period.
Based on fuel type, the Jet A-1 segment of the conventional fuel segment is expected to grow at the highest CAGR in the aviation fuel market from 2022 to 2030. Rising demand for Jet A-1 fuel outside US, to drive the overall demand in the aviation fuel market.
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Latin America is expected to be the fastest-growing region for the aviation fuel market during the forecast period.
Latin America is among the fastest-growing regions for the aviation fuel market. Brazil is a major market for aviation fuel in the region due to its flourished aviation industry. In addition, presence of major commercial aircraft OEMs and increasing tourism activities in the region are among the crucial factors anticipated to fuel the regional demand for the aviation fuel.
Major players operating in the aviation fuel market include Exxon Mobil Corporation (US), Chevron Corporation (US), British Petroleum (UK), Shell (UK), TotalEnergies (France), Neste (Finland), Gazprom (Russia), World Fuel Service (US), Indian Oil Corporation (India), and Valero Energy Corporation (US) among others. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
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