NEW YORK, Feb. 16, 2024 /PRNewswire/ — The global aviation fuel market size is estimated to grow by USD 93.88 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 8% during the forecast period. By geography, the global market is segmented into North America, APAC, Europe, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global aviation fuel market. APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Another region showing the growth momentum for the market is North America. The North American aviation market is maturing because of the strong aviation base of the North American countries, especially the US. The need to invest in effective aircraft systems has grown as a result of the rapidly expanding demand for new aircraft across the globe. Therefore, substantial investments have been made in the production of commercial aircraft systems, which has fueled the growth of the aviation fuel market in North America. Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8% |
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Growth 2023-2027 |
USD 93.88 billion |
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Structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.34 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing contribution |
APAC at 39% |
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Key countries |
US, Canada, China, India, and Germany |
Technavio has segmented the market by end-user (commercial, military, and private), product (ATF and aviation biofuel), and geography (North America, APAC, Europe, South America, and Middle East and Africa).
- The commercial segment will be significant during the forecast period. Due to the post-pandemic recovery of the aviation industry, the commercial aircraft segment has been experiencing significant growth. This is primarily due to the increased number of air passengers from 2021 onwards. The increased number of air passengers puts significant pressure on airlines and airport authorities to effectively manage their fleets. This will increase the demand for commercial aircraft, which, in turn, will increase the demand for fuel, which will boost the growth to watch during the forecast period.
Increasing focus on clean fuel will drive the growth. Uncertainty about fuel prices, the need for energy security, and rising emissions are driving interest in alternative fuels in the sector worldwide. Biofuels are gradually becoming widely commercialized worldwide due to research and development efforts. Besides, exhaust gas regulations are being strengthened in various countries. Because of these emission standards, the industry in various nations is increasing to use more renewable fuels like ethanol and biodiesel.Therefore, such developments will boost the growth we are focusing on during the forecast period.
- The launch of new aviation fuel technology is the primary trend.
- Fluctuations in oil and gas prices are a major challenge impeding the growth. Insights on Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!
The industry continues to evolve, driven by increasing air travel demands and the imperative to address environmental concerns. SAF technology emerges as a pivotal solution, particularly in regions like Asia-Pacific where air travel is burgeoning. With a focus on reducing carbon emissions, SAF offers a promising alternative to traditional turbine fuels. However, considerations such as flash point and freeze point are crucial for its widespread adoption. Despite challenges, commercial airliners are increasingly embracing SAF to align with sustainability goals. As environmental regulations tighten, the aviation industry is compelled to invest in greener fuel options, marking a pivotal shift toward a more sustainable future for air travel and the planet.
The industry encompasses a diverse range of sectors, from military jets and business jets to small aircraft and unmanned aerial vehicles (UAVs). Jet engines power these aircraft, relying on fuels with optimal energy density like avgas. The United States Energy Information Administration monitors and analyzes trends in fuel consumption and production. Major players like The Indian Oil Corporation (IOC) play a significant role in supplying and distributing fuel globally. With increasing demand for air travel, efficient fuel management becomes crucial, driving advancements in fuel management technologies. Compliance with regulatory standards, including those for emissions, is paramount in the aviation industry, ensuring compliance and regulatory adherence.
Related Reports:
The commercial aircraft aviation fuel market size is estimated to grow at a CAGR of 7.65% between 2022 and 2027, and the size is forecast to increase by USD 49.5 billion. Furthermore, this report extensively covers segmentation by application (passenger aircraft and cargo aircraft), type (air turbine fuel (ATF), aviation biofuel, and others), and geography (North America, APAC, Europe, South America, and the Middle East and Africa). The increase in demand for air travel is the key factor driving the growth during the forecast period.
The Defense Aircraft Aviation Fuel Market size is estimated to grow at a CAGR of 5.81% between 2022 and 2027 and the size is forecast to increase by USD 17,077.63 million. Furthermore, this report extensively covers segmentation by product (air turbine fuel (ATF), aviation biofuel, and others), application (surveillance aircraft, civil aircraft, and others), and geography (North America, APAC, Europe, South America, and the Middle East and Africa). The increasing use of military UAVs is driving growth during the forecast period.
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging trends and provides actionable insights to help businesses identify opportunities and develop effective strategies to optimize their 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 insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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SOURCE Technavio
