The Global Sustainable Aviation Fuel Market was valued at USD 320.8 million in 2023 and is projected to experience significant growth, reaching USD 3,581.0 million by 2031. This represents a robust CAGR of 35.2% during the forecast period 2024-2031.
Sustainable Aviation Fuel (SAF) is a type of aviation fuel derived from sustainable sources that aims to reduce the carbon footprint associated with traditional jet fuels. Unlike conventional fossil-based jet fuels, SAF is produced from renewable resources, such as plant materials, waste oils, and other sustainable feedstocks. SAF is designed to be chemically similar to traditional jet fuels, enabling it to be used in existing aircraft engines and infrastructure with minimal modifications. The primary goal of SAF is to lower greenhouse gas emissions and promote environmental sustainability within the aviation industry by offering a more eco-friendly alternative to conventional aviation fuels.
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• In July 2023, Willis Lease Finance Corporation, a U.S.-based aircraft leasing company, announced plans to develop power-to-liquid sustainable aviation fuel at its upcoming refinery in northeastern England.
• In July 2023, Australia's Renewable Energy Agency (ARENA) committed USD 30 million to developing a domestic sustainable aviation fuel industry, focusing on production from agricultural feedstocks.
• In July 2023, Twelve, a U.S.-based sustainable fuel startup, began construction of a new facility in Moses Lake, Washington, for the commercial production of sustainable aviation fuel.
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Increasing Drive For Decarbonization Of Transportation.
As awareness of the detrimental effects of human-induced climate change and global warming grows, significant efforts are being made to decarbonize transportation. While the decarbonization of road transportation is progressing, particularly with the rising adoption of electric vehicles (EVs), achieving similar progress in aviation remains a major challenge.
Fully electric aircraft are still several years away from commercial viability, but the adoption of sustainable aviation fuel offers a more immediate solution to reduce emissions. This approach requires minimal modifications to existing infrastructure. According to the U.S. Department of Energy (DoE), switching entirely to sustainable aviation fuel could potentially reduce emissions by up to 94%. As the push for decarbonization intensifies, the demand for sustainable aviation fuel is expected to increase significantly during the forecast period.
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By Type: Biofuel, Hydrogen Fuel, Power-to-Liquid Fuel, Gas-to-Liquid Fuel.
By Aircraft Type: Fixed Wing, Rotary Wing.
By Platform: Commercial Aviation, Military Aviation, Business Aviation, Unmanned Aerial Vehicles.
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• Neste
• Fulcrum BioEnergy
• LanzaTech
• TotalEnergies
• Gevo
• SG Preston
• Velocys plc
• Northwest Advanced Bio-Fuels, LLC
• Red Rock Biofuels
• Prometheus Fuels
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Fuel Cells For Aircraft Market: https://datamintelligence.com/research-report/fuel-cells-for-aircraft-market
Fuel Cell Market: https://datamintelligence.com/research-report/fuel-cell-market
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