Renewable fuels market is witnessing remarkable growth owing to depleting resources of natural crude, recent technological advancements, favorable government policies to harness alternative sources of energy, and lowering prices. As of 2017, the U.S. energy information administration found that nearly 57% of U.S. renewable energy consumption was provided by the electric power sector, out of which about 17% of U.S. electricity generation was by renewable energy sources.
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(2018 - 2023)
Unending need for electricity and fuel for vehicles while decreasing the dependence on coal and other fossil fuels are the reasons behind growing demand for renewable resources. The EEA (European Environment Agency) report shows that renewable resources have become a major contributor to the energy transition occurring in many parts of Europe. A recent market research report from IndustryARC agrees with United Nation’s report that nearly 80% of the world's energy needs could be met by renewable energy by 2050, and thereby projects profitable progression in global renewable fuels market during the forecast period of 2018 to 2023.
Global Renewable Fuels Market: Disruptive Trends
- Declining Prices: New consumer demand for renewables is encouraged by a steady decline in the overall costs of wind and solar energy
- Globally, new communities are inventing on constructing fully powered stable clean energy resources through a combination of generation, storage options, and smart grids.
- Producers and technology providers are enabling new manufacturing methods to create products with higher electricity generation capabilities and are receiving funding that can rapidly advance the rate of innovation in areas as diverse as biofuels, robotics, and microgrids.
- Solar energy is clean and renewable energy that may be used to replace existing power sources and many other applications.
- Crop residue, traditionally considered as “trash” or agricultural waste, is increasingly being viewed as a valuable resource and may aid this market.
Global Renewable Fuels Market: Leading Segments
Based on the source, the market for renewable fuels can be segmented into geothermal resources, biomass energy, hydropower, cooling and heating sector, and power sector. China, United States, Germany, Spain, and India are some of the countries among others which possess great renewable power capacities. These countries are forecast to exhibit the fastest growth with increasing investments to tap various sources of renewable energy.
Global Renewable Fuels Market: Competitive Landscape
Chevron is one of the prominent names in this marketplace and offers energy sources including solar, wind, geothermal, and biofuels. Shell is another firm playing a vital role in the market to cut the net carbon footprint of our energy products. Other prominent vendors in the fuel market include Cerion Energy, Chemtura, Energenics Europe, Evonik, Innospec, and Fuel Performance Solutions.
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It is evident that the renewable fuels market is experiencing a remarkable growth on the back of depleting natural crude resources and increasing pollution concerns. Pioneering companies are leading technology developments and harnessing hydro, wind, solar, and geothermal, and other sources such as crop residue to meet future demands.
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