Sustainable Aviation Fuel Industry - Strategy Analysis

 

The global sustainable aviation fuel market size was estimated at USD 576.18 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 57.50% from 2023 to 2030. The rise in environmental concerns, regulatory support, and increasing demand for clean, sustainable fuels in the commercial and military aviation industries are projected to push the market growth in the coming years. The U.S. sustainable aviation fuel (SAF) industry is projected to expand due to awareness regarding environmental concerns, technological improvements, regulatory measures, and the shift in consumer preferences for sustainable products. Sustainable fuel offers high viscosity, and high density in the aviation industry. They comprise a wide range of energy sources and carriers derived from renewable or low-carbon feedstock.

Recent Developments

•            July’21, the European Commission released the "Fit for 55" package of legislative measures. One part of the plan is the ReFuelEU strategies, which aims to boost SAF production and adoption.

•            The largest SAF transactions in history were disclosed by DHL Express & Neste Company in March 2022. One of the most significant sustainable aviation fuel agreements in the aviation sector, this arrangement represents Neste's most noticeable SAF. Global connectivity from this partnership will improve Neste's current web.

•            In May 2021 Aviation Sustainable Skies Act, which is which intends to increase benefits for the use of SAF, was introduced by the US Congress.

•            A resolution was passed at the 77th IATA annual general assembly in Boston calling for the global aviation sector to achieve net-zero greenhouse gas emissions by 2050. The Paris Agreement's goal of keeping global warming to 1.5°C was aligned with the aforementioned promise. One potential outcome is that the SAF will reduce this by 65%.

 

Read More - https://medium.com/@nikitastalwartresearchinsights/sustainable-aviation-fuel-industry-strategy-analysis-5690433d6dab

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