“Alternative Fuels Market spending will reach $287 billion in 2020”, says Visiongain
27 September 2019
Visiongain’s new report the Alternative Fuels Market Report 2020-2030 : Forecasts by Type (Gaseous Fuels, Electric, Biofuel, Biodiesel, Fuel Cell, Liquid Nitrogen, Dimethyl Ether, Alcohols and ethers) by Application (Automobile industry, Electric Two Wheeler, Passenger Cars, Commercial Vehicle, Chemical industry, Defense and Aviation Sector, Energy Sector) Plus Leading Company Analysis and Regional and Leading National Market Analysis.
This latest report by business intelligence provider Visiongain assesses that Alternative Fuels Market spending will reach $287 billion in 2020. Alternative fuels, known as non-conventional and advanced fuels, are any materials or substances that may be used as fuels other than conventional fuels such as fossil fuels, nuclear materials such as uranium and thorium, and artificial radioisotope fuels produced in nuclear reactors. Technological advancement, availability of feedstock, increasing demand for alternative fuels, manufacturing of alternative fuel-enabled engines and more are some of the factors that are expected to grow the alternative fuel market. It is therefore critical that you have your timescales correct and your forecasting plans ready. This report will ensure that you do. Visiongain’s report will ensure that you keep informed and ahead of your competitors. Gain that competitive advantage
One of the main causes of air pollution worldwide was the transportation sector. Fossil fuel combustion releases emissions such as carbon dioxide, one of the major contributors to GHG emissions. Because GHGs have a negative effect on the ecosystem, the government has decided to decarbonize the transport sector around the globe. This transition to energy sources that are not polluted has led to the emergence of alternative sources of fuel. The need to decrease the carbon footprint in the transport industry, which is one of the biggest GHG emissions industries, has resulted to the use of natural gas as an alternative fuel for motor vehicles..
Increasing Emissions of Greenhouse Gases
The negative effects and the reduction of environmental damage require the development of environmentally friendly energy production methods and the increased use of renewable energy sources.
Fluctuations in Global Crude Oil
The fluctuations in global crude oil prices will affect alternative fuel adoption rates, as conventional fuel costs are lower than alternative fuels. The effect of prices in the oil and gas sector has led to a worldwide reduction in E&P activities and has also affected the mainstream and downstream segments.
The Growing Need To Cut Down On Import Dependence And The Decreasing Reserves Of Crude Oil
The increasing need to reduce dependence on imports and the decreasing reserves of crude oil are the primary factors that increase the growth of the global market for alternative fuels. Furthermore, these factors push energy companies and national governments to invest more in the market for alternative fuels. Most of the world's energy-consuming centres rely entirely on exported oil from various oil exporting nations. Several countries are making efforts to raise awareness of the benefits of alternative fuels to reduce this reliance. This is expected to add significantly to business development.
The High Operational Costs Of Appliances That Run On Alternative Fuels Are Restricting The Growth Of The Alternative Fuels
On the other hand, the high operating costs of devices running on alternative fuels limit the growth of the global market for alternative fuels. Furthermore, it is expected that high maintenance and limited availability of alternative fuels will hamper market growth throughout the forecast period. Nevertheless, governments ' enforcement of strict regulations on the use of alternative fuels is expected to encourage leading players in the near future to introduce new technologies and products.
Alternate Fuels Is Gradually Taking Over The Market
Petrol and diesel are produced from non-renewable resources, which is why it is necessary to use alternative fuels that are easily accessible or can be produced from plant products. The use of alternative fuels is cost-efficient at 30% and the emission is 100% lower. Alternate fuels gradually take over the market and vehicles using alternative fuels have covered more than 1 billion miles over the past decade. Alternative fuel revenues are anticipated to have 32 percent interest by 2030, out of the complete petrol marketed. With the use of alternative fuels and renewable sources generated 27.3 times of the complete global electricity generated, with peak input from Latin America in 2020, energy generation is feasible.
Rising Trend Of Electric Vehicles Has Led The Alternative Market To Grow
There is an increasing trend in electric vehicles that in recent years has led the alternative market to grow. The complete amount of electric vehicles purchased in 2019 amounted to 2.3 million. Several countries have adopted the use of electric vehicles such as Norway, Sweden, France, the United Kingdom, China and more, and together China and the United States account for half of the world's electric vehicles. According to the study, the significant pushing variable for the development of the industry for alternative fuels is the environmental concerns that cause the restriction on the use of non-renewable fuels such as petrol and diesel. With the increasing population, fuel consumption patterns need to be transformed in order to sustain.
Major Challenge Faced By Alternate Fuels Market Is The Manufacturing Of These Fuels
Manufacturing of these fuels is a major challenge facing the alternative fuels market. The manufacturing process is both expensive and challenging as compared to petrol and diesel it needs to be scalable and sustainable. Some alternative fuels need to be mixed as an additive with other fuels, but they are not used on their own. Such features also hamper alternative fuels manufacturing.
Leading Regional & National Analysis
Tremendous Rise In Energy Consumption Across The Globe Is The Primary Factor Boosting The Demand For Alternative Fuels
The tremendous increase in global energy consumption is the main variable that boosts supply for alternative fuels. They help to reduce carbon emissions as alternative fuels are chemical-free and environmentally friendly. Moreover, the tremendously increasing crude oil prices and rigid public laws to reduce greenhouse gas emissions are expected to encourage the development of the worldwide alternative fuels industry in the years to come.
Visiongain study provides a thorough assessment of the worldwide industry for alternative fuels, providing perspectives into prominent possibilities and prospects for development. In attempt to chart a definite trajectory of the worldwide alternative fuels industry throughout the forecast period, the research throws light on historical events and present business condition. In the breadth of the study study, the constraints and difficulties experienced by major participants were discussed to direct fresh entrants in formulating efficient company choices.
North America Is Leading The Global Market With High Investments In Developing Innovative Alternative Fuels
The worldwide industry for alternate engines has been categorized into Asia Pacific, Europe, North America, and the rest of the world based on demographics. North America presently leads the worldwide industry among these areas by investing heavily in creating creative alternative fuels. Due to the enormous amount spent on developing new technologies to make use of alternative fuels as a source of energy, the U.S. is considered as the key energy consumer in this region. In addition, government support in the form of tax concessions and rebates is expected to boost the growth of North America's alternative fuels market. In addition, increasing energy demand is projected to boost demand for alternative fuels on the Asia Pacific market. India, China, and Japan are the most prominent energy-consuming countries making heavy global market investments. As a result, there is expected to be significant growth in the Asia Pacific alternative fuels market in the coming years.
Passenger Cars are the prime consumers of the Alternative Fuel
Passenger vehicles include vehicles such as sedans, hatchbacks, sports utility vehicles (SUVs), multi-purpose vehicles (MUVs), electric vehicles (BEVs) and hybrid electric vehicles (HEVs). In 2019, the worldwide automotive industry showed revenues of around 70.1 million passenger vehicles. Around 358,000 BEV and 242,000 PHEV are currently running around the globe. The major share of total vehicle sales is accounted for by passenger cars segment. In addition, it is expected that the number of electric passenger cars will reach 450 million by 2040. As China has the maximum percentage of electric vehicles worldwide, it is a potential market for AFHVs. China holds 230 million e-bikes, 83,000 e-cars, and 36,500 e-busses, according to the 2015 Global EV Outlook. Toyota Motor Corporation and Tesla Motors are leading competitors across the globe providing AFHVs.
Product launch is currently the most widely adopted strategy on the alternative fuel and hybrid vehicle market, accounting for about 57 percent of key players ' overall strategies. Leading AFHV manufacturers such as Toyota Motor Corporation, Tesla Motors and BMW Group have expanded their business by developing low-cost AFHV and advanced technology.
Stringent government emission laws and regulation propel the Market Growth
Countries such as the U.S., Germany, France, and China have enforced vehicle emission laws and regulations, and have mandated automotive manufacturers to use advanced technologies to combat high vehicle emissions. The California Air Resources Board ("CARB") has launched an emission program for vehicles in California that includes requirements for manufacturers to produce and deliver zero-emission vehicles ("ZEVs"). The current ZEV regulations require a substantial annual increase in the production and sale of battery-electric, fuel cell and hybrid plug-in vehicles, especially for models to be launched in 2020-2025. By 2025, about 15% of California manufacturers ' total sales would be through the sale of such vehicles. In addition, the directives and associated legislation of the European Union ("EU") limit the quantity of controlled pollutants that fresh motor vehicles and motors purchased in the EU can emit. Starting in September 2014, stringent fresh Stage 6 emission standards have been implemented for vehicle registration, with the second stage starting in September 2017. These factors therefore drive the alternative market for fuel and hybrid vehicles.
Increasing Demand For Alternative Fuels Vehicles
Alternative fuel vehicles are viewed as an integral part of the automotive industry to improve the quality of urban air, reduce greenhouse gas emissions and decrease dependence on foreign oil. Alternative fuels include fuels that are used in internal combustion engines other than petrol and diesel. Biofuels such as biodiesel and petrol, biogas, CNG, LPG, coal oil, fuel cells, water and wind batteries are some of these alternative fuels. Concern over emissions from the use of fossil fuels is a major factor leading to increased use and growth of alternative fuels in transport. Although alternative fuels are costly compared to fossil fuels, compared to the use of fossil fuels, they provide many benefits. Increasing oil prices, heavy oil dependence on foreign countries as well as the environmental benefits of alternative fuels have driven alternative fuels to grow. The current market for the use of alternative fuels as transportation fuel is small, as it has not yet been universally accepted as the primary vehicle fuel. However, it is growing and is expected to be widely accepted by 2030.
The market for alternative fuels is focused on a few international firms. The industry is presently in its stage of development and is anticipated to proceed to be focused by 2030. This market research study will assist customers define fresh development possibilities and develop distinctive development policies by providing a thorough assessment of the competitive market environment and providing data on the products that businesses offer.
Guangzhou Devotion Thermal Technology
Fujian Zhongde Energy
Archer Daniel Midland
Renewable Energy Group
Gushan Environmental Energy
Henan Tianguan Enterprise
Jiangsu Hengshunda Bio-Energy
Jilin Fuel Ethanol
The comprehensive report offers market estimation and forecast for the period ranging 2020 – 2030 for leading national markets and rest of the world. Moreover, the report contains dedicated leading companies covering 10 leading producers in the field of alternative fuels.
The Alternative Fuels Market Report 2020-2030 report will be of value to anyone who wants to better understand the alternative market and its various segments. It will be useful for businesses who wish to better comprehend the part of the market they are already involved in, or those wishing to enter or expand into a different regional or technical part of the alternative fuels industry.
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