Renewable Fuels Market Future Growth Strategies, Top Key Players, Demand and 2027 Forecast

A comprehensive overview of the Global Renewable Fuels Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Renewable Fuels market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Global Renewable Fuels Market at regional and country levels. The Global Renewable Fuels Market is expected to grow at a CAGR of --% from 2021-2027 to reach USD -- billion by 2027.

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Market Overview
Renewable electricity used for heat is expected to increase by more than 40%, a similar increase to that of bioenergy, which is expected to account for one-fifth of global renewable heat consumption by 2024. Such growth can be credited to mainly to the rising share of renewables in electricity generation and, to a lesser extent, greater electrification of end uses. Modern bioenergy would remain the largest source of renewable heat by 2024. More than two-thirds of bioenergy growth is forecast to occur in the industry sector, driven by increased demand from India, China, and the European Union. For instance, in 2018, bioenergy provided around 13.9 EJ for heating (8.6% of the global energy supply used for heating), 3.7 EJ in transport (3.1% of transport energy needs) and 1.7 EJ to the global electricity supply (2.1% of the total). Over the last 5 years, use of bioenergy has grown most rapidly in the electricity sector at around 6.7% per year, compared to around 4.4% in transport and 1.1% for bio-heat sector.

COVID-19 Impact
The Covid-19 pandemic have resulted in a drop of 8.5% in global transport fuel consumption in 2020, compared to 2019 value, owing to the restrictions imposed on people’s movements and disruption in trade logistics around the globe. In the 2020 edition of the OECD-FAO Agricultural Outlook, it is estimated that biofuel markets would largely be influenced by national support policies and fossil fuel demand. Global biofuel demand is expected to recover in 2021 and 2022, in line with the expected total fuel demand recovery. World biodiesel trade is projected to decrease by 25% from current levels, largely reflecting declining demand for palm oil-based biodiesel in the European Union; ethanol trade will decrease moderately. On the export side, shipments from Indonesia are expected to decrease, reflecting high domestic demand.

Global Renewable Fuels Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

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By Source, the market is primarily bifurcated into:
• Geothermal resources
• Biomass Energy
• Hydropower
• Ocean Energy
• Solar PV
• Wind Power
• Others
Solar PV is the largest used source for renewable fuel generation, hence dominated the market in 2020. The international biofuel sectors are strongly influenced by national policies which have three main goals which includes farmer support, reduced GHG emissions, and/or increased energy independence. Global ethanol production is projected to increase to 132 bln L by 2030, while global biodiesel production is projected to increase to 50 bln L.

By End-use Sector, the market is mainly segmented into:
• Cooling and Heating Sector
• Power Sector
• Transportation Sector
• Others
Amongst end-use sector, power sector dominated the demand for renewable fuel, followed by transport sector, which accounted for more than 20% share in terms of demand. Over the last 5 years, use of bioenergy has grown most rapidly in the electricity sector at around 6.7% per year, compared to around 4.4% in transport and 1.1% for bio-heat sector.

Global Renewable Fuels Market Geographical Segmentation Includes:

• 
  North America (United States, Canada, Rest of North America)
  • Europe (Germany, UK, France, Netherlands, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Thailand, Indonesia, Rest of APAC)
  • Latin America (Brazil, Argentina, Rest of Latin America)
  • Rest of World
  
  Based on the estimation, North America dominated the market in 2020. However, Asia-Pacific is expected to witness highest CAGR growth during the forecast period. In the United States national army is regarded as the largest consumer of biofuel. Furthermore, biomass consumption in the United States amounted to 4,985 trillion British thermal units in 2019. Globally, total biofuel production is expected to increase by 25% until 2024. In 2018, production of biofuel witnessed fastest growth in comparison of the last 5 years period between 2013-2018. The growth can be credited to the surge in Brazil’s ethanol output.
  
  The major players targeting the market includes:
  • Archer Daniels Midland
  • Eni S.p.A.
  • BlueFire Ethanol Fuels, Inc
  • Cosan S.A.
  • Coskata, Inc.
  • Sapphire Energy
  • Neste Oyj
  • Renewable Energy Group
  • Shell
  • British Petroleum
  
  Competitive Landscape
  The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Renewable Fuels Market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
  
  Key questions resolved through this analytical market research report include:
  
  • What are the latest trends, new patterns, and technological advancements in the Global Renewable Fuels Market?
  • Which factors are influencing the Global Renewable Fuels Market over the forecast period?
  • What are the global challenges, threats, and risks in the Global Renewable Fuels Market?
  • Which factors are propelling and restraining the Global Renewable Fuels Market?
  • What are the demanding global regions of the Global Renewable Fuels Market?
  • What will be the market size in the upcoming years?
  • What are the crucial market acquisition strategies and policies applied by the companies?
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