Aviation Fuel Market Worth $696.2 Billion by 2030 at a CAGR of 13.7%

Aviation Fuel Market by Fuel Type (Conventional Fuel-Air Turbine Fuel, Avgas, Sustainable Fuel- Biofuel, Hydrogen Fuel, Power-To-Liquid, Gas-To-Liquid), Aircraft Type (Fixed Wing, Rotary Wing, Unmanned Aerial Vehicle) & Region- Global Forecast to 2030

(EMAILWIRE.COM, February 02, 2023 ) The Aviation Fuel Market report provides an analysis of the market from 2022 to 2030. It discusses industry and technology trends prevailing in the market, along with the market drivers, restraints, challenges, and opportunities. The aviation fuel market size is expected to grow from USD 249.9 billion in 2022 and is projected to reach USD 696.2 billion by 2030, at a CAGR of 13.7% during the forecast period. The aviation fuel market is expected to witness substantial growth during the forecast period, due to increasing air passenger traffic and rising initiatives by governments to adopt SAF.

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Based on fuel type, the aviation fuel market is segmented into conventional fuel and sustainable fuel. The sustainable fuel segment will register highest CAGR during the forecast period. Sustainable aviation fuel is expected to play a crucial role alongside various alternative solutions such as improved engine technologies and aircraft design, new composite lightweight material, and electric propulsion in decarbonizing aviation. The variants of sustainable fuel offer promising new alternative solutions to meet the ambitious long-term targets, such as net-zero growth after 2020 and a reduction in emissions to half of the 2005 levels by 2050.

Based on aircraft type, the aviation fuel market has been broadly segmented into fixed wing, rotary wing, and unmanned aerial vehicle (UAV). The fixed wing segment has been further segmented into commercial aviation, military aviation, and business & general aviation, whereas the rotary wing segment covers civil helicopters and military helicopters. The narrow body aircraft segment is estimated to lead the market share in 2022. Increasing domestic air travel is leading to the growth of narrow body aircraft segment of the aviation fuel market.

Based on region, the aviation fuel market has been segmented into 5 regions, namely, North America, Europe, Asia Pacific, Latin America, Middle East & Africa. The Latin American Aviation Fuel Market is projected to grow at the highest CAGR during the forecast period from 2022 to 2030. The aviation fuel market in the region is expected to witness significant growth due to fuel policies supporting renewable aviation fuel production.

News Also Covered: https://www.prnewswire.com/news-releases/aviation-fuel-industry-worth-696-2-billion-by-2030---exclusive-report-by-marketsandmarkets-301732218.html

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