Decarbonised Fuel Market Valuation USD 24.2 billion by 2032
Decarbonised Fuel Market projected to grow at a CAGR of 11.2% from 2023 to 2032.
WILMINGTON, DELAWARE, UNITED STATES, July 25, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, The decarbonised fuel market1 size was valued at $8.4 billion in 2022, and decarbonised fuel industry is estimated to reach $24.2 billion by 2032, growing at a CAGR of 11.2% from 2023 to 2032.
Key players in the decarbonised fuel industry include L'Air Liquide S.A., Plug Power Inc., Shell plc, Neste oyj, Total Energies SE, Iberdrola S.A., Siemens Energy, BP plc., Linde plc, and ExxonMobil Corporation.
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North America is the major consumer of decarbonised fuel among other regions. It accounted for more than two-fifths of the global market share in 2022.
Decarbonized fuel refers to a type of fuel that has undergone a process or has been produced in a way that significantly reduces or eliminates carbon dioxide (CO2) emissions during its use. The goal of decarbonized fuels is to mitigate climate change by reducing greenhouse gas emissions associated with traditional fossil fuels.
Here are a few examples of decarbonized fuels:
Renewable Fuels: These fuels are derived from renewable sources such as biomass, biofuels, and bioenergy. Biomass can be converted into liquid fuels like ethanol or biodiesel, which can be used as substitutes for gasoline or diesel. Bioenergy, such as biogas produced from anaerobic digestion of organic waste, can be used directly for heating or electricity generation.
Hydrogen: Hydrogen is considered a decarbonized fuel when produced from renewable sources like electrolysis, where electricity from renewable sources is used to split water into hydrogen and oxygen. Hydrogen can be used as a clean fuel in various applications, including transportation and industrial processes, producing only water vapor as a byproduct when combusted.
Synthetic Fuels: Synthetic fuels, also known as e-fuels or power-to-X fuels, are produced by combining renewable energy with carbon dioxide captured from the atmosphere or industrial sources. The carbon dioxide is then converted into synthetic hydrocarbon fuels, such as synthetic gasoline or diesel. The advantage of synthetic fuels is that they can be used in existing infrastructure without significant modifications.
Ammonia: Ammonia is another potential decarbonized fuel that can be produced using renewable energy sources. It can be used as a carbon-free fuel in applications like transportation, power generation, and industrial processes. Ammonia has a high energy density and can be stored and transported more easily than hydrogen, making it an attractive option for certain sectors.
The transition to decarbonized fuels is part of a broader effort to reduce greenhouse gas emissions and move towards a more sustainable and low-carbon future. Decarbonized fuels can play a significant role in sectors where electrification may not be feasible or where there is a need for energy-dense fuels. However, it's important to consider the entire lifecycle emissions of these fuels, including their production and supply chain, to ensure their overall environmental impact is minimized.
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Governments around the world are implementing various policies and incentives such as renewable energy targets and carbon pricing mechanisms to promote the adoption of low-carbon and renewable energy solutions, including decarbonised fuels, to combat climate change and reduce greenhouse gas emissions.
The decarbonised fuel market is expected to grow in the coming years, driven by several key factors including the demand for sustainable and low-carbon energy solutions, developments in government policies and incentives, and technological advancements.
Another type is renewable natural gas, which can be produced from organic waste, and electro fuels, which are produced using renewable electricity to convert CO2 and water into a fuel. These fuels have the potential to significantly reduce carbon emissions and play a crucial role in transitioning to a more sustainable and low-carbon energy future.
On the basis of type, the organic-based segment emerged as the global leader by acquiring more than three-fifths of the decarbonised fuel market share in 2022 and is anticipated to continue this decarbonised fuel market trends during the forecast period.
On the basis of form, the gaseous segment emerged as the global leader by acquiring more than half of the decarbonised fuel market share in 2022 and is anticipated to continue this trend during the forecast period
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On the basis of end-use, the power generation segment emerged as the global leader by acquiring more than four-fifths of the decarbonised fuel market share in 2022 and is anticipated to continue this trend during the forecast period.
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