Fuels: Size, Share Industry Trends, Regional Analysis, Statistics and Growth
Fuel can be defined as a substance that provides heat and produces energy when it is burned. The energy that is released is in the form of chemical energy or heat energy. The recent invention of nuclear technology means that now even nuclear energy might be released due to nuclear fusion. The released heat by fuels issued for different purposes such as cooking, in heaters, and also for various industrial and manufacturing purposes. Other times the engine is used to convert this heat energy into mechanical energy. Just like when the petrol to run cars. The oil that is used as fuels in the engine is called fuel oil.
Market of Biofuel
The business of biofuel in India is anticipated to reach Rs 50,000 crore by the year 2022, depending on the increasing demand for petrol and diesel in the country. At present the biodiesel and ethanol industry in India is worth Rs 6,000 crore. Although, this is majorly driven by ethanol procurement. The market size of biofuels comprises the potential to reduce emissions. Globally, the biofuels market is segmented based on fuel type, feedstock type, and region. Based on fuel type, the global market is segmented into biodiesel and ethanol. The market of biofuels is expected to reach USD 230.5 billion by 2025, with a recorded CAGR of 5.10% from the year 2019 to 2025.
Renewable Energy Market Outlook
The global market of renewable energy was valued at $928.0 billion in 2017 and is anticipated to reach $1,512.3 billion by the year 2025. Recording a CAGR of 6.1 % from the year 2018 to 2025. Renewable energy technologies change the energy from various natural sources such as the sun, tides, wind, and others, into usable forms like electricity. The market of global renewable energy is expected to rise significantly during the upcoming period owing to increased emissions of greenhouse gases.
Global Alternative Fuels Market Analysis & Forecast
Petrol and diesel are made from non-renewable resources, hence there is a need to use alternate fuels that are either readily available or can be manufactured from the plant materials. Artificial fuels are beneficial as these are 30% cost-efficient and provide 100% lower emission. Gradually the alternate fuels market is expanding largely over the market and the past decade, vehicles that are using alternate fuels have now covered over 1 billion miles. It is anticipated that of the total fuel sale, alternate fuels will be having 25% of the total share by the year 2030. The alternative fuels market will observe an incremental growth of nearly 74 billion during the period 2018-2022. The global size of the alternative fuel market is anticipated to grow to USD 287.3 billion by the year 2030 at a CAGR rate of 14.3 % over the upcoming year.
Liquid Fuels Usage and Growth
Coal is an important fuel, used globally to generate electricity, whereas petroleum fuels are mostly utilized in vehicles. Production of liquid fuel from coal is also known as coal to liquid technology or coal liquefaction, by direct or indirect liquefaction. For this procedure, coal is dissolved in a solvent at a very high temperature and pressure followed by the procedure to get the clean fuel to be used in transport. Additionally, the acquired liquid fuels are more beneficial as it tends to be ultra-clean, sulfur-free, causes low co2, etc. The high demand for petroleum, caused by the rising number of dependency on passenger cars and public vehicles, is expected to boost the global coal-to-liquid fuels market in the upcoming years.
Conclusion
The project report from NPCS on “Fuels (Alcohol fuel, Alternative fuels, Biomass, Biofuel, Combustion, Domestic fuels, Energy density, Fossil fuel, Fuel oil, Fuel poverty, Gas fuel, Hydrocarbon, Liquid fuels, Oxidation, Propellant, Solid fuel), Energy development Projects “covers all the important aspect of the business. It also assesses the market potential, investment decision making, corporate diversification planning, etc.
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