Global Aviation Alternative Fuel Market – Overview
The global market for aviation alternative fuel is increasing at a rapid pace. According to a recent study report published by the Market Research Future, The global market of aviation test equipment will grow at a rapid pace over the forecast period. The market is forecasted to witness a slow but steady growth by 2023, which will be a surplus growth at a moderate CAGR during the projected period (2018 -2023).
Increasing concerns about environmental protection, climate changes, and global warming is driving the aviation alternative fuels market. Number of companies, organizations, and governments are investing in research & development, and commercialization of alternative fuels for aviation. New technologies has significantly reduced the cost of manufacturing these fuels, resulting in economical substitutes for fossil fuels. Moreover, rapid growth in the aviation industry is likely to boost the demand for aviation alternative fuels during the forecast period.
Increase in demand for pilot training and reconnaissance aircrafts in military applications are some of the key factors that are driving the growth of aviation fuel market in next few years. Rise in efficiency of the jet engines due to new innovations, usage of stimulators for training and reduced economic prospects of the developed regions are some of the factors hindering the growth of the aviation fuels market.
In fuel type segmentation, the aviation alternative fuels market can be divided into biofuels, CNG, LNG, and others. Further biofuels can be bifurcated into Hydrogenated Easters & Fatty Acids (HEFA), Hydrogenated Pyrolysis Oil (HPO), Fischer-Tropsch (FT) based on biomass, and renewable Synthesized Iso-paraffin fuels (SIP), etc. Among these, the biofuels sub-segment is anticipated to expand significantly, as it is in a rapid development stage. Biofuels are primarily made from vegetable oils such as camellia and jatropha, sugar crops, cereals, and algae. Thus, at present, the inventory is available in abundance.
Access Report Details @ https://www.marketresearchfuture.com/reports/aviation-alternative-fuel-market-3188