Alternative Fuel Market Size, Dynamics, Growth Opportunity, Key-players & Y-O-Y Growth Analysis By Fuel Type (Natural Gas, Biodiesel, Ethanol, Hydrogen, & Others) & By End-User (Automobile Industry, Chemical Industry, Defense and Aviation) with Regional Outlook for Forecast Period 2016-2024

Alternate Fuel Market 

Market Overview

Petrol and diesel are made from non-renewable resources, thus need has aroused to use alternate fuels that are readily available or can be manufactured from the plant materials. Use of alternate fuels is 30% cost efficient and 100% lower emission. Alternate fuels is gradually taking over the market and over the past decade, vehicles using alternate fuels have covered over 1 billion miles. It is expected that of the total fuel sold, alternate fuels sales will have 25% share by 2024. The production of electricity is possible with the use of alternate fuels and renewable sources generated 24.3% of the total electricity produced globally, with maximum contribution from Latin America in 2016.

Goldstein Research analyst forecast that the global alternate fuel market size is set to reach USD 248.3 billion by 2024 growing at a CAGR of 12.3% over the forecast years. The technological advancement, feedstock availability, increasing demand for alternative fuels, manufacturing of alternative fuel enabled motors and more are some of the factor that will grow the alternative fuel market as per the forecast.

Covered in This Alternate fuel Market Report

The report covers the present ground scenario and the future growth prospects of the alternate fuel market for 2016-2024 along with the sales and revenue of the alternate fuels. We calculated the market size and revenue share on the basis of revenue generated from major players across the globe. We have forecast the market on the basis of shipment of the alternate fuels devices, technological development, demand and supply, alternative fuel manufacturers, manufacturing of motors using alternative fuels.

Alternate fuel market report has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the alternate fuels market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global alternate fuels market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Alternate Fuels Market Segmentation

By Types

• Natural Gas
• Biodiesel
• Electricity
• Ethanol
• Hydrogen
• Propane

By End-User

• Automobile industry
• Chemical industry
• Defense and Aviation Sector
• Energy Sector

Based on Geography

• North America (U.S. & Canada)  alternate fuels market {Market Share (%), Market Size (USD Billion)}
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America)  alternate fuels market {Market Share (%), Market Size (USD Billion)}
• Europe (The U.K., Germany, France, Italy, Hungary, Spain, Poland, Sweden & RoE)  alternate fuels market {Market Share (%), Market Size (USD Billion)}
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia)  alternate fuels market {Market Share (%), Market Size (USD Billion)}
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA)  alternate fuels market {Market Share (%), Market Size (USD Billion)}

By Target Audience

• Various industries using alternative fuels
• Manufacturers of alternate fuels
• Government
• Supplier of alternate fuels

On the basis of learning types, natural gas has the largest market share of 28.1% in 2016 of the total alternative fuel market. The easy availability of natural gas and its major consumption in vehicles is leading the natural gas market. Automobile industry is the major users of alternative fuels, as the fuel has major role in working of engine. Thus alternative fuel has high scope in automobile industry and its share will continue to grow at a rate of 18% annually over the forecast period.  

Based on geography, developing regions such as Asia-Pacific, Latin America and South Africa have captured larger market share of the renewable energy sources than the developed regions. Asia-Pacific has the largest market share of 28.3% in 2016 of the total global alternative fuel production. The large consumption of fuel in these areas and their ability to transform themselves towards sustainability has led towards large market share. Latin America is opportunistic alternative fuel market and it will grow at a CAGR of 6.4% over the forecast period.

Market Trends, Drivers and Challenges

There is a rising trend of electric vehicles has led the alternative market to grow in the recent years. In 2016 the total number of electric vehicles sold was 2 million. Various countries have adopted the use of electric vehicles such as Norway, Sweden, France, the U.K., China and more, China and USA together accounts for half of the electric vehicles all over the world.

According to the report, major driving factor for the growth of alternate fuels market is the environmental concerns that are causing the limitation over the use of non-renewable fuels such as petrol and diesel. With the rising population, there is a need to transform the pattern of fuel consumption in order to sustain their demands.

Further, major challenge faced by alternate fuels market is the manufacturing of these fuels. The manufacturing process is expensive as well as challenging as it needs to be scalable and sustainable compared to petrol and diesel. Some of the alternate fuels are required to be mixed with other fuels as an additive, but they are not used standalone. Such features also hamper the manufacturing of alternative fuels.

Key Players

Global alternate fuels market report comprises of the following companies as the key players in the alternate fuels market: Archer Daniel Midland, Neste, Renewable Energy Group, Cosan, Guangzhou Devotion Thermal Technology, Fujian Zhongde Energy, Gushan Environmental Energy, Henan Tianguan Enterprise, Jiangsu Hengshunda Bio-Energy, Jiangsu Yueda Kate New Energy, Jilin Fuel Ethanol, INEOS Enterprises.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this Alternate fuel Market Report

• What is the total market size by 2024 and what would be the expected growth rate?
• What is the revenue of alternate fuels market in 2015-16 and what would be the expected demand over the forecasted period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who all are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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