Biorefinery construction in the U.S. will represent two-thirds of the global market over the next 10 years, report concludes
BOULDER, Colo.--(BUSINESS WIRE)-- Aviation and marine biofuels represent one of the fastest-growing segments of the global biofuels market. In the last five years, more than 40 commercial airlines around the world have flown an estimated 600,000 miles powered at least in part by biofuels. Click to tweet: According to a recent report from Navigant Research, much of the development in this sector centers on the world’s largest aviation market: the United States. By 2024, the report concludes, biofuels will make up 6.1 percent of the aviation and marine fuel market in the U.S.
“The United States is expected to emerge as the clear leader in the construction of integrated biorefineries capable of producing bio-based jet fuel and marine distillates over the next 10 years,” says Mackinnon Lawrence, research director with Navigant Research. “New biorefinery construction in the U.S. is expected to generate $7.8 billion in cumulative revenue over the next 10 years, representing 66 percent of the revenue generated globally.”
The European Union (EU) is also an active participant in the emerging aviation and marine biofuels market, according to the report. The biggest wildcard in forecasting EU growth projections is the implementation of the EU emissions trading system. If the EU moves forward with a carbon tax on airlines operating in EU territory, then investment in building aviation and marine biofuels production capacity is expected to increase dramatically across the region.
The report, “Aviation and Marine Biofuels”, provides forecasts and market sizing for nameplate production capacity and production volumes for advanced aviation and marine biofuels. Forecasts are segmented by geography, conversion platform, and fuel type. The total addressable market size for commercial aviation, marine shipping, and U.S. military applications is analyzed, and the report also provides a qualitative analysis of key stakeholder initiatives, market drivers, challenges, and technology developments, as well as profiles of key stakeholders across the value chain. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Aviation and Marine Biofuels,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
Source: Navigant Research