Alternative Fuels Market Size to Grow by USD 66.89 Billion | 45% of the market's growth will originate from APAC | 17,000+ Technavio Reports

"Some of the primary growth drivers for this market are increasing emissions of GHGs, growing incentives for the development of alternative fuels, and surging cessation of World Bank financing for upstream oil and gas projects after 2019," says a senior analyst at Technavio. Awareness of environmental issues that are caused by the combustion of fossil fuels is increasing globally. The main sources of GHG emissions are transportation, electricity generation, and industrial activities. GHG emissions lead to drastic climate changes, a rise in global temperature, and an increase in sea levels. The benefits of using alternative fuels include lower pollution levels, a positive impact on the environment, and improvement in vehicle performance. Governments worldwide provide tax incentives to encourage the use of alternative fuels. These benefits are predicted to drive the growth of the alternative fuels market during the forecast period. 

However, the fluctuations in global crude oil prices will be a major challenge for the alternative fuels market during the forecast period. Over the years, global crude oil pricing has witnessed several fluctuations that do not follow any set pattern.The uncertainty in global oil and gas prices poses a challenge for the alternative fuels industry as these fluctuations in the oil and gas industry also leads to disparities in the demand for and supply of conventional fossil fuels, thereby affecting the demand for alternative fuels.

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Revenue-generating Segment Highlights

• The alternative fuels market has been segmented by application into automotive and aviation segments. 
• The automotive market is currently highly dependent on fossil fuels for operation, and an increase in automotive sales is likely to lead to a similar rise in the demand for fuel. 

Revenue-generating Regional Segment Analysis

• 45% of the growth will originate from the APAC region.
•  China, South Korea, and Japan are the key markets for alternative fuels in APAC.
• The initiatives being taken to reduce carbon emissions will facilitate the alternative fuels market growth in APAC over the forecast period.Market growth in this region will be faster than the growth of the market in other regions.

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Notes:

• The market is anticipated to record a YOY growth rate of 5.84% in 2022.
• Increasing use of natural gas in the transportation sector to emerge as key trend.
• The market is fragmented due to the presence of many established vendors holding significant market share. 
• The research report offers information on several market vendors, including Ballard Power Systems Inc., Blossman Propane Gas and Appliance Inc., BP Plc, Chevron Corp., China Petrochemical Corp., CNOOC Ltd., ENGIE SA, Equinor ASA, Exxon Mobil Corp., Gevo Inc., Hindustan Petroleum Corp. Ltd., Honeywell International Inc., LanzaTech Inc., Neste Corp., Nuvera Fuel Cells LLC, OMV Aktiengesellschaft, Petroleo Brasileiro SA, PJSC Gazprom Neft, PJSC LUKOIL, Plug Power Inc., Polski Koncern Naftowy ORLEN SA, Red Rock Biofuels LLC, Shell plc, and UGI Corp.

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Table of Content

1. Executive Summary 

  1.1 Market overview 

  Exhibit 01:  Executive Summary – Chart on Market Overview

  Exhibit 02:  Executive Summary – Data Table on Market Overview

  Exhibit 03:  Executive Summary – Chart on Global Market Characteristics

  Exhibit 04:  Executive Summary – Chart on Market by Geography

  Exhibit 05:  Executive Summary – Chart on Market Segmentation by Product

  Exhibit 06:  Executive Summary – Chart on Incremental Growth

  Exhibit 07:  Executive Summary – Data Table on Incremental Growth

  Exhibit 08:  Executive Summary – Chart on Vendor Market Positioning

2. Market Landscape 

  2.1 Market ecosystem 

  Exhibit 09:  Parent market

  Exhibit 10:  Market Characteristics

3. Market Sizing 

  3.1 Market definition 

  Exhibit 11:  Offerings of vendors included in the market definition

  3.2  Market segment analysis 

  Exhibit 12: Market segments

  3.3 Market size 2021 

  3.4 Market outlook: Forecast for 2021-2026 

  Exhibit 13:  Chart on Global - Market size and forecast 2021-2026 ($ billion)

  Exhibit 14:  Data Table on Global - Market size and forecast 2021-2026 ($ billion)

  Exhibit 15:  Chart on Global Market: Year-over-year growth 2021-2026 (%)

  Exhibit 16:  Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4. Five Forces Analysis 

  4.1 Five Forces Summary 

  Exhibit 17:  Five forces analysis - Comparison between2021 and 2026

  4.2 Bargaining power of buyers 

  Exhibit 18:  Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

  4.3 Bargaining power of suppliers 

  Exhibit 19:  Bargaining power of suppliers – Impact of key factors in 2021 and 2026

  4.4 Threat of new entrants

  Exhibit 20:  Threat of new entrants – Impact of key factors in 2021 and 2026

  4.5 Threat of substitutes 

  Exhibit 21:  Threat of substitutes – Impact of key factors in 2021 and 2026

  4.6 Threat of rivalry

  Exhibit 22:  Threat of rivalry – Impact of key factors in 2021 and 2026

  4.7 Market condition 

  Exhibit 23:  Chart on Market condition - Five forces 2021 and 2026

5. Market Segmentation by Application 

  5.1 Market segments 

  Exhibit 24:  Chart on Application - Market share 2021-2026 (%)

  Exhibit 25:  Data Table on Application - Market share 2021-2026 (%)

  5.2 Comparison by Application 

  Exhibit 26:  Chart on Comparison by Application

  Exhibit 27:  Data Table on Comparison by Application

  5.3 Automotive - Market size and forecast 2021-2026 

  Exhibit 28:  Chart on Automotive - Market size and forecast 2021-2026 ($ billion)

  Exhibit 29:  Data Table on Automotive - Market size and forecast 2021-2026 ($ billion)

  Exhibit 30:  Chart on Automotive - Year-over-year growth 2021-2026 (%)

  Exhibit 31:  Data Table on Automotive - Year-over-year growth 2021-2026 (%)

  5.4 Aviation - Market size and forecast 2021-2026

  Exhibit 32:  Chart on Aviation - Market size and forecast 2021-2026 ($ billion)

  Exhibit 33:  Data Table on Aviation - Market size and forecast 2021-2026 ($ billion)

  Exhibit 34:  Chart on Aviation - Year-over-year growth 2021-2026 (%)

  Exhibit 35:  Data Table on Aviation - Year-over-year growth 2021-2026 (%)

  5.5 Market opportunity by Application 

  Exhibit 36:  Market opportunity by Application ($ billion)

6. Customer landscape 

  Technavio's customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria

  6.1 Customer landscape overview

  Exhibit 37:  Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7.  Geographic Landscape 

  7.1  Geographic segmentation 

  Exhibit 38:  Chart on Market share by geography 2021-2026 (%)

  Exhibit 39:  Data Table on Market share by geography 2021-2026 (%)

  7.2 Geographic comparison 

  Exhibit 40:  Chart on Geographic comparison

  Exhibit 41:  Data Table on Geographic comparison

  7.3 APAC - Market size and forecast 2021-2026 

  Exhibit 42:  Chart on APAC - Market size and forecast 2021-2026 ($ billion)

  Exhibit 43:  Data Table on APAC- Market size and forecast 2021-2026 ($ billion)

  Exhibit 44:  Chart on APAC- Year-over-year growth 2021-2026 (%)

  Exhibit 45:  Data Table on APAC- Year-over-year growth 2021-2026 (%)

  7.4 North America - Market size and forecast 2021-2026 

  Exhibit 46:  Chart on North America - Market size and forecast 2021-2026 ($ billion)

  Exhibit 47:  Data Table on North America - Market size and forecast 2021-2026 ($ billion)

  Exhibit 48:  Chart on North America - Year-over-year growth 2021-2026 (%)

  Exhibit 49:  Data Table on North America - Year-over-year growth 2021-2026 (%)

  7.5 Europe - Market size and forecast 2021-2026 

  Exhibit 50:  Chart on Europe- Market size and forecast 2021-2026 ($ billion)

  Exhibit 51:  Data Table on Europe- Market size and forecast 2021-2026 ($ billion)

  Exhibit 52:  Chart on Europe- Year-over-year growth 2021-2026 (%)

  Exhibit 53:  Data Table on Europe- Year-over-year growth 2021-2026 (%)

  7.6 South America - Market size and forecast 2021-2026 

  Exhibit 54:  Chart on South America - Market size and forecast 2021-2026 ($ billion)

  Exhibit 55:  Data Table on South America  - Market size and forecast 2021-2026 ($ billion)

  Exhibit 56:  Chart on South America  - Year-over-year growth 2021-2026 (%)

  Exhibit 57:  Data Table on South America - Year-over-year growth 2021-2026 (%)

  7.7 Middle East and Africa - Market size and forecast 2021-2026 

  Exhibit 58:  Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)

  Exhibit 59:  Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)

  Exhibit 60:  Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)

  Exhibit 61:  Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

  7.8 China- Market size and forecast 2021-2026 

  Exhibit 62:  Chart on China- Market size and forecast 2021-2026 ($ billion)

  Exhibit 63:  Data Table on China- Market size and forecast 2021-2026 ($ billion)

  Exhibit 64:  Chart on China- Year-over-year growth 2021-2026 (%)

  Exhibit 65:  Data Table on China- Year-over-year growth 2021-2026 (%)

  7.9 US- Market size and forecast 2021-2026 

  Exhibit 66:  Chart on US- Market size and forecast 2021-2026 ($ billion)

  Exhibit 67:  Data Table on US- Market size and forecast 2021-2026 ($ billion)

  Exhibit 68:  Chart on US- Year-over-year growth 2021-2026 (%)

  Exhibit 69:  Data Table on US- Year-over-year growth 2021-2026 (%)

  7.10 Japan- Market size and forecast 2021-2026 

  Exhibit 70:  Chart on UK- Market size and forecast 2021-2026 ($ billion)

  Exhibit 71:  Data Table on Japan- Market size and forecast 2021-2026 ($ billion)

  Exhibit 72:  Chart on Japan- Year-over-year growth 2021-2026 (%)

  Exhibit 73:  Data Table on Japan- Year-over-year growth 2021-2026 (%)

  7.11 Germany- Market size and forecast 2021-2026 

  Exhibit 74:  Chart on Germany- Market size and forecast 2021-2026 ($ billion)

  Exhibit 75:  Data Table on Germany- Market size and forecast 2021-2026 ($ billion)

  Exhibit 76:  Chart on Germany- Year-over-year growth 2021-2026 (%)

  Exhibit 77:  Data Table on Germany- Year-over-year growth 2021-2026 (%)

  7.12 South Korea- Market size and forecast 2021-2026 

  Exhibit 78:  Chart on South Korea- Market size and forecast 2021-2026 ($ billion)

  Exhibit 79:  Data Table on South Korea- Market size and forecast 2021-2026 ($ billion)

  Exhibit 80:  Chart on South Korea- Year-over-year growth 2021-2026 (%)

  Exhibit 81:  Data Table on South Korea- Year-over-year growth 2021-2026 (%)

  7.13 Market opportunity by geography 

  Exhibit 82:  Market opportunity by geography ($ billion)

8. Drivers, Challenges, and Trends 

  8.1 Market drivers 

  8.1.1 Increasing emissions of GHGs

  8.1.2 Incentives for the development of alternative fuels

  8.1.3 Cessation of World Bank financing for upstream oil and gas projects after 2019

  8.2 Market challenges 

  8.2.1 Fluctuations in global crude oil prices

  8.2.2 Need for special infrastructure to support alternative fuels

  8.2.3 Increasing emissions from airlines

  8.3 Impact of drivers and challenges 

  Exhibit 83:  Impact of drivers and challenges in 2021 and 2026

  8.4 Market trends 

  8.4.1 Increasing use of natural gas in the transportation sector

  8.4.2 Adoption of fuel cells in the transportation sector

  8.4.3 Research on third-generation biofuels

9. Vendor Landscape 

  9.1 Overview 

  9.2 Vendor landscape 

  Exhibit 84:  Overview on Criticality of inputs and Factors of differentiation

  9.3 Landscape disruption 

  Exhibit 85:  Overview on factors of disruption

  9.4 Industry risks 

  Exhibit 86:  Impact of key risks on business

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