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Based on fuel type, the aviation fuel market is segmented into conventional fuel and sustainable fuel. The sustainable fuel segment will register highest CAGR during the forecast period. Sustainable aviation fuel is expected to play a crucial role alongside various alternative solutions such as improved engine technologies and aircraft design, new composite lightweight material, and electric propulsion in decarbonizing aviation. The variants of sustainable fuel offer promising new alternative solutions to meet the ambitious long-term targets, such as net-zero growth after 2020 and a reduction in emissions to half of the 2005 levels by 2050.
Based on aircraft type, the aviation fuel market has been broadly segmented into fixed wing, rotary wing, and unmanned aerial vehicle (UAV). The fixed wing segment has been further segmented into commercial aviation, military aviation, and business & general aviation, whereas the rotary wing segment covers civil helicopters and military helicopters. The narrow body aircraft segment is estimated to lead the market share in 2022. Increasing domestic air travel is leading to the growth of narrow body aircraft segment of the aviation fuel market.
Based on region, the aviation fuel market has been segmented into 5 regions, namely, North America, Europe, Asia Pacific, Latin America, Middle East & Africa. The Latin American Aviation Fuel Market is projected to grow at the highest CAGR during the forecast period from 2022 to 2030. The aviation fuel market in the region is expected to witness significant growth due to fuel policies supporting renewable aviation fuel production.
News Also Covered: https://www.prnewswire.com/news-releases/aviation-fuel-industry-worth-696-2-billion-by-2030—exclusive-report-by-marketsandmarkets-301732218.html
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