SAF market to grow by $1.97 billion from 2022 to 2027
In New York, Technavio reported that the global sustainable aviation fuel market size is forecast to increase by $1.97 billion and is estimated to grow at a CAGR of 59.08% between 2022 and 2027.
“Favorable government policies are driving the market growth for sustainable aviation fuels. Environmental and energy security concerns are increasing demand for renewable fuels such as cellulosic ethanol and biodiesel,” the report states.
“Governments of countries such as Germany and India are actively promoting its use through targets and incentives. Tax credits and subsidies will further facilitate adoption, leading to increased production and consumption of sustainable aviation fuel around the world,” it added.
The report also stated that the commercial aircraft aviation fuel market size is estimated to grow at a CAGR of 7.65% between 2022 and 2027, and the size of the market is forecast to increase by $49.5 billion.
