WASHINGTON, July 13, 2023 (GLOBE NEWSWIRE) — The Global Renewable Fuel Market is valued at USD 925.1 Billion in 2022 and is expected to reach a value of USD 1713.4 Billion by 2030 at a CAGR of 8.01% over the forecast period of 2023-2030.
Population growth has greatly increased the demand for electricity worldwide. The rise in electricity demand is being driven by the advancement of living standards and infrastructure. According to the data, China’s electricity demand increased by 4.7% in 2022 compared to the previous year. Many countries are building new solar power plants or increasing the capacity of existing ones to meet the growing demand. This results in the increase in demand for electricity which leads to the growth of the global Renewable Fuel market.Global demand for coal and natural gas leads to growth in the market for Renewable Fuels. Furthermore, people prefer technology that uses ever-increasing amounts of electrical energy as a result of rising commercialization and industrialization. As a result, the market for Renewable Fuels is opening promising possibilities due to the rising demand for natural gas.Leading players in the Renewable Fuel market play a pivotal role in advocating for Renewable Fuel policies and promoting the use of sustainable alternatives. These players, such as major biofuel producers and renewable energy companies, have the resources and influence to drive the transition to Renewable Fuels. One of the keyways leading players promote Renewable Fuels is by actively engaging in policy advocacy. They work closely with government bodies and regulatory agencies to shape favorable policies and regulations that support the adoption and usage of Renewable Fuels. This advocacy includes pushing for incentives, subsidies, and mandates that encourage the use of sustainable alternatives. By playing an active role in policy discussions, leading players can help to create a supportive environment for Renewable Fuels to thrive. Furthermore, leading players also play an important role in promoting the use of Renewable Fuels through marketing and education initiatives. They invest in advertising campaigns, sponsor events, and participate in educational programs to raise awareness about the benefits of Renewable Fuels. These efforts aim to change consumer perceptions and encourage the adoption of clean, sustainable alternatives. The most significant players operating in the Renewable Fuel market are Archer Daniels Midland Company, Neste Oyj, Renewable Energy Group Inc., Valero Energy Corporation, DowDuPont Inc., TotalEnergies SE, Wilmar International Ltd., Royal Dutch Shell PLC, Phillips 66 Company, POET, LLC.Vantage Market Research analyzed the market for Renewable Fuel to understand its current state and potential future growth factors. For better understanding, based on type, the Renewable Fuel Market is categorized into: Biofuel, Hydroelectric Power, Wind Power, Geothermal Energy, Solar Energy, and Biomass Energy.On the other hand, in 2022, the hydropower category from the type of segment had major sales. Plants can convert up to 91% of the energy of flowing water into electricity, making it one of the vital renewable energy sources.
(GlobeNewsWire)