Renewable Fuels Market: high demand for biofuel production for automobiles during 2015-2020
The Renewable fuels have witnessed remarkable growth over the years owing to the technological advances, government policies and lower prices. The Renewable Fuels Market is expected to grow with a fast pace to aid immensely in meeting the energy demand.
Regional forecast and scope of the Renewable Fuels Market:
The Power sector accounts for major share in the Renewable Fuels Market. Solar PV is the main source used in all the sectors followed by biomass energy. In these applications, wind and biomass sources are estimated to register highest growth with increased production. Transportation which accounts for 21% utilizes the biodiesel and ethanol fuels suggests IndustryARC market research analysis report.
The heating and cooling sector is estimated to witness highest growth owing to the escalated demand from domestic consumers and increased solar energy production. China, United States, Germany, Spain and India are few countries among others which possess great renewable power capacities. These countries are forecast to exhibit fastest growth with increasing investments to possess various sources of renewable energy in the Renewable Fuels Market.
Asia Pacific is the high potential region in the Renewable Fuels Market with high energy demand and low resources for energy generation. The countries in this region are heavily investing in renewable energy projects to produce energy enough for the consumption of the population in this region through 2020. Europe and North America are highly spending region for acquiring renewable energy sources across the globe.
Segmentation and key players of the Renewable Fuels Market:
The Renewable Fuels Market is segmented into various categories in the IndustryARC market analysis studies by source, by end use sector and by geography.
By source: geothermal resources, biomass energy, hydropower, ocean energy, solar PV, wind power and others
By end use sector: cooling and heating sector, power sector, transportation sector and others
By geography: North America, South America, Europe, Asia Pacific and ROW
The key players of the Renewable Fuels Market as mentioned in the IndustryARC marketing analysis report are as follows:
- Exxon Mobil Corporation
- Chevron Corporation
- Valero Energy Corporation
- Archer-Daniels-Midland Company
- Imperium Renewables, Inc.
The Renewable Fuels Market is a high potential market with rapid growth owing to the awareness among people to produce energy for consumption using renewable natural resources to reduce the pollution. This market is expected to witness high growth and will return good revenue gains during 2015-2020.
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