Technavio analysts forecast the renewable energy-based commercial aviation market in Scandinaviato grow at a CAGR of close to 6% during the forecast period, according to their latest report.
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Technavio has published a new report on the renewable energy-based commercial aviation market in Scandinavia from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the renewable energy-based commercial aviationmarket in Scandinavia for 2017-2021. The market is further segmented by type of renewable energy source, which includes aviation biofuel and airport solar PV systems.
The use of renewable energy has been given the highest priority in Scandinavian countries across various sectors, including industrial, housing, and transportation. However, the implementation of solar-based energy or biofuel is in its infancy within the regional aviation industry. Researchers at Technavio expect that the growing investments by both private and public entities, along with government incentive schemes will propel the market during the forecast period.
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Technavio analysts highlight the following three factors that are contributing to the growth of the renewable energy-based commercial aviation market in Scandinavia:
- Easy access to feedstock in Scandinavian countries
- Emerging SMEs with innovative technologies
- Favorable regulatory policies
Easy access to feedstock in Scandinavian countries
Feedstock should be cost-effective and available in large quantities to make sustainable jet fuel production commercially viable. Feedstock for sustainable jet fuel are also a potential feedstock for other renewable fuels (biodiesel or ethanol). Therefore, there is no need to establish a separate feedstock processing facility exclusive to jet fuel production. Instead, an already established base for producing sustainable fuels for road and other means of transport can be shared for producing sustainable jet fuels. "The fact that several other industries require similar raw materials can add to the demand for the feedstock. Several factors in feedstock logistics also increase the final jet fuel price. The Scandinavian countries, however, are at an advantage over most others worldwide in that they have abundant resources of feedstock, which are required for processing environmentally viable jet fuels," says Avimanyu Basu, a lead aerospace components research analyst at Technavio.
Emerging SMEs with innovative technologies
The Scandinavian region is considerably well-developed with respect to the availability of nanomaterials and their influence on renewable power generation resources such as wind turbines and solar cells. Several SMEs have emerged across the region and have directed their efforts toward leveraging the properties of nanomaterials to drive sustainable energy growth on an industry-wide scale. Consequently, similar developments can directly influence the implementation of renewable resource leveraging technologies in the Scandinavian commercial aviation market, such as in the form of cost-effective back-up power through batteries and fuel cells, and solar power to offset energy consumption from the grid. Some of these SMEs are:
- Abalonyx, Oslo, Norway
- Nanologica, Uppsala, Sweden
- Sol Voltaics, Lund, Sweden
- Re-Turn, Fredrikstad, Norway
- EnSol, Bergen, Norway
Favorable regulatory policies
"The Scandinavian governments have jointly placed a special emphasis on establishing a robust framework that can facilitate the growth of renewable power generation in respective member countries," says Avimanyu.
Further, as per the Renewable Energy Directive (RED) of the European Union, all the member countries are obliged to use renewable sources for power generation that can address a minimum of 20% of their gross power consumption by 2020. However, unlike other EU countries, Scandinavian countries have shown considerable progress in terms of using renewable resources for power generation.
Browse related reports:
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Technaviois a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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