CHICAGO, Nov. 8, 2023 /PRNewswire/ -- E-fuels Market is expected to reach USD 49.4 billion by 2030 from USD 6.2 billion in 2023 at a CAGR of 34.5% during the 2023-2028 period according to a new report by MarketsandMarkets. The potential for e-fuels to address carbon emissions and energy storage concerns is driving up demand for them. E-fuels, which are synthetic fuels made from renewable energy, provide a way to decarbonize sectors that rely significantly on liquid fuels, such as transportation and aviation. They can store extra renewable energy and provide a carbon-neutral option for difficult-to-electrify applications like heavy-duty trucks, shipping, and industrial processes. Because of their versatility, e-fuels are an essential component of efforts to cut greenhouse gas emissions and move to more sustainable energy solutions, fueling their rising demand in sectors aiming for carbon neutrality and energy security.
E-fuels are also gaining prominence because they can be created from a range of feedstocks, including collected carbon dioxide and green hydrogen, making them a versatile solution for lowering carbon emissions across industries. In addition to transportation and aviation, e-fuels are being used in power production, heating, and as an energy carrier in isolated or off-grid regions, which is increasing market demand. The increased emphasis on sustainable energy sources, as well as the need to decarbonize diverse sectors, are accelerating e-fuel research, development, and acceptance as a critical component in the global transition to a greener and more environmentally responsible energy landscape.
Browse in-depth TOC on "E-fuels Market"
139 - Tables
48 - Figures
203 - Pages
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E-fuels Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $6.2 billion |
Estimated Value by 2030 | $49.4 billion |
Growth Rate | Poised to Grow at a CAGR of 34.5% |
Largest Market | Europe |
Market Size Available for | 2022-2030 |
Forecast Period | 2023-2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | E-fuels Market by Renewable Source, Fuel Type, State, End use application and Region. |
Geographies Covered | Europe, Asia Pacific, North America, RoW |
Key Market Opportunities | High rate of depletion of fossil fuels |
Key Market Drivers | Favorable government policies to promote use of e-fuels |
The e-ammonia, by fuel type, is expected to grow at the highest CAGR during the forecast period.
Based on fuel type, the e-fuels market has been split into e-methane, e-methanol, e-ammonia, e-kerosene, e-diesel, and e-gasoline. E-ammonia is expected to grow at the highest CAGR during the forecasted period. The increasing global demand for E-ammonia can serve as an energy carrier, facilitating the transport and storage of renewable energy, which is crucial for stabilizing the grid and ensuring a consistent energy supply.
The liquid segment, by state, is expected to be the largest segment during the forecast period.
This report segments the e-fuels market based on state into two segments: gas and liquid. The liquid segment is expected to be the largest and the fastest segment during the forecast period owing to its high wide range of applications, including transportation, aviation, shipping, and industrial processes, making them a versatile solution for decreasing carbon emissions in a variety of industries. Because liquid e-fuels are compatible with current combustion engines, fuel distribution systems, and storage infrastructure, they are a practical and versatile solution for a wide range of applications.
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Europe is expected to be the largest region in the e-fuels market.
Europe is expected to be the largest e-fuels market during the forecast period. The Europe region comprises major economies such as Germany, Norway, UK, Denmark, Sweden, and Rest of Europe. Rest of Europe primarily includes Italy, France, and Poland. This is due to a variety of factors, including the region's growing population, more urbanisation, and increased energy demand. As a result of these causes, carbon emissions have increased significantly, posing a serious environmental problem to the region. European governments are increasingly supportive of e-fuels as a means of reducing carbon emissions and improving air quality. E-fuels are made from renewable energy sources including solar and wind power and can be used to power vehicles, generate electricity, and heat homes and businesses.
Key Market Players:
Some of the major players in the e-fuels market are including Saudi Arabian Oil Co. (Saudi Arabia); Audi AG (Germany); Siemens Energy (Gemany); Chart Industries (US); Sunfire Gmbh (Germany); Mitsubishi Corporation (Japan); Repsol (Spain); and Norsk E-Fuel (Norway). The major strategies adopted by these players include contracts, agreements, partnership, collaborations, and expansions.
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Recent Developments
- In September 2023, Saudi Arabian Oil Co. and Stellantis have collaborated to check the compatibility of e-fuels with the European engine facilities. The companies have been working together using surrogate eFuels for the testing, according to existing fuel standards, as part of their pursuit of lower-carbon energy solutions. With this collaboration Aramco will be utilising its e-fuel production in vehicles.
- In March 2023, Uniper joins forces with the Swedish firm Liquid Wind, which is developing electro-fuel based on hydrogen to enable carbon-neutral shipping. Uniper will be the company's second largest investor, and it is now establishing its first eMethanol production facility in rnsköldsvik, on Sweden's north east coast.
- In May 2023, Siemens Energy, a global energy technology leader, had partnered with Liquid Wind to produce eFuel, reducing shipping emissions. Siemens Energy provides equity investment, technology, and expertise for eMethanol facility development.
- In April 2022, Mitsubishi Heavy Industries (MHI) had entered into a Memorandum of Understanding with Infinium, a pioneer in Electrofuels based in California. This agreement, an extension of MHI's prior investment in Infinium in 2021, is primarily centred around investigating the potential introduction of Infinium's exclusive Electrofuels technology into the Japanese market.
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