Wilmington, Delaware, United States, May 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global E-Fuels Market was estimated at a market value of US$ 4.5 billion in 2020. During the forecast years of 2021 to 2028, the market is expected to grow at a rate of 13.7% CAGR and finally reach US$ 14.3 billion by the end of 2031.
Electro fuels, commonly referred to as e-fuels, are a novel category of carbon-neutral fuels that are produced by storing electrical power from sources of renewable energy and are utilized as replacement fuels. The creation of e-fuel necessitates the extraction of hydrogen. This is done by dividing water (for instance, seawater from desalination facilities) into both oxygen and hydrogen components using an electrolysis cycle.
The market is growing as a result of the expansion of the automotive manufacturing sector in addition to the rise in demand for environmentally friendly fuel brought on by urbanization and industrialization. The National Investment Promotion and Facilitation Agency predicts that by 2021, India would have the third-largest global market for passenger vehicles.
Automobile exports rose by 14.7% in 2021, but there are still a number of significant market challenges, including improvement, higher investment, inventory, transportation, and extractions. For instance, installing pipelines for the transmission of hydrogen requires digging, expensive gear, and planning. It is anticipated that a lack of consumer awareness of e-fills will impede market growth. Numerous privately held companies are expanding. For instance, Audi, as well as Hyundai, are creating cars that are powered by e-energies like hydrogen, ethane, fuel, and others, providing a chance for the expanding business sector.
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Resource sustainability has been a hot issue of debate all around the world. The global demand for the use of alternative fuels for vehicle propulsion has risen substantially as the need to protect existing non-renewable resources grows. This is anticipated to be one of the main factors supporting the expansion of the E-Fuels Market throughout the forecast time frame.
Key Findings of the Market Report
- By fuel type, the e-diesel will gain prominence during the forecast period.
- By conversion process, the power-to-X segment is likely to be the dominant segment during the forecast period.
The Global Market for E-Fuels: Major Trends
- The purity of e-diesel is a major benefit. Unlike mineral diesel, it is devoid of sulfur as well as aromatic components. Audi e-diesel is highly combustible due to its high cetane number, and due to its chemical makeup, it can be blended with petroleum-based diesel in any amount. It can be utilized as a "drop-in" fuel. Internal combustion engines might become substantially cleaner in the future if it gains traction and is developed for a large market.
Global E-Fuels Market: Regional Outlook
- During the forecast period, Asia-Pacific is expected to experience profitable market expansion in the global e-fuel market. The increase in hydrogen-powered electric cars in nations like China and Japan is thought to be responsible for the surge. Japan's well-established e-fuel infrastructure is opening up possibilities for the expansion of the sector there.
- The market for alternative green energy sources is rising in countries like China, and the area is also seeing an increase in the production of biofuels. South Korea, for example, is another important market for the rising need for e-fuel where the government intends to set up over 500 hydrogen refueling stations by 2030.
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Global E-Fuels Market: Key Players
Some of the key players in the global E-Fuels Market are:
- Archer Daniels Midland Co.
- Audi AG
- Ballard Power Systems Inc.
- Carbon Recycling International
- Ceres Power Holding Plc
- Clean Fuel USA
- Climeworks AG
- E-fuel corp
- EnergieDienst Holding AG
- FuelCell Energy Inc.
Some developments by the key players in the global market for e-fuels are:
- In 2021, Daimler Truck AG and Volvo Group formally unveiled their pioneering plan for their forthcoming fuel-cell joint venture cellcentric, in support of an industry-first pledge to advance the deployment of hydrogen-based fuel cell technology for long-haul trucks across the globe. The two cellcentric shareholders ask for a coordinated EU hydrogen policy scheme to boost the technology's development into a workable business solution in order to hasten the adoption of hydrogen-based fuel cells.
- In 2021, the SereneU fuel cell, the 4th version of SerEnergy's fuel cell, was upgraded by AMEC and has characteristics including a long lifespan and little servicing and maintenance.
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Global E-Fuels Market Segmentation
By Fuel Type
- E-methane
- E-methanol
- E-diesel
- E-kerosene
By Conversion Process
- Power-to-X
- Power-to-Gas
- Power-to-Liquid
By End-use
- Automotive
- Marine
- Industrial
- Railway
- Aviation
- Others
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa
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