Global SAF market to reach $61.9 billion by 2033, research finds

In Delaware, Future Market Insights reported that the global SAF market is projected to witness extraordinary growth in the coming decade, driven by the increasing demand for greener aviation solutions. The research firm noted that the global SAF market is forecast to expand from $563.2 million in 2023 to $61.92 billion by 2033, at a CAGR of 60% during the forecast period. “Sustainable aviation fuel is an alternative to traditional jet fuel, produced from renewable resources such as waste oils, agricultural residues, or algae. It significantly reduces greenhouse gas emissions, contributing to the aviation industry’s goal of achieving carbon neutrality. By lowering its environmental impact, SAF plays a pivotal role in the future of eco-friendly air travel,” said Nikhil Kaitwade, Associate Vice President at Future Market Insights. The report noted that the North America region is expected to dominate the SAF market, driven by government policies supporting sustainable fuel adoption and significant investments from airlines. “The U.S. government’s push for greener aviation and its backing of SAF production through subsidies and tax incentives is expected to bolster the market’s growth”, FMI said. “Europe is set to be another key player, with initiatives such as the European Union’s “ReFuelEU Aviation” regulation promoting SAF production and consumption. Countries like France, Germany, and the U.K. are investing heavily in SAF infrastructure, aiming to reduce aviation emissions in line with the European Green Deal.”

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