September 2024- TotalEnergies signed an agreement with Air France-KLM to help the former deliver around 1.5 million tons of Sustainable Aviation Fuel (SAF) over a period of 10 years until 2035. This deal was one of the biggest SAF purchase agreements for Air France-KLM to date. It strengthened the airline’s dominance in the use of SAF, accounting for 17% and 16% of the global SAF production in 2022 and 2023, respectively.
Some of the top companies driving the global sustainable aviation fuel market growth are focusing on developing and launching a wide range of eco-friendly fuels for different industries. They are increasing their investments in research & development programs to find out about the latest technologies and use them to manufacture SAF.
Market Players to Focus On Launch of Innovative Fuels to Cater to Wider Audience
North America led the helicopter leasing market in 2023 with a share of USD 1.64 billion, driven by companies like Victoria Helicopters serving global clients. Europe followed as the second-largest market, benefiting from its strategic location and strong demand for international leasing services.
However, high cost and limited availability of feedstock can hinder the sustainable aviation fuel market growth.
Industries across the world, including aviation, are becoming aware of the harmful effects of using fossil fuels on the environment, such as global warming and climate change. This factor has prompted them to take various measures to reduce their greenhouse gas emissions and make their business operations eco-friendlier. This is expected to fuel the adoption of Sustainable Aviation Fuel (SAF) in the aviation sector as this fuel has the potential to decrease emissions by nearly 80%, depending on the production technique and type of feedstock used. This can make the aviation industry more sustainable in its operations.
Increasing Demand for Alternative Fuels to Boost Product Adoption
https://www.fortunebusinessinsights.com/sustainable-aviation-fuel-saf-market-111563
The global market report analyzes the market’s growth across regions, such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Based on application, the market is segmented into fixed-wing aircraft and rotary-wing aircraft. The fixed-wing aircraft segment held the biggest market share in 2024 as governments across the world are offering their support in the form of subsidies and incentives to encourage the development and sale of Sustainable Aviation Fuel (SAF). This encouraged fixed-wing aircraft manufacturers to use this fuel.
Product Adoption Rose in Fixed-Wing Aircraft Owing to Government Support for Developing SAF
Based on end use, the market is classified into commercial aviation, military aviation, and others. Others include business and general aviation. The commercial aviation segment dominated the market in 2024 as there is a rising global awareness about the environmental effects of using traditional jet fuel in commercial planes.