Biofuel Market 2023: key players, growth and demand drivers to 2028

According to a research report "Biofuel Market by Fuel Type (Ethanol, Biodiesel, Renewable Diesel, and Biojets), Generation (First Generation, Second Generation, Third Generation), End-use, Application (Transportation, Aviation) and Region - Global Forecast to 2028" published by MarketsandMarkets, the global biofuel market is projected to reach USD 225.9 billion by 2028 from an estimated USD 167.4 billion in 2023, at a CAGR of 6.2% during the forecast period. The growing demand for cleaner fuels is one of the major factors driving the biofuels market. Global biofuel demand has been increasing gradually due to goals set to achieve net zero emissions in recent years. According to Statistical Review of World Energy 2022, the total global consumption of biofuel in 2021 was 1,837 thousand barrels of oil equivalent per day. Governments of various countries across the world are focused on reducing greenhouse emissions. With the help of biofuel, greenhouse emissions can be reduced by up to 65%. Expansion of the biofuel business will result in increased employment opportunities, ensuring the stability of an economy. The demand for suitable biofuel crops, as a result of biofuel production, will support the agricultural industry. Many governments have implemented policies to promote the use of biofuels, such as blending mandates and tax credits. These policies have helped create a demand for biofuels and drive down costs. Governments worldwide have implemented a number of favorable policies to promote the use of biofuels. The high depletion of fossil fuels presents promising opportunities for the biofuel market. However, the risks associated with high initial investment for setting up biorefineries and uncertain global economic conditions have hindered the growth of the market in recent years and are expected to restrain the market's growth during the forecast period.

Browse 250 market data Tables and 60 Figures spread through 227 Pages and in-depth TOC on "Biofuel Market - Global Forecast to 2028"

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The ethanol, by fuel type, is expected to be the largest segment during the forecast period.

Based on fuel type, the biofuel market has been split into ethanol, biodiesel, renewable diesel, and biojets. The biofuel market for ethanol is anticipated to have the biggest market share over the forecast period. Due to its extensive history of production, use, and versatility as a gasoline addition, ethanol is frequently more in demand. Corn and sugarcane are two examples of the agricultural feedstocks used to make ethanol. The vast accessibility of these feedstocks and the presence of supply channels facilitate the uptake of ethanol.

The aviation segment, by end-use, is expected to grow at the highest CAGR during the forecast period.

This report segments the biofuel market based on end use into three segments: transportation, aviation, and others. The aviation segment is expected to grow at the highest CAGR during the forecasted period, owing to the extensive decarbonization efforts in the aviation sector in North America and Europe. One of the major drivers is the usage of biofuels in military aircraft on a commercial scale. Additionally, the rising demand for air cargo transport in terms of volume is one of the drivers for the growth of aviation. The Bioenergy Technologies Office (BETO) of the US Department of Energy empowers energy firms and aviation stakeholders by advancing research, development, and demonstration to overcome barriers to widespread deployment of low-carbon sustainable aviation fuel (SAF).

Europe is expected to be the fastest-growing region in the biofuel market.

Europe is expected to be the fastest growing region in the biofuel market during the forecast period. The European region comprises major economies such as France, UK, Germany, and Poland. The biofuel market in Europe is primarily fueled by the three main types of biofuels, namely ethanol, biodiesel, and renewable diesel. Europe has actively fostered the use of biofuel through various policies and initiatives. The European Union (EU) has established targets for member states to enhance the utilization of renewable energy in transportation, including biofuels like biofuel. The Renewable Energy Directive (RED) and its subsequent revisions have played a pivotal role in shaping biofuel production and consumption in Europe.

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Some of the major players in the biofuel market are ADM (US), Chevron (US), Valero (US), Neste (Finland), and Cargill, Incorporated (US). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

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Vacuum Contactor Market Report 2023: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2028

According to a research report "Vacuum Contactor Market by Voltage Rating (1-5 kV, 5.1-10 kV, 10.1-15 kV, 15.1-24 kV), Configuration, Application (Motors, Transformers, Capacitors, Reactors, Resistive Loads), End Users (Utilities, Industrial, Oil & Gas) Region – Global Forecast to 2028" published by MarketsandMarkets, the global vacuum contactor market is estimated to be valued at USD 4.1 billion in 2023 (Estimate Year) and is projected to reach USD 5.5 billion by 2028 (Forecast Year) growing at a CAGR of 6.1% during the forecast period.

The vacuum contactor market has promising growth potential due to the rising production of electric vehicles, initiatives by government, growing R & D investment in lithium-ion batteries.

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By configuration, the contactor fuse combination is anticipated to rule the vacuum contactor market during the forecast period.

The vacuum contactor market is dominated by the contactor fuse combination. Contactor-fuse combinations are pivotal for circuit protection and control. Contactors act as switches for current flow, while fuses prevent damage from overcurrent and short circuits. Integrating these in the vacuum contactor market provides benefits like equipment protection, reduced downtime, and extended component lifespan by maintaining proper operation.

By application, the vacuum contactor market for motors is anticipated to have the highest market share.

Motors make up the largest portion of the vacuum contactor market. Vacuum contactors control electrical current to motors, ensuring seamless start-up, operation, and shutdown of motor-driven systems. They provide precise motor control, optimizing energy usage and minimizing electrical issues. Vital for managing circuits in machinery and equipment, vacuum contactors enable controlled activation and deactivation.

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The Asia-Pacific region holds the dominant position in the vacuum contactor market.

North America, Europe, Asia Pacific, the Middle East & Africa, and South America are the five geographic areas in which the vacuum contactor market has been examined in this report. The Asia-Pacific region's economic growth has spiked demand for energy and electrical equipment, including vacuum contactors, vital for expanding manufacturing and infrastructure. Urbanization fuels projects like commercial buildings, homes, and infrastructure, necessitating dependable electrical systems where vacuum contactors excel in motor control and circuit safety. The region's thriving industrial sectors - manufacturing, mining, and construction - rely on motor-driven machinery, relying on vacuum contactors for accurate control and protection. The vacuum contactor market in Asia-Pacific is also stimulated by both local and foreign investments across various sectors.

The report includes profiles of some of the leading players in the vacuum contactor market to help readers gain a thorough understanding of the market's competitive environment.

ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Schneider Electric (France), GE (US), and Mitsubishi Electric (Japan) are a few of the major players. The market's top players are using a variety of tactics to gain market share for vacuum contactor.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Relay Market Will Generate Massive Revenue In Future 2022-2030

According to a research report "Relay Market by Type (Electromechanical, Thermal, Reed, Time, PhotoMOSFET, Solid State, MEMS), Application, Voltage Range (Low, Medium, High), Mounting Type (Panel, PCB, DIN Rail, Plug-In) and Region - Global Forecast to 2030" published by MarketsandMarkets, the relay market size is estimated to be USD 9.0 billion by 2022 and is projected to reach USD 14.7 billion by 2030, at a CAGR of 6.3%. A relay is an electronic control device that has a control system (also called an input loop) and a controlled system (also called an output loop) and is usually used in automatic control circuits. It is an "automatic switch" that uses a smaller current to control a larger current. Relay plays the role of automatic adjustment, safety protection, and conversion circuit in the circuit.

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Panel Mounting Type is expected to result in the segment occupying majority of the relay market share

Panel mounted relays are designed to be easily mounted on flat panels or heat sinks with screws. Panel mounted relays are the most preferred as they can be plugged into a socket or mounted on a panel. This has resulted in the largest market share of 30.7% of the panel segment in the global relay market in 2021. The panel mount type design allows end-users easy access to set-point and various function changes. This is one of the key reasons for the highest CAGR of 5.4%, from 2020 to 2030, of the panel segment in the global relay market. Panel mounted relays are deployed in heating/air conditioning, heat pumps, waste treatment, medical equipment, access control, and water and air treatment. The overall growth of these application industries is expected to boost the panel mount segment of the relay market.

Renewables application is estimated to be the fastest growing market

Based on the application segment of relay systems, the Renewables sector is estimated to be the fastest growing market from 2020 to 2030. The current tendency of the electric power system is the adaptation of renewable energy sources. Mainly these are solar panels and wind farms. The use of renewable energy can decrease short-circuit currents. The integration of renewables in the power network will change the fault level and network topologies.

Asia Pacific likely to emerge as the largest and fastest relay market

Asia Pacific accounted for a 43.5% share of the relay market in 2022. Increasing T&D network expansion and industrialization projects in emerging countries such as India and Japan are some of the key growth drivers of the global relay market in this region. As per the Indian Electrical and Electronics Manufacturers Association (IEEMA), electricity generation capacity in India is expected to increase from 200 GW in 2010 to over 800 GW by 2032 to fulfill the increasing demand. Thus, there is a need for a huge investment of approximately USD 300 billion in the next 3-4 years. Also, India and other developing economies in the region are undertaking many smart grid and substation projects per the IEC 61850 standard to fulfill the growing demand for energy. This would create demand for global relays in the region.

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Key Market Players:

Panasonic Corporation (Japan), Xiamen Hongfa Electroacoustic Co., Ltd. (China), TE connectivity (Switzerland), Fuji Electric (Japan), and OMRON Industrial Automation (Japan) are the key players in the global relay market.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com