Renewable Fuel Market Size, Share, Growth, Trends, and Industry Analysis: By Type (Hydroelectric Power, Wind Power, Biofuel, Solar Energy, Geothermal Energy, and Biomass Energy), By Application (Cooling and Heating Sector, Power Sector, Transportation, Sector, and Others), By End User (Residential, Commercial, Industrial, and Others), and Region Forecast 2019-2030

Purchase Option

$ 4400
$ 6600
$ 8900

The renewable fuel market was valued at USD 1.3 trillion in 2023 and is expected to grow at a CAGR of 12.3% over the forecast year to reach USD 2.9 trillion in 2030. Renewable fuels are the ones produced from renewable sources. They include biofuels, Hydrogen fuel, and fully synthetic fuel produced from ambient carbon dioxide and water. In contrast, non-renewable fuels include natural gas, LPG, petroleum and other fossil fuels, and nuclear energy.

Some of the drivers of the renewable fuel market include a growing desire to harness renewable sources of energy in a quest to counter climate change and the resultant greenhouse gas emissions. Similarly, policies and incentives by states in seeking to use renewable energy resources, including biofuels and advanced fuels, give this market a sizeable boost. This market, however, is associated with very high costs of production coupled with stiff competition from fossil fuels, making it less adaptable.

New technologies then open up further opportunities connected to efficiency improvements during biofuel production and the emergence of new feedstock sources including waste materials, algae, etc. There is also great interest in renewable fuels driven by decarbonization trends in various industries.

Renewable Fuel Market Key Developments:

  • In March 2022Renewable Energy Group Inc. made headlines in the stock market by launching a new branded biofuel portfolio called EnDura Fuels. The launch will put the transportation sector back on track toward its sustainability goals while employing cleaner-burning, lower-emission fuels to enhance the firm's competitive advantage in the marketplace.
  • In December 2021, Stanlow Terminals published that it will invest during the next three years in building the largest biofuel storage hub within the UK. It will allow customers to store, blend, and distribute biofuels for use as transport fuels for aviation, road, and marine.
  • In April 2021, ExxonMobil and Global Clean Energy expanded a five-year agreement to increase ExxonMobil's purchase of renewable diesel up to 5 million barrels per year.

Renewable Fuel Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

12.3%

Largest Market

North America

Fastest Growing Market

Asia Pacific

Renewable Fuel Market Dynamics

The renewable fuel market is filled with opportunities, particularly as global efforts to transition to sources of sustainable energy and meet those goals intensify. A significant opportunity stems from the development of advanced biofuels based on non-food feedstocks, including agricultural waste, forestry residues, and algae among others, as a means to enhance sustainability while being less competitive with food production. Advances in production technologies like enzymatic processes and fermentation techniques will better the process efficiency and make biofuels a cheaper source. An increasing trend in both the transportation sector and the aviation sector in terms of decarbonizing their respective industries provides an opportunity to introduce newer concepts of innovation with renewable fuels, such as sustainable aviation fuels, and electric fuels.

Renewable Fuel Market Segmentation

By Type

  • Hydroelectric Power
  • Wind Power
  • Biofuel
  • Solar Energy
  • Geothermal Energy
  • Biomass Energy

By Application

  • Cooling and Heating Sector
  • Power Sector
  • Transportation
  • Sector
  • Others

By End User

  • Residential
  • Commercial
  • Industrial
  • Others

Frequently Asked Questions

The renewable fuel market was valued at USD 1.3 trillion in 2023 and is expected to grow at a CAGR of 12.3% over the forecast year to reach USD 2.9 trillion in 2030.

The renewable fuel market is growing due to the desire to harness renewable sources of energy in a quest to counter climate change and the resultant greenhouse gas emissions

The renewable fuel market is emerging because of the great interest in decarbonization trends in various industries.

North America is the dominant region in the renewable fuel market.

Asai-Pacific is the fastest-growing region in the renewable fuel market.

Key Features of the Report

  • The renewable fuel market report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
1.Executive Summary
2.Global Renewable Fuel Market Introduction 
2.1.Global Renewable Fuel Market  - Taxonomy
2.2.Global Renewable Fuel Market  - Definitions
2.2.1.Type 
2.2.2.Application
2.2.3.End User
2.2.4.Region
3.Global Renewable Fuel Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4.Global Renewable Fuel Market Analysis, 2019 - 2023 and Forecast 2024 - 2030
4.1.  Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5.Global Renewable Fuel Market  By Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
5.1. Hydroelectric Power
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2. Wind Power
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
5.3. Biofuel
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.3.3. Market Opportunity Analysis 
5.4. Solar Energy
5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.4.3. Market Opportunity Analysis 
5.5. Geothermal Energy
5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.5.3. Market Opportunity Analysis 
5.6. Biomass Energy
5.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.6.3. Market Opportunity Analysis 
6.Global Renewable Fuel Market  By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
6.1. Cooling and Heating Sector
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. Power Sector
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
6.3. Transportation
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.3.3. Market Opportunity Analysis 
6.4. Sector
6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.4.3. Market Opportunity Analysis 
6.5. Others
6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.5.3. Market Opportunity Analysis 
7.Global Renewable Fuel Market  By End User, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
7.1. Residential
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. Commercial
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
7.3. Industrial
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.3.3. Market Opportunity Analysis 
7.4. Others
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.4.3. Market Opportunity Analysis 
8.Global Renewable Fuel Market  By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
8.1. North America
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.1.3. Market Opportunity Analysis 
8.2. Europe
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.2.3. Market Opportunity Analysis 
8.3. Asia Pacific (APAC)
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.3.3. Market Opportunity Analysis 
8.4. Middle East and Africa (MEA)
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.4.3. Market Opportunity Analysis 
8.5. Latin America
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.5.3. Market Opportunity Analysis 
9.North America Renewable Fuel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
9.1. Type  Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.1.1.Hydroelectric Power
9.1.2.Wind Power
9.1.3.Biofuel
9.1.4.Solar Energy
9.1.5.Geothermal Energy
9.1.6.Biomass Energy
9.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.2.1.Cooling and Heating Sector
9.2.2.Power Sector
9.2.3.Transportation
9.2.4.Sector
9.2.5.Others
9.3.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.3.1.Residential
9.3.2.Commercial
9.3.3.Industrial
9.3.4.Others
9.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.4.1.United States of America (USA)
9.4.2.Canada
10.Europe Renewable Fuel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
10.1. Type  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.Hydroelectric Power
10.1.2.Wind Power
10.1.3.Biofuel
10.1.4.Solar Energy
10.1.5.Geothermal Energy
10.1.6.Biomass Energy
10.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.Cooling and Heating Sector
10.2.2.Power Sector
10.2.3.Transportation
10.2.4.Sector
10.2.5.Others
10.3.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.Residential
10.3.2.Commercial
10.3.3.Industrial
10.3.4.Others
10.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.4.1.Germany
10.4.2.France
10.4.3.Italy
10.4.4.United Kingdom (UK)
10.4.5.Spain
11.Asia Pacific (APAC) Renewable Fuel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
11.1. Type  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.Hydroelectric Power
11.1.2.Wind Power
11.1.3.Biofuel
11.1.4.Solar Energy
11.1.5.Geothermal Energy
11.1.6.Biomass Energy
11.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.Cooling and Heating Sector
11.2.2.Power Sector
11.2.3.Transportation
11.2.4.Sector
11.2.5.Others
11.3.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.Residential
11.3.2.Commercial
11.3.3.Industrial
11.3.4.Others
11.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.4.1.China
11.4.2.India
11.4.3.Australia and New Zealand (ANZ)
11.4.4.Japan
11.4.5.Rest of APAC
12.Middle East and Africa (MEA) Renewable Fuel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
12.1. Type  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.Hydroelectric Power
12.1.2.Wind Power
12.1.3.Biofuel
12.1.4.Solar Energy
12.1.5.Geothermal Energy
12.1.6.Biomass Energy
12.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.Cooling and Heating Sector
12.2.2.Power Sector
12.2.3.Transportation
12.2.4.Sector
12.2.5.Others
12.3.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.Residential
12.3.2.Commercial
12.3.3.Industrial
12.3.4.Others
12.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.4.1.GCC Countries
12.4.2.South Africa
12.4.3.Rest of MEA
13.Latin America Renewable Fuel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
13.1. Type  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.1.1.Hydroelectric Power
13.1.2.Wind Power
13.1.3.Biofuel
13.1.4.Solar Energy
13.1.5.Geothermal Energy
13.1.6.Biomass Energy
13.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.2.1.Cooling and Heating Sector
13.2.2.Power Sector
13.2.3.Transportation
13.2.4.Sector
13.2.5.Others
13.3.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.3.1.Residential
13.3.2.Commercial
13.3.3.Industrial
13.3.4.Others
13.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.4.1.Brazil
13.4.2.Mexico
13.4.3.Rest of LA
14. Competition Landscape
14.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
14.2.1.Ocean Power Technologies
14.2.2.NextEra Energy, Inc.
14.2.3.Enel Group
14.2.4.ONPOWER Business Energy
14.2.5.Yingli Solar
14.2.6.Tocardo BV
14.2.7.SynTech Bioenergy
14.2.8.Siemens AG
14.2.9.Canadian Solar Inc.
14.2.10.Invenergy LLC
14.2.11.Geronimo Energy Holdings LLC
14.2.12.Xcel Energy
14.2.13.TATA Power
14.2.14.ABB Product Group Solar
15. Research Methodology 
16. Appendix and Abbreviations 
  • Ocean Power Technologies
  • NextEra Energy, Inc.
  • Enel Group
  • ONPOWER Business Energy
  • Yingli Solar
  • Tocardo BV
  • SynTech Bioenergy
  • Siemens AG
  • Canadian Solar Inc.
  • Invenergy LLC
  • Geronimo Energy Holdings LLC
  • Xcel Energy
  • TATA Power
  • ABB Product Group Solar

Adjacent Markets