Air transportation is often exposed to high consumption of energy and emissions of greenhouse gas from aircrafts that contribute a significant amount to the emission of carbon dioxide. These circumstances intensify a long-standing imperative to raise measures for the prevention of increased environmental harm through such effluent discharges. Airports and airlines have resorted to renewable energy technology including aviation biofuels and sustainable bio fuels to ensure better compliance with sustainability requirements and to reduce said emissions.
The environmental guidelines envisaged by the European Commission focus on implementing renewable energy as a measure for reducing carbon dioxide emissions. The need to adhere to these guidelines as proposed by the Scandinavian government drives the Renewable Energy based commercial aviation market. The analysts at Technavio forecast this market to reach nearly $225 million at a CAGR of 5 plus percent.
Flying towards a Sound Environment: Factors Driving the Market
Biofuels are produced from biomass, including algae, jatropha, and camelina, which can diminish the carbon footprint of aviation fuel by up to 80% over the lifecycle of an aircraft. The feedstocks including Lignocellulosic, Sugar/starch, Lipid feedstocks are easily accessible in Scandinavian countries thereby attaining an advantage over most others worldwide as these are required for processing environmentally viable jet fuels.
The Scandinavian region is considerably well-developed with respect to the availability of nanomaterials and their influence on renewable power generation resources such as wind turbines and solar cells. These developments directly influence the implementation of renewable resource leveraging technologies in the Scandinavian commercial aviation market.
The Scandinavian governments have jointly placed a special emphasis on establishing a robust framework that can facilitate the growth of renewable power generation in respective member countries. This framework enable all the vendors in renewable energy-based commercial aviation firms an opportunity to grow rapidly in the market. Thus, it is a foremost driving factor in the commercial aviation market.
The existing production process of biofuel is nearly three to four times more expensive than conventional aviation jet fuel, and remains a major barrier to the entry of new firms in the market. However, strategic initiatives and adequate government support focusing on both the producers and users can significantly diminish the gap between the cost of producing bio jet fuel and conventional aviation fuels.
Prominent players in Renewable Energy Based Commercial Aviation Market
- Gaia Solar
- Equator Aircraft Norway
- Serenergy
- SkyNRG
- SWEDISH BIOFUELS
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