Aviation Fuel Market revenue is set to cross USD 325 billion by 2026, according to a new research report by Global Market Insights, Inc. Global aviation fuel market has emerged as one of the most lucrative verticals in recent years. The industry is anticipated to observe substantial growth patterns in the forthcoming timeframe. Growing proliferation of airports is likely to be a key factor responsible for market expansion through 2026.
In addition, growing manufacturing and delivery of aircrafts across the globe is likely to add up to the overall industry outlook. Apart from growing airports, the ever-increasing middle-class population would outline the market expansion in the future. Mounting tourism industry is also anticipated to be a major factor augmenting the industry share.
In recent times, air travel is being given higher preference by customers due to it being efficient and superior way of traveling over longer routes. Furthermore, reduced prices of tickets owing to the emergence of low-cost carriers should push global aviation fuel market trends in the forthcoming years.
According to a research report by Global Market Insights, Inc., global aviation fuel market is estimated to surpass $325 billion by 2026.
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The biokerosene segment is projected to dominate the industry share in the forthcoming years. The segment is anticipated to witness a growth of more than 33% through 2026. This development can be accounted for consistent investments and developments in the field of biokerosene to support the future aircrafts.
In addition, rising climate change concerns would likely propel the market share as governments agencies are increasingly focusing on manufacturing commercially viable green fuel to minimize the fuel’s impact on environment.
Citing an instance, in 2019, the U.S. Department of Energy granted $1.7 million to the Fuel Laboratory of Renewable Energy to boost its sustainable aviation fuel development efforts.
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With reference to the end-user segment, business jets are anticipated to observe considerable growth through the forecast timeframe. The segment would likely account for more than 14% of the overall market share. This development can be attributed to the growing need for these aircrafts for short-distance trips as well as business travels.
Apart from this, new regulations about multiple aviation ownership plans including timeshare and fractional ownership have encouraged customers to conveniently own private jets. This is likely to be a key factor proliferating the market growth through the forthcoming timeframe.
In addition, growing need for chartered aircraft services would also outline the segment growth thereby augmenting the industry outlook.
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Latin America aviation fuel market is projected to dominate the global market share through 2026. Consistent expansion of tourism industry is the major factor responsible for the market growth in the region.
Along with tourism, the recovering economy with the cross-border merger of airlines would further add up to the industry expansion of Latin America. A steady rise in air traffic would also positively impact the industry outlook.
Apart from Latin America, MEA aviation fuel market is anticipated to witness significant profits through 2026. Growing demand of the business jets across the region is likely to be a major factor proliferating the market share.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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