Power-to-Liquid Market to Grow at a CAGR of 51.1% during Forecast Period 2023-2031, TMR Study

WILMINGTON, DE / ACCESSWIRE / March 3, 2023 / Transparency Market Research Inc. - The global power-to-liquid market stood at US$ 5.9 Mn in 2022 and is anticipated to reach US$ 243.7 Mn by 2031, expanding at a CAGR of 51.1% between 2023 and 2031.Production of power-to-liquid fuel from renewable resources (wind, solar), water, and CO2 offers hope for a sustainable and future-proof supply of aviation fuel. This type of fuel has the potential to significantly reduce carbon emissions, while having little to no effect on the environment. High energy density, low greenhouse gas emissions, and little land & water usage are features of these fuels. The technology has significant growth potential in regions with abundant solar and wind energy.

The aviation sector strives to utilize this type of fuel than traditional fossil fuels in order to decarbonize the sector, which is anticipated to fuel business growth. The market is expanding significantly in North America, which is likely to present opportunities for both local as well as international firms. The global industry is anticipated to expand significantly due to rapid expansion of the aviation sector and rise in acceptance of sustainable fuel for net zero emissions.

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Power-to-liquid pathway integrates industrial processes in order to create sustainable jet fuel utilizing renewable sources such as solar and wind. The civil aviation sector has given its approval to the manufacture of power-to-liquid using Fischer-Tropsch synthesis. Regions with abundance of wind and solar energy can be utilized to generate power that can be converted to liquid fuel. This is expected to propel the economy of these regions. Manufacturing of the fuel is not quite commercialized, but production pilot plants are now in operation. Companies such as Sunfire GmbH are using diesel to demonstrate the entire power-to-liquid production pathway. As a sustainable fuel substitute for conventional fossil fuel, this fuel type has grown in popularity, which is expected to drive market development. Therefore, expansion of the aviation sector is likely to increase demand for sustainable fuel, which, in turn, is anticipated to drive business opportunities in the global market.

Key Findings of Market Report

• The Fischer-Tropsch synthesis process has been one of the first and most reliable methods of synthesis. This process is being used to produce fuel, and is often applied in large-scale refineries. As environmental concerns have risen, a consistent synthesis technique is required to supply renewable fuel to the aviation sector. Production of liquid fuel using Fischer-Tropsch synthesis method is therefore expected to rise between 2023 and 2031.
• Based on source, the solar segment held the largest share of the global industry in 2022. The segment is expected to grow at a high CAGR during the forecast period. Over time, the scalability and affordability of solar electricity have increased. In turn, this has led to affordability and scalability of renewable fuels, which utilizes solar energy as its source. Solar power has the ability to supply more energy than the world needs if adoption of power-to-liquid rises. For regions with an abundance of renewable energy, this involves greater local added value, energy security, and sustainable business outlook.

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Global Power-to-Liquid Market: Growth Drivers

• Demand for development of sustainable and renewable sources is high in order to mitigate the adverse effects of carbon emissions and greenhouse gas emissions. Increase in awareness about climate change has led to surge in demand for sustainable and renewable fuel in the aviation industry. Demand for a fuel that offers the same advantages as traditional aviation fuel, but has little to no environmental impact, is rising. R&D in the aviation sector is focused on developing an alternative fuel pathway. Thus, expansion of the aviation sector is likely to drive market development.

Global Power-to-Liquid Market: Regional Landscape

• According to recent market report on power-to-liquid industry, Europe was the most promising region in 2022. The region held largest market share in 2022. Increase in demand for renewable and sustainable fuel in the aviation industry in countries, such as the U.K., France, and Germany, is anticipated to propel the market in the region. Per capita consumption of this type of fuel in these countries is expected to rise considerably due to rapid economic growth.

Global Power-to-Liquid Market: Key Players

Key players in the market are:

• Ludwig-Bölkow-Systemtechnik GmbH
• Nordic Electrofuel AS
• Sunfire GmbH
• Sasol Limited
• HCS Group
• Neste Oyj

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Global Power-to-Liquid Market: Segmentation

Source

• Wind
• Solar

Synthesis

• Fischer-Tropsch Synthesis
• Methanol
• Others

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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