Renewable fuel market to surpass $2 trillion by 2031, research finds

In Delaware, a new report published by Allied Market Research stated that the renewable fuel market size was valued at $955 billion in 2021, and is estimated to reach $2 trillion by 2031.  The report noted that the market is forecast to expand at a CAGR of 7.9% from 2022 to 2031.

 “The renewable fuel market is gaining momentum owing to several joint as well as individual initiatives from government and private players. The Paris agreement and net zero target pledges have played a big role in the energy shift occurring worldwide,” the report stated.  “Asia-Pacific dominated the renewable fuel market share in 2021 and is expected to grow at a notable pace during the forecast period. Rising population and widespread electrification in rural homes are fueling the demand for energy to power homes, businesses and communities,” it added.

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