Navigant: Biofuels to make up more than 6 percent of aviation and marine fuels within next decade
Thursday July 17, 2014 0 comments
BOULDER - Biofuels will make up 6.1 percent of the aviation and marine fuel market in the U.S. by 2024, according to a new report by Navigant Research.
Aviation and marine biofuels represent one of the fastest-growing segments of the global biofuels market, according to the report, and in the last five years more than 40 commercial airlines around the world have flown an estimated 600,000 miles powered at least in part by biofuels.
"The United States is expected to emerge as the clear leader in the construction of integrated bio-refineries capable of producing bio-based jet fuel and marine distillates over the next 10 years," said Mackinnon Lawrence, Navigant's research director.
"New bio-refinery construction in the U.S. is expected to generate $7.8 billion in cumulative revenue over the next 10 years, representing 66 percent of the revenue generated globally."
The report notes that the European Union is also an active participant in the emerging aviation and marine biofuels market. However, the biggest wildcard in forecasting EU growth projections is the implementation of the proposed EU emissions trading system.
Navigant said if the EU moves forward with a carbon tax on airlines operating in EU territory, investment in building aviation and marine biofuels production capacity is expected to increase dramatically.
A free executive summary of the report, "Aviation and Marine Biofuels," is available for download on the Navigant website.