Green Aviation Market to 2020
ELECTRONICS.CA PUBLICATIONS, the electronics industry market research and knowledge network, announces the availability of a new report entitled “Green Aviation Market to 2020 – Stringent Regulations to Drive Investment in Green Technologies”.
The global aviation industry annually contributes around 2-3 % of total worldwide anthropogenic carbon dioxide emissions. Though, the emissions from the aviation industry currently account for a small part of total man-made emissions, the escalating demand for the aviation industry will be a major reason for increased emissions. Furthermore, the growth in air traffic over the last couple of decades has outweighed the contribution of significant improvements in aircraft technology and aircraft operations.
It is believed that in the years ahead, the aviation industry will turn to green technologies in order to develop business-led solution to address climate change. Tightening regulations on the aviation industry to curb its emissions will drive green aviation technology market in general and the aviation biofuels and fuel cells market in particular. It is anticipated that the green aviation market will reach $412.1 billion in 2020 from $80m in 2009.
It is also believed that air transport demand will follow economic recovery, thus, the global economic recovery is expected to create a robust growth in the demand for air travel. There is a marked correlation between economic growth and air travel as economic growth influences the demand for air transportation. Industry experts are of the view that for every 1% increase in global economic growth, there is a 2.5–3% increase in global air traffic. However, there is growing concern regarding the effects of aircraft emissions on the environment.
Fortunately, there is common vision among industry stakeholders in reducing the impact of aviation on climate change — measures for development and implementation of new and sustainable energy source for aviation worldwide and producing innovative aircraft design and materials are most likely outcome.
Reductions in the cost of fuel cells which are used to provide auxiliary power in aircrafts are expected to spur their deployment in the green aviation market. The costs of fuel cells have been decreasing in the last few years and it is expected that the trend will continue in the future. The reducing cost of fuel cells will open up the market for fuel cells in the aviation fuel sector, as well as others. According to industry analysts, fuel cell costs have reduced drastically because initiatives were taken by the fuel cell industry to reduce the platinum loading of fuel cells, which when present in large amounts increased the cost of fuel cells considerably. The green aviation fuel cell market is expected to grow at a Compound Annual Growth Rate (CAGR) of 184.8% for the period 2010–2020, and reach $ 140.2 billion by the end of 2020.
The green aviation industry lacks rigorous standards which could move the market towards achieving sustainability. There is no common standard which can act as a benchmark for the aviation industry’s efforts to reduce their adverse effect on the environment. The green aviation advanced composite market is in an introductory stage and needs to be galvanised by efforts towards standardization. The green aviation advanced composite market is expected to reach $200m by the end of 2020, with a CAGR of 9.6% for the period 2010–2020.
The green aviation biofuels market is currently in an embryonic stage, and achieving sustainability will be a key driver for the green aviation biofuels market. The green aviation biofuels market is expected to reach $271.7 billion by the end of 2020, with a CAGR of 177.6% for the period 2010–2020.
Details of the new report, table of contents and ordering information can be found on Electronics.ca Publications’ web site. View the report: Green Aviation Market to 2020 – Stringent Regulations to Drive Investment in Green Technologies